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New Year is around the corner; and in a jiffy, your tax season will be here too! All you need is a little knowledge and preparation to stay calm and composed when you file for the taxes next year. Whether you are electronically filing your returns or traditionally mailing your paper returns, the guide to personal income tax from the Department of Revenue can provide you with the necessary information. 4 THINGS YOU SHOULD START DOING RIGHT NOW TO WELCOME THE TAX SEASON STRESS-FREE HAVE EVERYTHING ORGANIZED: Collect all your records well in advance:  Do not start filing your return until you have all the necessary papers in hand, which include: Tax Identification Number or Social Security Number: you must have this number for everybody mentioned in your return. Salary/ income statements: Collect all the salary or income certificates before you start filing. Routing numbers: have this 9 digit code right on hand if you would like a direct deposit of the refund. See what

So, HOW CAN YOU PAY LESSER TAX AND SAVE MORE FOR YOUR RETIREMENT? Have you ever wondered about this? And then thought Super contributions could be the best way to start saving more for retirement rather than paying the humongous amount of tax. If you have not, think now! For , Super gives you incredible tax benefits. At some point in time, everyone would ask this one question to their accountant which is “How can I save tax?” And the practiced response they get is “Have you ever considered Super contributions?” Super contributions and Tax benefits: Super contributions provide you with some uber-cool tax benefits and the best part is your wealth remains undiminished. All you are doing with the super contribution is that you are diverting some of your capital to a super system where it is considered as an investment which can be enjoyed when you retire. Simply put, this contributed sum remains yours rather than the governments. What exactly is your tax benefit? Let’s s

Are you a single owner or an active member of an LLC (Limited Liability Company)? Are you looking to transform your company to a multi-member LLC?  Whatever it is, you will have some questions on the tax part of your business. Below are a few things you need to know as an LLC owner: Tax laws for LLC- Basic: Firstly, it is very important to know the way in which an LLC is structured as stated by the tax law. Corporation and LLC are very different in terms of taxation. An LLC is not considered and taxed as a separate business unit and all the profits & losses go to each member of the company. The members of LLC must file their profits and losses on their personal tax returns, like any other owners of the partnership. The business doesn’t need to pay the federal taxes. This rule is not applicable in all the states, though; there are a few states who want LLCs to pay taxes annually. Based on the number of members in an LLC, the Internal Revenue Service will consider the

Have you just started up your own business? Are you looking for tips to manage your cash flow? Does the cash flow management intimidate you? Worry not and Read through…. Keep track of your cash flow: This would be the easiest tip of them all. Everything you need to do is constantly monitor and measure your cash flow. Here are some tips you can follow to do the same: Start measuring your cash flow Make a worksheet based on the cash flow Have a trustworthy person to monitor your cash flow To start doing this, you must know your numbers of the cash flow precisely. Maintain a good relationship with customers: Your customers play a very important role in your business and your cash flow management spree. Do improve your rapport with your customers; this will help you collect your receivables without any hitch and if you are lucky you can collect more cash for your inflow, should you require. Conflicts between the customers and you are natural phenomena in a business.

Would you like to focus on your core business, concentrate on the client base, and be more productive? Yes? We know right? Everyone running their business would love that. Business owners would at some point in time feel that  Accounting  is hogging his time and it is not a very productive job but an essential one. In this era, with internet in hand the world has shrunk so much that you can contact anyone you want at any time. So, why not use the same technology to  outsource your Accounting  and focus more on your core competencies? Let’s see some good 5 reasons why you should outsource your Accounting ASAP: More focus on your core competencies It goes without saying, if you outsource things like accounting then you have nothing to care about but concentrate on what is more important and revenue yielding in your business.  Outsourcing accounting  will save your time of checking the books time to time and let you focus more on what is necessary for the business and you

QuickBooks,  a product of Intuit, is one of the best selling software for  bookkeeping  and  accounts . QuickBooks is very easy to install and use – as it does not have any prerequisites to start using it.  QuickBooks outsourcing  is incredibly useful for small business accounting as it provides top-notch professional services. There are plethoras of benefits on using QuickBooks, some of which are mentioned below: Time saving:  It saves a lot of time for small business owners by having all your finances in one place. A glance is all it takes to know your financial position. Some business owners might not have the time or interest to engage in accounting activities.  QuickBooks Outsourcing  is their go-to place. Convenient:  Most of the small business owners out there do not have the kind of potential to take dedicated resources for bookkeeping. This holds true especially with the small business owners who are in the beginning stages, would greatly appreciate the help of a ded

Are you having troubles managing your payables and receivables ? We have been there done that! As you know, managing your  payables  and  receivables  is the most significant aspect of your business in all stages. You may get overwhelmed with the kind of cash you’d have to handle, and keep everything intact and going. Fret not, below are some really simple techniques you can adopt to disentangle yourself from all the  payables  &  receivables  hassles.   Payables: Managing your payables can be a tricky business. For one, pay all your bills; do not let your unpaid bills linger any longer. The more prompt you are in your payments, the more reliable you become to your suppliers and lenders. Plus, there’s nothing like an unpaid bill that’s a dire threat to the business. You can take complete advantage of the credit time limit given to you. For example, if your bill is due in the next 20 days, you do not have to pay the bill ahead of your time; rather you can use the cas

You might feel bookkeeping is one dreadful job, and it hogs a lot of your time. Well, you are not alone. Below are some simple steps you can follow to save your time and ensure seamless bookkeeping. Go paperless You may not be an expert in  bookkeeping . You might find yourself frantically searching for that bill you know you kept in some place. You can avoid this most daunting task of maintaining papers which are essential during audits by eradicating the papers. In today’s world, we get electronic receipts for almost all the transactions we do and in some cases we won’t have a choice but get that piece of receipt. In such cases you can always scan the receipt and maintain a soft copy in your PC and use cloud storage as well.  This way you get to save the time you spend on searching for THAT receipt. Plus, you know, it is very simple to search for things online. Maintain separate bank accounts for your personal use and business Maintaining a common bank account for both

Take Your Business To The Next Level - Online Bookkeeping Services The right accountant should know your business very well, be able to offer suggestions at the right time, and identify the areas of improvements. If your accountant isn’t doing this, then you may need to consider looking for a professional who does [ Online Bookkeeping Services ]. There are several  accounting  , Online Bookkeeping Services and  CPA firms  in the marketplace. Selecting the right one that suits your business is the biggest challenge ever. People normally get suggestions/recommendations to identify the right fit. Nevertheless, the right choice for one business may not be the right choice for another. Onshore / Offshore Bookkeeping Services: In this technology driven world, it is not cumbersome to identify the right firm that exclusively suits your business even if they are sitting thousands of miles away.  Here is the comparison of onshore and offshore benefits: Offshore Onshore C