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Taxes

Unexpected Tax Bill? Survival Tips and Advice for This Year

By | Accounting 101, Bookkeeping 101, Business 101, Taxes | No Comments

This episode of Ask Connie is a question that comes up often when I talk to business owners, especially this time of year – tax season: I was shocked about my tax liability and am struggling on how to pay for that and not have that same situation happen next year. Perhaps I need to relook at my tax entity. Perhaps the tax professional made a mistake. Perhaps I should move. What do I do next? I have even had this question come up for myself in prior years, so I felt it was important to explore the question a…

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Informative Behind the Scenes Look at Getting Tax Ready

By | Accounting 101, Bookkeeping 101, Recordkeeping 101, Taxes | No Comments

Prospective clients quickly figure out that what makes the ADI Team different stems from my experience working in public accounting as a staff accountant specializing in business and individual tax returns. During my seven years working in public accounting, I had the opportunity to work with three different firms with three different prep requirements. However, all of them had a similar need and purpose around why tax work papers were created. So in this first installment of “Ask Connie” I am going to share what tax ready work papers are, and why you should require your bookkeeper to provide them…

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Profit First: Resolving the Death Rattle (aka: Creating Your Tax Accounts)

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, CEO Mindset, Profit First, Taxes | 2 Comments

I’ll admit it: I have witnessed the call of a few death rattles in my time. The impending death of a business is a slow, agonizing, and painful experience for a business owner. When I look back, there have always been one or two smoking guns that show up: either not planning for cash flow, an unexpected tax liability, or both. As business owners we can get stuck on chasing the revenue to pay those expenses that are right in front of us, which is why being proactive to save and plan is so difficult. Difficult, but not impossible –…

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Finding Qualified Bookkeepers

Business 101: Working with Tax Professionals

By | Business 101, CEO Mindset, Profit First, Taxes | No Comments

Most of my accounting conversations with business owners involve one of three topics – steps to make bookkeeping easier, outsourcing options, and referral requests for or questions involving tax professionals. Since fourth quarter is when I recommend clients check-in with their tax professionals for year-end planning needs, this is also the perfect time to review the relationship and needs you may have with your financial team. The following three items are what I focus on when I provide referrals. Tax Advice & Savings Business owners either are proactive or reactive when it comes to tax planning. The biggest issue that…

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Profit First!

Profit First: FYI – There’s No Magic Pill to Fix Your Financials

By | Bookkeeping 101, Cash Flow, Profit First, Taxes | One Comment

There was a time where I chased after the latest greatest magical solution that would save my business. Just that one thing that would be that thing that would solve all my problems. And one day I realized: “that one thing” is just pipe dream. So this week during some conversations with prospective clients, specifically about how Profit First could save their business and increase their cash flow, deja vu kicked in for me. I do admit, implementing Profit First into my business to change the bad habits I had created has had amazing results on my cash flow; however,…

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Business 101: Planning for Profit and the Tax Man

By | Bookkeeping 101, Business 101, CEO Mindset, Profit First, Taxes | No Comments

During a recent conversation with a client, the topic of tax payments came up. Of course, the first tax deadline of the year just occurred so this topic is top of mind for many. There is no way around owing tax and in fact, you could choose to view it as one of the score cards for your business. Tax owed = Congratulations, you have created a profitable healthy business No Tax owed = Great! Consider this the starting point for creating a profitable NEW Year A normal comment I hear from clients is: “there isn’t any cash available, how…

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Tax Deductions: Business Travel

By | Accounting 101, Bookkeeping 101, Business 101, Recordkeeping 101, Taxes | No Comments

The IRS on travel expenses: for tax purposes, travel expenses are the ordinary and necessary expenses of traveling away from home for your business. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be required to be considered necessary. In an earlier post  we discussed what the IRS recognizes as adequate recordkeeping. Keeping your receipts is necessary and you’ll need to document a few items on the receipt and in your accounting tool. IRS requirements…

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Business 101: 5 Common Accounting Mistakes

By | Bookkeeping 101, Business 101, CEO Mindset, Recordkeeping 101, Taxes | No Comments

Around this time of year, when businesses are pulling their year-end info together for tax prep, is when the most common business mistakes start showing up. This post covers the five most common accounting related items we cover with our clients. While there isn’t time to correct any of these mistakes for the prior year (sic: 2014), there is plenty of time to incorporate them into this new tax year. Demand a change to stop the insanity that happens during tax time by implementing the following five actions. Treat Your Business Like a Business There is no more mixing personal…

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Tax Deduction: Home Office

By | Bookkeeping 101, Business 101, Taxes | No Comments

As the economy fluctuates and technology improves, more and more businesses are finding that working in smaller offices or from home offers a much lower overhead.  In response to this changing environment, the IRS opted to update their office in home deduction in 2013 to a simplified option.  Criteria for a home office didn’t change, only how to do the calculation and the recordkeeping requirements. Before we get to the new simplified option, there are two basic requirements that your home must meet to qualify.  If you have any questions about these, we recommend that you connect with your tax…

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Tax Deductions: Business Auto Expense

By | Bookkeeping 101, Business 101, Taxes | No Comments

Part of the business year-end wrap-up includes gathering info in regards to business use of your auto. Whether you used either a business owned vehicle or your personal car, you need to collect and calculate your mileage. To do this, the IRS wants a log that includes the date, starting mileage, ending mileage, and purpose of travel. Seems simple, but yet every year it is the one thing most of the business owners we have worked with struggle with year, after year, after year. Getting a simple, doable system in place can get you back on track to take advantage…

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