Accounting For Restaurant – Key Points To Know

Posted by & filed under Accounting Solutions, Restaurant Accounting.

accounting for restaurant business

  When you think of opening a restaurant, the first time, the owners are driven by their love for food and dedication towards hospitality. But having a good chef and a winning personality are just two components and not everything. If small businesses fail, it is mostly during the first years and because of bad… Read more »

What’s The Importance Of Foreign Currency Accounting In Small Businesses?

Posted by & filed under Accounting Solutions.

foreign currency accounting

  You may be thinking of expanding your store for buyers in other countries. Or perhaps you cracked a deal with a new foreign supplier. Taking your business to the international level is a hard task as well as a big step that determines your growth. However, dealing with small business accounting when foreign currencies… Read more »

Tax Law Changes To Know Before Filing Tax Return In 2021

Posted by & filed under Accounting Solutions, Tax services.

tax law changes in 2021

  With 2020 over, it means the tax season to account is round the corner. Just like 2020, this tax season promises to be full of unique considerations- due to the coronavirus pandemic. So it is essential to familiarize yourself with the latest updates to the IRS tax code and how it may affect you…. Read more »

What Is IRS Levy And How To Get Exemptions?

Posted by & filed under Accounting Solutions, Tax services.

what is IRS levy

  Tax levies put your assets at risk. To remove them, you need to work with the IRS to pay your back taxes. A tax levy is a serious business if you owe back taxes. Here’s how a tax levy can affect you, and how you can remove the IRS levy. What Is A Tax… Read more »

What Should You Know Before Signing A W-9 Form?

Posted by & filed under Accounting Solutions, Tax Filing.

what is w-9 form and its importance

Form W-9 is one of the simple IRS Forms that has just one function: it allows you to send a Tax Identification Number (TIN) that is employer identification number (EIN) or the social security number (SSN) to another bank, person, or other financial institution. W 9 California is an information return, meaning it is just… Read more »

Top 5 Accounting Mistakes That Put Your Business At Risk

Posted by & filed under Accounting Solutions.

Top 5 Accounting Mistakes That Put Your Business At Risk

  In a business, as with anything we strive to excel at, we are bound to make mistakes. That’s not always a bad thing. Many would agree that some wrong steps are necessary to reach long-term goals. While some accounting mistakes are costly than others, they are sure to serve as a teaching moment if… Read more »

Few Tax Preparation Mistakes To Avoid In 2020

Posted by & filed under Accounting Solutions, Financial Planning, Tax services.

tax-preparation-mistakes

Do you know your business’s cash flow takes a hit when you owe IRS money? In such a case, avoiding a tax debt can be really simple like knowing when and how to file the small business tax return. Also, by knowing what business tax mistakes to avoid, you can prevent having to pay the… Read more »

What Are The Types Of IRS Tax Agreements And Plans?

Posted by & filed under Accounting Solutions, Tax services.

irs-tax-agreements

Owing money to the IRS is common for every working individual across the US. However, several affected individuals aren’t aware of the IRS payment options available to them. The IRS has set up payment options that can be applied to people in various financial situations. This is established through a proper payment plan, which is… Read more »

Why Should You Keep Business And Personal Account Separate?

Posted by & filed under Accountant, Accounting Solutions.

5-reasons-to-keep-separate-business-personalāccount

Small business owners should operate in a business to realize the tax breaks at their disposal. For example, if you meet the requirements, you can deduct necessary and ordinary business expenses. But business owners often find themselves in tax trouble when they mix business with personal matters. This mistake is also a prime target for… Read more »

How to Respond to A Letter or Notice from the IRS?

Posted by & filed under Accountant, Accounting Solutions.

IRS-Notice-Respond

The letter one expects from the IRS is a refund cheque. However, it doesn’t happen in most cases, and the letter you get from IRS often relates to the tax return. Over here, the point of discussion is how to respond IRS letters. IRS communicates directly with the person they believe has done something wrong during tax… Read more »