The Importance of Paying Yourself: A Guide for LLC Owners
For an LLC, the owner or owners can receive a draw or guarantee payments from the business. The draw must be reasonable and documented in the records of the LLC.…
Unlocking the Benefits of an ITIN: Everything You Need to Know
What is an ITIN? An ITIN (Individual Taxpayer Identification Number) is a unique nine-digit number issued by the Internal Revenue Service (IRS) to individuals who are required to have a…
What is a clean-up in accounting?
A clean-up in accounting is a process that involves bringing the accounts up to date by correcting any errors, omissions, or irregularities that have been identified. It usually involves making…
Reasonable Compensation of an S-Corporation
Reasonable compensation is when an S-Corporation is paying an employee a reasonable amount of money for the service they did.
Difference Explained: Tax Planning or Tax Preparation
Have you been wondering what the difference between tax preparation and tax planning is. Have you been thinking that they are both the same thing? Well, where they might sound…
S Corporations vs C Corporations – The Differences & Benefits for your Business
When wanting to open a company it is always a great idea to start thinking of the differences and benefits each type of corporation can have on your business. Today…
IRS Provides Tax Relief for Hurricane Fiona Victims in Puerto Rico
Keys: 78 Puerto Rican municipalities now have until Feb. 15, 2023, to file various federal individual and business tax returns and make tax payments. Penalties on payroll and excise tax…
How to avoid Scammers this Tax Season 2022
Be careful and be on the lookout for scammers. They become a big problem when tax season is getting close. They find this is a good time to start reaching…
Prepare Your Business For Hurricane Season
With the peak of hurricane season just around the corner it is important as a small business owner to be prepared. Some recommendations to prepare for a disaster are keep…
The New Biden’s Student Loan Relief promise to cancel $10,000 on debt
Biden’s Administration will forgive around $20,000 of student’s debt who have Pell Grants and $10,000 of student loans with no Pell Grants...
IRS interest jumps to 6% on October 1rst. Here’s how much money you’ll get for a missing refund
If you’re still waiting on a tax refund, you may be earning interest on your unpaid balance, and the rate jumps to 6% on Oct. 1, according to the IRS.
Senate Finance Committee Advances Retirement Legislation
Included in the bill are proposals for; Individual Retirement accounts, Retirees, Public Safety Officers and Military, Nonprofits and Educators, Disaster Relief, and Employer Plans.
Understanding your Balance Sheet
Also known as “statement of financial position,” the Balance Sheet is one financial statement within a company. During this pandemic crisis we have seen a lot of companies suffering the…
6 Benefits of outsourcing your bookkeeping
Everybody knows that accurate and up-to-date financial information is key to properly manage your business. In the next paragraphs we are going to talk about some benefits of outsourcing bookkeeping…
The importance of bookkeeping on every business
What is bookkeeping? This is the process of recording your business firm transactions in a systematic and orderly manner, which is also the first basic step of accounting. Every business…
