Articles by Category
Tax Tips
Important Announcement From IRS
With preparations for the next tax season starting, the IRS announced that they will be sending out two letters to taxpayers, if applicable in January, 2022.Letter 6419 – Advance Child Tax Credit PaymentsLetter 6475 – Economic Impact (stimulus) PaymentIt is important that you retain these letters. Entering incorrect advance child tax credit or economic impact […]
Why Filing an Extension for Your Taxes Is a Good Thing
This year, a record number of tax returns will be put on extension, and yours might be one of them. Having your return go on extension makes some taxpayers fearful and even angry. There are a lot of things to worry about in life, but filing a tax extension is not one of them. Here […]
Accounting Tips
Beware Aggressive Employee Retention Credit “Mills”
ernest Accounting Tips, Business Tips, Tax
To help small businesses keep employees on their payroll during the pandemic, Congress introduced the Employee Retention Credit (ERC) in 2020, which is a tax credit that can be claimed on the quarterly payroll tax reports. Since its inception, additional laws have modified the qualifications, and it is now quite a complex area. Because it […]
What Are the Levels of Accounting Skills Available?
ernest Accounting Tips, Bookkeeping Tips 0
Recordkeeping Services Almost all businesses start out with a recordkeeping function which is done part-time by anyone available or outsourced to a vendor. The minimum is done to get the tax compliance handled. Bookkeeping Services In very small businesses (revenue under $500,000 per year), a bookkeeper codes the transactions, reconciles the bank accounts, and generates monthly reports. The […]
Bookkeeping Tips
What Are the Levels of Accounting Skills Available?
ernest Accounting Tips, Bookkeeping Tips 0
Recordkeeping Services Almost all businesses start out with a recordkeeping function which is done part-time by anyone available or outsourced to a vendor. The minimum is done to get the tax compliance handled. Bookkeeping Services In very small businesses (revenue under $500,000 per year), a bookkeeper codes the transactions, reconciles the bank accounts, and generates monthly reports. The […]
Watch Out for These Five Common Accounts Payable Errors
ernest Bookkeeping Tips, Business Tips
Paying bills is never fun, but paying bills you shouldn’t pay in the first place is even worse. There are many risks that can part a small business owner with their hard-earned cash, and here are five to watch out for when it comes to your bill-paying process. 1. Fraudulent invoices Some companies will send […]
Business Tips
Building a Resilient Supply Chain in Your Business
Supply chain breakdowns continue to stymie small businesses, causing them to lose sales and profits. Whether your business has been affected or not by supply chain delays and shortages, it’s a good idea to take steps to make your supply chain as resilient as possible. Your supply chain starts with the acquisition of materials that […]
Five Summertime Strategies for 2023
We’re six days away from the first day of summer, and a few weeks away from the midpoint of the year. It’s the perfect time for taking a strategy check in your business to see how you’re doing for the first half of 2023 as well as to plan something fun and productive for summertime. […]
News
Rumors About the IRS
The IRS has been in the news recently, and there are several rumors floating around on social media that we’d like to set straight. It’s simply NOT true that 87,000 IRS agents with guns will be coming after you any time soon! Here are the real facts. The Inflation Reduction Act signed by the President […]
Shuttered Venue Operators Grant Program
Finally, the Small Business Administration (SBA) is about to open the application portal for the long-awaited Shuttered Venue Operators Grant (SVOG) Program, which is designed to help entertainment venues and cultural institutions weather the pandemic shut-downs. Background On December 27, 2020, the President signed into law the Consolidated Appropriations Act (CAA), which was the second […]
Profitability Tips
Mix Up Your Revenues for More Profits
Many small business owners focus on generating more revenue every year, and that’s a wonderful goal. But not all revenue is created equally since some items are more profitable than others. If you sell more than one product or service in your business, then you may benefit from looking at your revenue mix. While it’s […]
Ten Places to Look to Find More Profits
A great way to start 2021 is to take a fresh look at your business finances. Many things changed in 2020, and if you are in the habit of spending on the same items year after year, it’s the perfect time to decide what is essential and what can go. There are only a few […]