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Business By The Rules

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Gifts

If you given gifts in the course of your trade or business, you can deduct all or part of the cost. $25 limit.   You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. A gift to a company that is...

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Personal Use

Business Use of Car If you use your car in your job or business and you use it only for that purpose, you may deduct its entire cost of operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct...

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Deductible Expenses

Business Use of Your Home Business Use of Your Car Other Types of Business Expenses https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses Click Here to schedule a free consultation with Paula [gravityform id="1" title="true"...

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Meals & Entertainment

Question: For business travel, are there limits on the amounts deductible for meals? Answer: Meal expenses are deductible if your business trip is overnight or long enough that you need to stop for substantial sleep or rest to properly perform your duties. Meal...

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Travel Expenses

Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. Once you have determined that you are traveling away from your tax home, you can determine what travel expenses are deductible. You can deduct...

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Wages & Overtime

List of issues that small businesses may face – Family help – hiring family members - https://www.irs.gov/businesses/small-businesses-self-employed/family-help Salaried employees and overtime – https://www.dol.gov/whd/overtime/final2016/ Terminating employees –...

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Business By The Books

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Debt Ratio

Debt Ratio is a financial ratio that indicates the percentage of a company's assets that are provided via debt. It is the ratio of total debt (the sum of current liabilities and long-term liabilities) and total assets (the sum of current assets, fixed assets, and...

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Why am I short on cash when my P&L says I am profitable?

Young businesses and non-profits often struggle to remain cash positive. Even mature organizations can experience situations that cause cash flow problems. We are happy to talk with you further about cash flow and how it impacts your business or non-profit. Click here...

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Liquidity

In accounting, liquidity (or accounting liquidity) is a measure of the ability of a debtor to pay their debts as and when they fall due. It is usually expressed as a ratio or a percentage of current liabilities. Liquidity is the ability to pay short-term obligations....

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Understanding Equity

In financial accounting, owner's equity consists of the net assets of an entity. Net assets is the difference between the total assets and total liabilities. Equity appears on the balance sheet (also known as the statement...

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How Can Reducing Overhead Boost My Bottom Line?

Some expenses, such as wages, may be either a direct cost or overhead. For instance, in a manufacturing business plant worker wages would be listed under “Cost of Goods Sold” as a direct cost on the Profit and Loss Report whereas office wages would be an overhead...

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Increasing Gross Profit Increases Your Bottom Line

Gross profit is a company's total revenue (aka total sales) minus the cost of goods sold. This is the profit a company makes after deducting the costs associated with making and/or selling its products, or the costs associated with providing its services. Gross profit...

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Archived Blog Posts

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Organizations lose 6% annually to fraud or theft

Focus on protecting your money and assets. Monitoring bank accounts and credit card accounts Tracking monies coming in (merchant account, mail, cash) Verifying payroll Minimizing inventory shrinkage Managing and maintaining property and equipment For any organization,...

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What does an effective bookkeeping system look like?

What does an effective bookkeeping system look like? Bookkeeping is a process designed to accurately track income and expenses, facilitate the flow of money through the business and provide reliable data in a timely fashion.  A good process includes schedules,...

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Celebrating 20 Years!

Celebrating 20 Years In Business Statistics show that about half of all new businesses survive five years or more and about one-third survive 10 years or more. So making it 20 years is truly something. Paula Paisley, founder of Paisley Solutions, tells the story of...

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Are your books ready for year-end?

As we approach the end of the year, it’s time to start getting those files ready for your accountant. Whether you do it yourself or have been wise enough to hire a bookkeeper, this checklist should help get your business books ready for end of year for your...

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