Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income.

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Tax tax return business tax income tax 52

Snyder

NOVEMBER 10, 2022

The biggest tax season challenge for a small business is tax preparation and filing. Most SMB owners fall into the trap of putting off taxes until the last minute because they don’t have professional tax accounting software backing them up. First, try to make the most out of your accounting software.

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tax preparation Tax tax return accounting software 52

Ronika Khanna CPA,CA

SEPTEMBER 15, 2023

Below I discuss the accounting and tax treatment of fixed assets. Digital Download (Ebook) Available at Amazon How to Account for Depreciation: From an accounting perspective, fixed assets as their category implies, are reflected as assets on the Balance Sheet.

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inDinero Tax Tips

JULY 11, 2023

The home office deduction can help business owners or remote workers cut back on their tax bills — but figuring out if you qualify or how to apply it can be challenging. If you’d prefer to avoid the hassle and want more time to focus on what you do best, consider indinero’s business tax services.

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Tax business tax tax services Entertainment 52

CPA Practice

FEBRUARY 7, 2024

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so.

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Technology accounts payable accounting firms income tax 123

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax.

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Delaware Nevada Tax Sales 52

Snyder

DECEMBER 28, 2022

Many small business owners often feel like they might be a heartbeat away from the IRS tax audit. If you’re a small business owner, however, your chances are a bit higher – about 2.5 percent of small businesses are getting tax audited. What is a tax audit? What does a tax audit mean?

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audit Tax tax return auditor 98

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. The Delaware Division of Corporations offers electronic (in-person is suspended during the COVID-19 emergency) submission of business entity documents between the hours of 7:45 a.m. Delaware does tax companies.

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Delaware Wyoming Nevada Oregon 64

LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

Tax 52

Tax tax return business tax accounting and finance 52

xendoo

MARCH 4, 2022

Many ecommerce owners understand the importance of making sales, but do you know how to record ecommerce sales for your accounting system? Ecommerce business owners have some degree of flexibility that physical storefronts cannot afford. However, it can be challenging to set up an ecommerce bookkeeping system.

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Sales bookkeeping Account accountant 105

LyfeAccounting

MAY 18, 2021

Well, this post will highlight some of the things that you should NOT do as a new business owner or business owner, in general. 7 Tax Mistakes Business Owners Make. Tax Mistake #1: Not having a separate bank account. After all, you want to write off as many business tax deductions as possible.

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Tax tax return accounting and finance Real Estate 52

ThomsonReuters

APRIL 18, 2022

Tax season is a stressful time of year for anyone who works at an accounting firm. Burnout is commonplace and sometimes it’s hard to get back into the swing of things when the busy season dies down. Even with a tax deadline looming, clients don’t always communicate or submit information promptly. Burnout is no joke.

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tax preparation Technology Tax accounting and finance 104

Snyder

NOVEMBER 14, 2022

Tax season. The first four months of every calendar year are the time when accountants are at their busiest. From January to April, there are few things that accountants do besides tax filing. This is what makes busy seasons so stressful for accountants. What is tax season like for accountants?

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Account accountant accounted Tax 98

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.

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tax return Tax accounting software business tax 52

Ronika Khanna CPA,CA

MARCH 24, 2022

One of the important benefits of having a home based business , assuming you are a freelancer, self employed contractor or small business owner, and not an employee (where a similar deduction is also available) is that Revenue Canada (CRA) and Revenue Quebec allow you to deduct the expenses relating to the space that you use for your home office.

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Tax audit income tax accounting and finance 91

Cheap Accounting

FEBRUARY 4, 2022

They say that “a reasonable excuse is something that stopped you meeting a tax obligation that you took reasonable care to meet”. At this point you may wish to use a Cloud Accounting system such as FreeAgent which you can pay for directly or this can be FREE if you have a Mettle or NatWest business bank account.

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Account accountant accounted corporation tax 52

Withum

SEPTEMBER 6, 2022

High risk and complex areas such as Revenue accounting, Capitalized Software Costs and Stock Based compensation require the skill and attention which a company may not have available internally. These challenges can be unforeseen and are likely to have tax and financial reporting implications and will be subject to external scrutiny.

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Account accountant accounted accounts payable 122

Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. Outsourced Accounting Systems and Services (OASyS). They also share their tips and tricks to ensure timely completion every month.

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bookkeeping financial statements accounting and finance audit 123

Ronika Khanna CPA,CA

NOVEMBER 18, 2022

For many small corporations, not much needs to be done, from a tax perspective. at the beginning in terms of accounting, sales tax, or corporate tax, as deadlines are often many months away. However, it is a good idea to set up an accounting system as soon as possible and to find an accountant.

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payroll accounting and finance Tax accounting system 52

Snyder

JUNE 20, 2022

Basic steps in accounting for small businesses. Open a business bank account. Go through business bookkeeping basics. Track your small business profit and expenses. Get to know small business tax obligations and procedures. What is small business accounting?

accounting basics 52

accounting basics general ledger Account accountant 52

xendoo

JUNE 13, 2022

What Is the Chart of Accounts? A chart of accounts is a list of all the accounts and financial transactions for your business in one location. It is like a table of contents for your accounting system. Accountants and business owners use the chart of accounts to organize how they make and spend money. .

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Account accountant accounted quickbooks 64

Snyder

FEBRUARY 13, 2023

Benefits of finance and accounting outsourcing for SMBs 3. When should I consider accounting outsourcing and bookkeeping services? How to make outsourced finance and accounting work for your business 5. Online accounting system Managing finance and accounting in-house or outsourcing for SMBs?

accounting and finance 52

accounting and finance Finance Account accountant 52

Steve Feinberg

NOVEMBER 9, 2021

If you’ve been thinking about turning your hobby into a full-time job, or you have an idea for a product that people can’t live without, then New Hampshire is a business-friendly state in which to incorporate your new venture. When starting a business you can choose between a DBA, Corporation, or Limited Liability Company.

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New Hampshire income tax bookkeeping Tax 52

xendoo

MARCH 16, 2022

They can use their personal accounts for business, but we strongly advise against it. Here’s why: It will make it easier to file taxes for your business (since they are separate from your personal accounts). Your accountants and bookkeepers can monitor the account more freely. Business license.

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accrual accounting Account accountant accounted 52

Steve Feinberg

MAY 9, 2023

Double-entry bookkeeping, on the other hand, considers that every financial transaction affects both the debit and credit sides of an account. This means that every transaction is recorded as either an expense or credit, and takes less fluid assets and liabilities into account, such as equity, loans, tax burden, etc.

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bookkeeping double entry bookkeeping accrual accounting accounting and finance 52

Ronika Khanna CPA,CA

JULY 23, 2021

Many small business and self employed owners take on the responsibility of doing their own accounting. You may do your own accounting from set up to preparing your own small business tax return OR you may have an accountant who simply takes care of your year end and tax reporting while you do the rest.

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quickbooks accounting software Account accountant 52