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Why Your Accounting/ERP System Is the Key To Successful Business Tax Preparation 

Withum

Benefits of a Modernized ERP System As you prepare for this tax season, are you utilizing reliable and agile accounting/ERP software ? Increase data access, transparency, and internal visibility , especially with sales tax audits by providing physical location record information with audit trails.

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How to Stay on Top of Your Tax Obligations

Ronika Khanna CPA,CA

In more extreme circumstances, the tax authorities have the power to freeze your bank accounts or initiate tax audits. This can be debilitating to a small business. In that case, you should seek the assistance of any accountant. Otherwise it is a good idea to set up accounting software.

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The Importance of a Month-End Close Process

Withum

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. Third parties often want some comfort in knowing that a business is profitable and that they are not getting involved with a failing company.

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Accountant Busy Season: 5 Survival Tips for Accounting Busy Season

Snyder

The truth is that there’s no definite answer to this question because it really depends on the type of accountant and the location. However, some accountants tend to work more during certain seasons than others. For example, the audit busy season usually lasts for 3 months, from January to March. Let’s put it straight.

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20 Essential Tax Facts for Small Business Owners

Ronika Khanna CPA,CA

You must be able to demonstrate that the meals related to earning business income. It is a good practice to write the name of the client/customer or business purpose on all receipts in case of audit. Life insurance premiums are not tax deductible unless the beneficiary is the business.

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Guidance on Deducting Home Office Expenses

Ronika Khanna CPA,CA

You are required to enter the full amount of the expense e.g. total rent paid for the year and the percentage of your home that was used for business. Most tax software makes this fairly easy to enter. It is, however, useful to have a schedule or spreadsheet where you show the details of your calculations in case of audit.

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16 Common Financial and Tax Mistakes That Affect Your Small Business’ Bottom Line

Ronika Khanna CPA,CA

Not doing so can result in audit and penalties which we all want to strenuously avoid. Not having a separate business bank account One of the most common mistakes made by small business owners when they first start out is not separating their personal and business finances.

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