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

LyfeAccounting

MAY 18, 2021

The first tax mistake that we see new business owners make is not having a separate bank account for just their business. It is so important to do this so you can clearly keep track of all of your business income and expenses. 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

inDinero Tax Tips

JULY 11, 2023

How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult the IRS source documentation on the home office deduction. Contact us today.

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Tax business tax tax services Start-ups 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?

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accounting basics general ledger Account accounted 52

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?

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accounting and finance Finance Account accounted 52

inDinero Tax Tips

APRIL 20, 2021

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. Compare that with Delaware, which collects corporate income tax on Delaware businesses if they conduct business in the state.

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Delaware Wyoming Nevada Oregon 58

Steve Feinberg

MAY 9, 2023

Keep track of all expenses, invoices, and receipts, as they can be used for tax purposes or audited by the bank when applying for loans. See related: Business tax services 2.

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inDinero Tax Tips

APRIL 11, 2023

County-level real estate property tax can exist, but it’s typically very low in comparison to property taxes in other states. In addition, the state has no value-added taxes (VATs), use taxes, or an inheritance tax. Nevada companies don’t have to pay a franchise tax, but they do in Delaware.

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Delaware Nevada Sales Tax 52

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

Essentially, the documentation that you require to support your business declaration is evidence of your income and expenses. You are not required to enclose this with your tax return but will be asked for in case of audit. What type of accounting system should you use?

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tax return accounting software Tax business tax 52

Ronika Khanna CPA,CA

MARCH 22, 2024

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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Ronika Khanna CPA,CA

OCTOBER 5, 2023

Banking Having a separate bank account and credit card for your business can be invaluable when trying to figure out your financial picture, particularly if you only do it once a year. It is also a great way to see your available funds and a quick way to calculate revenues and expenses in the absence of an accounting system.

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Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

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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Ronika Khanna CPA,CA

MARCH 24, 2022

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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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

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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Tax tax return business tax Entertainment 52