Inform Accounting

MARCH 21, 2023

In this blog we set out some of the main tax rates. INCOME TAX The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. Savings Income Savings income continues to benefit from a personal savings allowance of £1,000 for basic rate taxpayers and £500 for higher rate taxpayers.

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Withum

FEBRUARY 9, 2022

This is the 1,005 th blog I posted in the last ten years, and today will start my eleventh year of these blogs. This is primarily a business blog and I post topics clients have expressed interest in, and I am gratified to be able to help them in this manner. It worked well.

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Acterys

JANUARY 31, 2023

In this blog, we cover some basics about inventory planning: what it is, why do you need it, and what are its benefits and challenges. Inventory is one of the most important assets of a business – whether it is in the form of raw materials, in-progress items, or finished goods. Let’s get started. What is inventory planning?

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ThomsonReuters

AUGUST 24, 2023

Tax depreciation and state-level complexities Managing depreciation of fixed assets Tax depreciation, which enables business clients to reduce the amount of their reported taxable income, may seem straightforward at first glance. Let’s first take a step back and begin with the basics. What is tax depreciation?

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xendoo

AUGUST 24, 2021

In this blog post, we will walk you through paying yourself as a sole proprietor! . If your business is profitable, start by subtracting liabilities (any debt your company owes) from assets (items of value the company owns that will provide benefit in the future). Once your DBA is set up, you can open a business bank account.

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Acterys

FEBRUARY 7, 2023

Previously, we looked at the basics of inventory planning and the four main pillars of an inventory plan. In this blog, we bring everything together by reviewing the step-by-step process that companies can adopt to lay out a plan that is most suitable for their requirements.

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ThomsonReuters

MAY 1, 2023

To ensure your firm can meet the needs of these clients, it is essential for your staff to be equipped with a basic understanding of digital currency. Attestation ledger : A register or account book created to provide support/ evidence of individual transactions. Also called crypto assets.

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Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Keep receipts and invoices then record the amounts spent in the accounts. There is no formality to setting up as a sole trader as there is no distinction between you and your business; basically you just get started.

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LyfeAccounting

MAY 25, 2021

So quick math here… Basically, if you had $100 this month last year, well it’s worth about $96 today just based on that 4.2% Basically, the average inflation for last year was 1.4% Basically, the average inflation for last year was 1.4% Invest in business assets. inflation rate. Why is Inflation Happening?

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ThomsonReuters

MARCH 12, 2021

We’ve seen the impact the COVID-19 pandemic took on succession planning for accounting firms. In this episode of Pulse of Practice “Setting Course for the Next Chapter”, Paul Miller, CPA from Business by Design , and I discuss the importance of accounting firm leaders to continue to build out their succession plan.

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ThomsonReuters

APRIL 6, 2023

Accounts payable and accounts receivable are opposite but interconnected procedures. Together, they comprise the very basics of business and can be used to gauge financial health. When accounts payable and accounts receivable are in balance, a business can plan ahead for growth.

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ThomsonReuters

JANUARY 12, 2023

When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. With a lack of universal guidance, crypto assets can easily be over or understated, making risks much higher. So, what can accountants do to prepare for crypto audits? . Understand crypto technology.

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ThomsonReuters

DECEMBER 7, 2022

Navigating the complexities begins with having a solid grasp of the basics, like the fundamentals of fiduciary tax. In simplest terms, fiduciary income tax is the income taxation of a person ‘ s estate or trust assets. The beneficiary pays tax on the assets they receive. Savings accounts. Retirement assets.

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LyfeAccounting

OCTOBER 14, 2020

? ?. Today, I’ll be deep-diving into the bookkeeping basics for small business. You see, here at LYFE Accounting, we handle the books for small business owners everyday and have a time-tested 6-step process that helps small businesses make better financial decisions that lead to greater profitability. Liabilities.

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LyfeAccounting

OCTOBER 28, 2020

?. As Warren Buffet says, accounting is the language of business. He and other savvy business owners use accounting to make investment decisions and decisions to grow the businesses they invest in. But interestingly enough, many small businesses often neglect their accounting until tax time, or don’t do it all. Look, I get it.

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LyfeAccounting

JULY 5, 2021

Net worth is your assets minus liabilities. You can think of your assets as what you own, and your liabilities are what you owe. You need to add up all of your assets and add up all of your liabilities. Then, subtract your total liabilities from your total assets. One side for assets and the other side for liabilities.

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Withum

MAY 26, 2022

I also tell clients and readers of my blogs that if they like to trade stocks, buy or sell options or if they want to limit their investing to specific sectors or types of stocks, I am not someone they should retain or listen to. I could write many blogs about this and have. Now, let’s consider what drives stock values. Earnings do.

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ThomsonReuters

OCTOBER 12, 2023

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. Blog Nonresident aliens who receive “effectively connected” income may be able to claim some credits, including the foreign tax credit.

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ThomsonReuters

NOVEMBER 11, 2020

Financial Reporting in the COVID-19 Era: Technology Can Help Accounting Professionals Ask—and Answer—the Right Questions. Understanding the key accounting questions raised by COVID-19. Basically, this is an evaluation of your company’s chance of survival. Going concern and liquidity. Are you able to meet customer orders?

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ThomsonReuters

SEPTEMBER 8, 2023

Anyone starting a business should consult a qualified tax professional, such as an accountant or tax attorney, for advice on which corporate structure best fits their goals—but it helps to understand some of the factors that typically influence such decisions. ” How do you start an S Corp?

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Ryan Lazanis

SEPTEMBER 1, 2023

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation.

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LyfeAccounting

JULY 19, 2021

This is simply because it separates the legal liability between your personal assets and your company’s assets (aka the rental property). So, if one of your tenants slips and falls in the bathroom and decides to sue you, the most you could lose would be your rental property, instead of your personal assets like your house or your car.

Real Estate 52

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Snyder

APRIL 22, 2022

In this article we’re going to cover the basics of affiliate marketing, how to pick the right affiliate program and kick off your career as a successful affiliate. Basically, once people join an affiliate program, they become affiliates, who are incentivised to promote certain products or services to their audience. Interested?

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ThomsonReuters

SEPTEMBER 2, 2021

Other types of provisions a business typically accounts for include bad debts, depreciation, product warranties, pensions, and sales allowances. Tax provisions are considered current tax liabilities for the purpose of accounting because they are amounts earmarked for taxes to be paid in the current year. Apply the current tax rate.

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ThomsonReuters

DECEMBER 17, 2020

But they retain the basic idea that fiduciaries do not have a fiduciary obligation to vote all proxies and must satisfy certain basic obligations when deciding whether to vote proxies or exercise other shareholder rights. Here are highlights of the changes: Economic Impact Test. Pass-Through Rights. Required Considerations.

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LyfeAccounting

DECEMBER 1, 2020

Every state is different, but in general, your articles of incorporation should include basic information about your company including: business name. This includes who contributed money, assets or services for partial ownership and what ownership percentage each shareholder will own. Though you also have the option of filing by mail.

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LyfeAccounting

OCTOBER 16, 2020

Now a sole proprietorship is someone who owns an unincorporated business by themselves , which basically means you can begin working for yourself at any time. So if someone has a bad experience with your company and sues you then they can come after your personal assets which could affect you and your family. Sole proprietorship.

accounting and finance 52

accounting and finance Start-ups Legal Tax 52

LyfeAccounting

JANUARY 12, 2021

This is really not a surprise to me because most business owners are not CPAs or accountants. And at the end of the day, accounting is the language of business. Well for one, your tax accountant will need to see your income and expenses for just the business to file those taxes. Helps you in organizing your accounting records.

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LyfeAccounting

FEBRUARY 19, 2021

And LLCs are most known for their advantage of separating business assets from personal assets. Thus, protecting personal assets from business-related liabilities. This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing.

Tax 52

Tax income tax tax return accounting and finance 52

PYMNTS

DECEMBER 3, 2019

Machine to Machine communication will be a market changing asset in the near future. As the DXC.Technology blog recently explained, the emerging 5G mobile network technology promises to increase the ability of machines to basically pay each other, and via what amounts to their own version of digital wallets.

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Technology Manufacturing Healthcare Transportation 59

LyfeAccounting

MARCH 25, 2021

As an accounting firm, we get asked all the time. You see with an LLC you are able to separate your business assets from your personal assets. So if someone sues your business and you lose then the only thing that they can go after legally are assets within your business. And your personal assets are completely safe.

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ThomsonReuters

FEBRUARY 8, 2021

They can also create opportunities at lower levels to move people beyond routine data entry and basic repetitive tasks. The alternative investment industry is expected to grow by 60% by 2023, reaching $14 trillion in assets in five years, according to new research from Preqin , an alternative investment industry data provider.

Technology 52

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LyfeAccounting

OCTOBER 28, 2020

Tax Tip #1 – Contribute to your retirement account. If you haven’t already done so, max out your annual contributions in your 401k or IRA account. And two, the contributions you make to these retirement accounts are… (drum roll, please) tax-deductible! The same is true for business asset purchases.

Tax 40

Tax tax planning accounting and finance tax preparation 40

ThomsonReuters

SEPTEMBER 7, 2023

To keep up, more and more accountants are streamlining data entry with scan-and-populate solutions that automate the tax prep process and create a seamless client experience. As an accountant, you should refer to the most current IRS guidelines related to qualifying children and dependents.

Tax 52

Tax income tax tax preparation tax return 52

LyfeAccounting

JULY 3, 2021

For instance, limited liability protection usually means if your nonprofit were to get sued then your personal assets are protected against any claim about your nonprofit. This basically means the corporation or the 501(c)(3) nonprofit organization does not have to pay taxes. Your ability to hire. You have tax exemption status.

Tax 52

Tax Georgia Start-ups Legal 52

ThomsonReuters

NOVEMBER 4, 2020

Understanding the basics of DAC6. Similar features or “red flag” behaviors between the two regimes include undermining reporting obligations, hard-to-value intangibles, unilateral safe harbors, opaque ownership, intragroup asset transfer, double depreciation, loss utilization, and circular transactions.

Technology 52

Technology Non-Profits Tax tax planning 52

Acterys

JANUARY 24, 2023

To fully understand how SOC 2 compliance benefits our customers, it is crucial to have a basic understanding of what it is. In this blog, we will discuss the basics of SOC 2 compliance, its benefits for our customers, and the strict measures that Acterys implements to protect its customers’ data. What is SOC 2?

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auditor audit Technology public accounting 26