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Commingling Funds: How to Address the Problem and Avoid It in the Future

inDinero Tax Tips

Claiming Tax Deductions is Harder When running a business, saving the maximum amount of money with tax deductions is vital to maintaining financial health. However, you can’t deduct what you don’t document and shouldn’t deduct what you can’t prove was a business expense.

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How Much Is a Tax Consultant?

xendoo

If your situation requires specialized knowledge about tax codes, fees are usually commensurate with qualifications. What Does a Tax Consultant Do? A tax consultant is trained in tax law and financial accounting. They also should know recent tax law changes on both a federal and state level. .

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The Ultimate Year-End Checklist for Closing Your Books

Basis 365

What is YEAR-END ACCOUNTING? Before we get into the details of year-end financial accounting, let's first define what year-end is and why it is essential for your company. Year-end accounting involves a series of steps that are performed to ensure that financial transactions are accurate and up-to-date.

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Additional IRS Guidance Surrounding 174 R&E Capitalization Requirements

Withum

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. In addition, the IRS requested comments for additional examples of costs that should not be considered software development. This article was originally published by Lynn Mucenski Keck in Forbes on October 2, 2023.

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Bookkeeping vs Accounting: What’s the Difference? How Should You Choose?

LyfeAccounting

In contrast, the full definition of accounting is the action or process of keeping financial accounts. In other words, accounting helps you summarize all your transactions into reports. As you can see from a little bit of insight, you can make key business decisions. Reconciliation. Loan applications.

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The Playbook for SaaS to Convert from Cash to Accrual

inDinero Accounting

payroll) relates to revenue in an accounting period. With an accrual method of accounting, SaaS gets insight, clarity, and confidence. Limitations of cash accounting for SaaS. The operating expenses ESLU using the cash method of accounting are: Expenses. Payroll Costs. Fixed Costs. Loan Payments. $0.

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Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

inDinero Tax Tips

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.