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How Small Business Owners Can Manage Their Accounting

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When running a small business, you should have a basic understanding of accounting. Knowing the basics will make you feel confident about the future of your business, and you’ll have better knowledge to plan for your long-term financial success. As a small business owner, accounting helps you track and manage your money effectively, especially if you’ve just launched your business recently. If you have any questions about your business accounting, please contact one of our  certified public accountants  (CPA), and we'll make sure you have all of the information you need to make sound financial decisions. Organize your books Begin by making a habit of compiling bank statements, recording transactions such as purchases, sales, and cash receipts, and learning how to categorize them. As a new business owner, you can manage your bookkeeping needs by using a simple spreadsheet that allows you to categorize the various streams of income that your company has. Using a spreadsheet, on the o

A Quick Overview of the Single Parent Tax Credit

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The federal government put tax credits and deductions to help ease tax liabilities and help taxpayers save on their returns. They, however, work differently.  The tax credit will reduce your income tax bills. They are of different types, including the single-parent tax credit. A single-parent tax credit reduces the total amount of taxes owed to the government by a taxpayer who is the sole caregiver for a child. They are eligible for the Single Parent Child Care Credit. Whether the tax credit will help promote behavior or ease the burden of raising a child, a tax credit for single parents is designed to help shield them from the never-ending expenses of a child's needs. Here's everything you need to know about single-parent tax credits and the various types of tax credits available to single parents. Related articles: What is the Difference Between Tax Credits and Tax Deductions Do I Qualify for Earned Income Tax Credit? Who Is Eligible for Single Parents Child Care Credit?  To

Documentation in Accounting

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At  Marcus, Fairall, Bristol  the sensitivity of financial data is a top consideration. We have put in place multi-factor measures to ensure the privacy of all of our client files. Safeguarding the privacy of client information is a top priority and these record-handling procedures determine the manner in which we handle, save, and use documentation. Related Articles What Does an Accountant Do? When to Hire a Forensic Accountant How Accounting and Accountants Help Small Businesses What Questions Should I Ask a Business Accountant? Create Standard Operating Procedures A professional company must have a clear procedural system for handling day-to-day tasks. Professionalism necessitates clear data documentation and security procedures. We will create documentation solutions that will allow you to move forwards more efficiently. Your client, employee, patient, and other records are protected, and procedures are streamlined when you use standard operating procedures for record-keeping. Prop

The Difference between Tax Return and Tax Refund

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  What Is a Tax Return? A tax return is a document that you fill out that reports your income, expenses, and tax bill. The document has been submitted to the Internal Revenue Service (IRS). In general, the document will outline how much income you receive, where it comes from, and how much money the IRS withheld for taxes in the previous year. The information is obtained from the W-2 form. Furthermore, the returns include deductions and credits, which usually lower your tax bill. Its complexity is determined by your domestic and financial circumstances. If you have different types of income or life events, you'll need to fill out additional tax forms. Keep in mind that you must file your tax return by a certain deadline; in 2021, that deadline is April 18th. What Is a Tax Refund? A tax refund, on the other hand, is the amount of money that the IRS sends back to you after assessing and revising your tax return. It's more like reimbursing an overpayment you made while filing your

What Is a CPA Firm

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Sometimes the terms "CPA" and "accounting" are used interchangeably. However, this is frequently an unintentional misrepresentation. Although all CPAs are accountants, not all accountants are CPAs. So, what exactly is a CPA? CPA is an abbreviation for Certified Public Accountant. Not only is there a minimum academic requirement to become a CPA, but there is also a code of ethics and a highly regarded four-part examination. In this regard, there is no greater or more versatile credential in the accounting world than the CPA. As you might expect, those who achieve this pinnacle are held in much higher regard in the professional world. Related Articles What Does an Accountant Do? What is the American Institute of Certified Public Accountants? What Questions Should I Ask a Business Accountant? When to Hire a Forensic Accountant What Services Do CPA Firms Provide? Now that you know what a CPA is, what exactly is a CPA firm? In terms of ownership, most states require at l

Do I Qualify for Earned Income Tax Credit

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Before delving into the concept of earned income tax credit, it may be useful to first define earned income. This is simply money earned from business ventures you may undertake for yourself or as an employee of another. As a result, it covers the entire range of salaries, revenue, tips, and so on. Unemployment benefits, alimony, child support, and retirement income, on the other hand, do not fall into this category. After that, how does it relate to the earned income tax credit (EITC)? By the end, you should have a good understanding of what EITC is, how it works, and what qualification requirements may exist. Related Articles Tax Season 2022 What Are Federal Tax Liens? A Complete Overview What is the Difference Between Tax Credits and Tax Deductions What Is the Earned Income Tax Credit (EITC)? Simply put, it is a refundable tax credit that workers in the low-to-moderate income bracket receive on their federal tax returns. If you look at it strictly in terms of scaling, you could say