Insights: Client Accounting Services

What type of expenses can’t be written off by your business?

May 6, 2019

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in…

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How entrepreneurs must treat expenses on their tax returns

April 18, 2019

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.…

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Financial statements tell your business’s story, inside and out

March 5, 2019

Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business.…

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Deterring, Detecting, and Reacting to Internal Fraud

February 19, 2019

Surprising but true, small and mid-sized businesses are more susceptible to and crippled by fraud when compared to larger organizations that have more resources to invest in anti-fraud initiatives. The Association of Certified Fraud Examiners recently published its 10th annual report to the nations. The largest global study on occupational fraud, the publication highlights 2,690…

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Year-end tax and financial to-do list for individuals

December 18, 2018

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends:Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll…

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Be sure your employee travel expense reimbursements will pass muster

September 17, 2018

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits,…

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HSA + HDHP can be a winning health benefits formula

September 4, 2018

If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular model for health care benefits — that is, offering a Health Savings Account (HSA) coupled with,…

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3 keys to a successful accounting system upgrade

July 17, 2018

Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as your competitors are, you could be at a disadvantage.For these reasons, it can…

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Do you know the ABCs of HSAs, FSAs and HRAs?

July 2, 2018

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. HSAsIf you’re covered by a qualified…

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Do you need to adjust your withholding?

May 8, 2018

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan.    That’s why a large refund for the previous tax year would usually indicate that you…

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