by Candy | Jan 13, 2015 | Bookkeeping, Business
Of the 230 million plus tax returns expected to be filed each year, about 16 million returns result in audits for small businesses and sole proprietorships. The root cause is often times traced to improper reporting of profits and losses on Form 1040. Incorrect...
by Candy | Oct 28, 2014 | Bookkeeping, Featured
Imagine that you are ready to do your bookkeeping, you try to open your file and find that your data file is corrupt or lost. What would you do? Unfortunately this can happen, and merely assuming that the online backup plan you have in place (if you have one) will...
by Candy | Sep 16, 2014 | Bookkeeping, News
In the last two posts, Understanding Assets on the Balance Sheet and Understanding Liabilities and Equity on the Balance Sheet, I explained the different types of accounts that appear on the Balance Sheet. This report shows the health of the business at a single...
by Candy | Sep 12, 2014 | Bookkeeping, News
In my last post, Understanding Assets on the Balance Sheet, I discussed the different types of asset accounts. Today I’ll give information on the remaining accounts that appear on the balance sheet: Liabilities and Equity. Liabilities – An obligation of an...
by Candy | Sep 9, 2014 | Bookkeeping, News
As a bookkeeper, I provide reports to clients for them to know the health of their businesses. Two of the main reports are the Profit and Loss (also known as the Income Statement) and Balance Sheet. Sometimes clients don’t understand what each type of account...
by Candy | Aug 29, 2014 | Bookkeeping, Sales Tax
Chances are you aren’t thinking of your income taxes in August. However, in certain circumstances, you may need to make an adjustment to your tax status mid-year. Most of us want to limit any unexpected surprises at tax time next year. Other times, you might be...
