January is here and with it comes the task of determining who requires a 1099-MISC form. Running a 1099 report in Xero is very useful in the review process. It is designed to help you locate contacts and payments that qualify for 1099 reporting. Note: To run the 1099 Report, you must have Advisor access […]
Category Archives: Tax
One of the side effects of our last economic slowdown was in state government budgets; states searched hard for new income, and many of them found a great source by cracking down on sales tax collections. We have seen a lot of this in California. A new hot buzzword regarding this is – nexus. Nexus […]
Now is a perfect time to get your financial records in order. Tax moves you make now can mean saving you money. Here are five quick tips for you to feel more prepared about your financial status as you go into year-end. Avoid Penalties This time of year is ideal to double-check your tax payments […]
Cash flow improvement is a hot issue for small businesses; in many businesses, it seems like there is never enough cash when you need it. The last thing a business owner wants is to reduce their cash balance unnecessarily. To help you preserve or increase your cash, here are five cash management leaks to avoid. […]
When you think of an accountant’s duties, you might think about traditional tasks, such as tax preparation, bookkeeping, and financial statement preparation. Here are five additional tasks that accountants can help with that you might not think of. 1. Evaluating Current Accounting Employees How can you know if your accounting employee is a star that […]
In a small business, the owner ends up wearing many hats to get the product or service delivered, the customers served, and the accounts settled. Within each functional area of a small business, there are even more hats. Although the accounting function might be considered one big hat, there are actually a number of skills […]
If your business runs on a calendar year, your fiscal year ended this week. Here are some common year-end adjustments that may need to be made to your books. Retirement Plan Contributions If cash is available at year-end, it’s a great idea to maximize the allowable deductions for the retirement plan you qualify for. One […]