Specialist Accounting Consultants

20/07/2021

13/05/2021

13/04/2021

07/04/2021

This let's raise importance of Self-Care and how it can help maintain resilience!

08/02/2021

04/02/2021

This year we learnt the enduring power of combined efforts. Let's promise to work together again, and create a healthier world without cancer.

01/02/2021

‘Bookkeeping’ is the only English word to contain three sets of double letters back-to-back!

31/01/2021

Tip # 1. Separate Business and Personal Expenses
Having a dedicated business bank account for checking and savings saves you precious man-hours when it’s time to tally up deductible business expenses. Out of the gate, get used to using different bank accounts for business and personal purchases. If you’re contributing capital to you business out of your personal assets, make sure you clearly document the contribution.

Maintaining a dedicated business bank account and business credit card will also help you limit legal exposure to business debts if you have a limited liability company (LLC) or corporation.

In general, you cannot deduct personal expenses on a business tax return. If you use property both for business and personal use, such as a car or home office, then the portion of time you use the property for business is deductible. Otherwise, deducting personal expenses on a business tax return is not allowed. The penalty can be as high as 75% of the additional tax amount owed.

30/01/2021

Tip # 2. Track Every Expense
Label and categorize each expense, and track your cash flow to ensure that you can maximize tax write-offs and credits. Dollars add up quickly and you can easily run out of money. Use your business credit cards for all purchases and you won’t end up with a wallet full of paper receipts to sort through. This also means you can earn rewards and cash back for your spend. Accounting software will also store copies of checks and invoices that you’ve paid. When cash is your only option, file digital copies of receipts in your accounting software. Your chosen accounting method will impact when to record expenses and income.

30/01/2021

29/01/2021

Tip # 3. Accurately Record Income
Loans, revenue from sales and other cash infusions are easy to lose track of, but you need to keep tabs on all your incoming cash flow. If you don’t, you could end up underpaying your taxes, and that can lead to avoidable IRS penalties. As with expenses, your accounting method will determine exactly when to record income.