Elite Accounting & Bookkeeping LLC

06/05/2024

05/07/2024

Record keeping To Ensure Great Reporting 📝🗂🗄🏛

Why should I keep records?
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, prepare your tax returns, and support items reported on your tax returns.

How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. You must keep your records as long as needed to prove the income or deductions on a tax return.

Contact EAB today to schedule a consultation and start streamlining your bookkeeping and accounting needs.



https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

05/02/2024

Taxes and inflation are weighing down heavy on Americans. Will increasing taxes at the top and potentially across all tax brackets help Social Security and Government Programs?

President Joe Biden has started to unveil parts of his budget proposal being released later this week.

05/02/2024

Health Savings Account /HSA can be a tax-free investment tool if implemented properly.

People are always looking for ways to save money and increase their money.

My favorite is the HSA - Health Savings Account. This account gives 3 tax savings advantages.

•Contributions are tax free so your taxable income is reduced

•Investments that make capital gains in the account are tax free and there is no required minimum distributions

•Withdrawals are tax free. That’s right! You won’t have to pay taxes on these funds when you pull them out for qualified medical expenses or if your over the age of 65 you can withdraw regardless of if funds are used for medical expenses

If you would like to learn more tax savings accounts and how to benefit from them contact Elite Accounting & Bookkeeping today. Click the link in comments to get started.

P: 404-409-3925
E: [email protected]
Web: www.elitebookkeeping374.com

04/30/2024

Your Business’s Profit & Loss Statement And Why It’s Necessary 📊📈📄

The profit and loss (also known as the income statement) is an indicator of your company’s health. It summarizes the revenue, cost, and expenses incurred during a specific period of time. The P&L statements are important because by law you are required to record business transactions correctly and in a timely manner.

A P&L statement also helps business owners and management:

🟢 Understand what products and services are profitable
🟢 How expenses relate to sales and what the net income is to continue business operations
🟢 Even banks and lenders will need a company’s P&L statement if you need loans and other financing

Are you needing help with creating your profit & loss statement? We can help you with your financial reporting and financial analysis. Contact Elite Accounting & Bookkeeping today!

Stephanie Mitchell EA
☎️Call or text 404-409-3925
📩 [email protected]

04/15/2024

Today is the last day to file an extension ⌛️

Please be aware that:

☑️ An extension of time to file your return does not grant you any extension of time to pay your taxes.

☑️You must file your extension request no later than the regular due date of your return. April 15, 2024.

03/20/2024

Please be aware that:

☑️ An extension of time to file your return does not grant you any extension of time to pay your taxes.

☑️You must file your extension request no later than the regular due date of your return. April 15, 2024.

02/29/2024

A budget will show projected income and expenses. Subtract expenses from projected income to find out what leftover funds can be use to invest / grow your business.

1 way for growing your business can be providing more value for the same product or service. This is a sure way to increase client retention.

After saving money and reducing client turnover plan to avoid unnecessary taxes. Tax planning is a major cost savings to your business. The less spent on taxes is more revenue to invest back into your business.

Contact Elite Accounting & Bookkeeping for an in-depth consultation to help grow your business. Call today or click link.

P: 404-409-3925
E: [email protected]
Web: www.elitebookkeeping374.com

02/24/2024

Elite Accounting & Bookkeeping makes sure your return is accurate. This ensures all qualified/eligible credits and deductions are applied.