Accounting

S Corp To Flip, LLC To Hold

As a CPA, I speak to a lot of clients and prospects that own real estate. I am always amazed at how many of them hold property in their personal names. In many cases, significant assets that they have worked all of their adult lives to amass. It would only take one simple misfortune turned to litigation to destroy the fruit of a lifetime of hard work. In other cases, individuals are operating businesses using entity structures that simply are not tax advantageous. They pay the government thousands, even tens of thousands of extra dollars annually simply because they don’t know any better and never were advised properly by their tax accountant.  Read more...

Cheap Checks: Two Myths Your Bank Doesn’t Want Debunked

Over 50 percent of checking account holders (both business and personal) purchase their checks through their financial institutions. They will do so even if going with an outside supplier allows them to purchase cheap checks.

Some banks even discourage customers from purchasing cheap checks from a supplier. They usually cite security as the reason. However, they are not necessarily less secure.  Read more...

IRS Identifies Key Audit Areas for Sole Proprietor LLC’s

Small business owners operating as single member LLC’s have consistently been the target of IRS audits. They file their business income and expenses on Schedule C of their personal income tax returns. The individual business owners, often called “solopreneurs”, have a big, fat bull’s eye on their backs when it comes to tax compliance. Why?  Read more...

Small Business Accounting – Your Best Options

There are so many pitfalls when it comes to doing your own small business accounting which is probably why most prefer outsourcing their accounting needs. Misrepresentation of financial affairs, not using the right person for the job, dipping into the company’s tax finances, not using the right software, lack of backup data – all these can result in losses. But these mistakes can be very much avoided.  Read more...

Capital Budgeting, Is Your Long Term Investment Worth It

Capital Budgeting is planning for major capital or investment expenditure.

Each individual company would have a different take on whether or not, particular means of outlay are necessary or risky.

In today’s market, it really is not always easy to judge which move is best for your company, professionally.  Read more...

Budget Reports Your Business Needs

Its often so easy to spend more money than what you actually have available. Having an up-to-date expense budget report allows you to see how much you can allocate for expenditure, in the process that would work best for the final result being a larger profit margin.  Read more...

Plug Into The Big Grid

Of all the sweeping changes that Microsoft have made to Excel 2007 the one that has got people most excited is the hugely increased capacity of the workbook. The Big Grid, as it is known, offers over a million rows per spreadsheet – as opposed to 65,536 in Excel 2003 – and increases the number of columns from 256 to a staggering 16,384. This incredible upgrade provides users with the ability to create almost limitless spreadsheets.  Read more...