Tax law change can be good — but it can also be messy. Make sure you’re keeping track of everything you need for the 2018 tax season (and beyond) using these pro-approved tips: 1. Create a separate bank account for all self-employed business activity. This will greatly minimize confusion come tax time by giving you just one place to look…
Financial records are notorious for being messy. Bills, paycheck stubs, tax returns and bank statements have a way of getting tucked into random places. Luckily, there are a few pretty painless ways to organize your important documents. Put all your financial records in one dedicated spot To ensure that bills are paid on time, bank statements are reconciled and…
If you are like millions of taxpayers who work in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions: Think 1-2-3 Proper tip reporting has three components. 1. Keeping a daily…
The U.S. Department of Labor updated the rules for paying overtime, and the changes take effect December 1, 2016. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That’s double the annual exempt amount of $23,660 under current rules. Begin reviewing your payroll policies now to…
For many companies, inventory is a significant dollar amount on the company’s financial statements. So it’s crucial that recorded inventory balances reflect actual values. When such accounts aren’t properly stated, the cost of goods sold and current ratios – numbers that often matter to decision makers – may be skewed. If banks discover that your company’s inventory accounts are overstated,…
South Jersey Biz January 2015 Our Vice President, L. Scott Elwell, MST, EA is currently featured in the January, 2015 edition of South Jersey Biz Magazine. The article features predictions from local industry leaders on what 2015 has in store for the South Jersey business world. Here is a copy of the article as well as a link to the website…
We’re excited to announce the official launch of our Business Accounting Systems, PC blog. We’ll be posting helpful news from the financial industry, updates from our practice, and more about the latest in keeping your personal and business finances in the best shape possible. We built our practice on the notion that we’re there for our clients when they need us…