Tax Season Tip #4: Leverage Your Account Receivables

Can you believe February flew by so quickly that none of us noticed?! We’re now in March and the Tax Deadline is approaching fast! It might not be crunch time quite yet, but that doesn’t mean you should put off filing your taxes until the eleventh hour.

Our next and fourth tip for the upcoming tax season is the importance of accounts receivables. As you know the pandemic hit everyone by storm last year and not everyone has been able to fully pay you for the services you have performed. So, what should you do when your goods or services are not yet paid for by consumers? Watch our quick video to learn more!

Tax Season Tip #3: Recording Assets

It is the last week of February! Soon there will only be a month left before the tax deadline - are you feeling the pressure? Don't worry, you're not alone! Our next important tip for the upcoming tax season is when purchasing a recording asset, you need to make sure it is recorded at full value! We made a quick video about it, so go check it out! 

 

Tax Season Tip #2: Cardinal Sins of Tax Deductibles

We’re just about halfway through February already! Meaning Tax Season looms ever closer to us. If you missed our previous tips where we talked about the importance of reconciling your bank account you can view these tips now!

Many people often make mistakes while preparing for tax season. One of those cardinal sins that occurs is the commingling of funds, which you could easily miss while performing your bookkeeping.

Tax Season Tip #1: Reconcile Your Bank Account

Reconcile Your Bank Account

With January out of the way, we are now in February and ever closer to Tax Season! As tax season approaches, you must ask yourself, are your books are closed, accurate, and prepared for filing? The best practice is to have your books closed at the end of the year, but if you have not done so yet, we have some tips we would like to share with you in these future newsletters!

Haven’t File Your 1099s? Deadline Is This Week!

With January coming to an end, this means tax deadlines are coming close! Speaking of deadlines,  the 1099 forms are due at the end of this month! Not to mention, the IRS created a new form tied to 1099 filing, which is 1099-NEC. Now, you will need to figure out what is the difference between 1099-MISC and 1099-NEC. Do not worry, because we have a video to help you know the difference between the two!

But instead of stressing out, would you like some assistance in filing your 1099s now?