Welcome to March – that time of the year when people who haven’t filed their taxes yet fear that inevitable hit of looking for time to do the math, tracking down someone to do that math for them or trying to figure out all of the changes to the tax code.
However there are some things to keep in mind when doing that math and that’s “what can I deduct?” Whether doing your own taxes or hiring a professional to do it for you, here are the best 5 deductions you can make for 2013.
Tax season is among us—but before you start thinking about handing over your QuickBooks® file or reports to your ProAdvisor, there are a few steps you can take to reduce the amount of work related to making changes and adjustments.
When it comes time to file, it’s extremely important to have clean books and easy-to-understand financial statements; this will ultimately lower your tax preparation costs and give you a much clearer understanding of what you’re paying out while avoiding potential errors and costs down the line.
Before tax season approaches, make sure:
When it comes to managing your finances, there are several great reasons to hire an accounting professional.
Yes, you can most likely handle tackling your books on your own—but why spend valuable time crunching numbers when you could be focusing on your business? Seeking accounting help will not only free up time, but it can end up saving you money in the long run!
While general accounting professionals and CPAs can help you get the most out of your money while properly keeping track of both money in and money out, they might not necessarily have in-depth knowledge of QuickBooks®—the #1 rated, best-selling small business accounting software.
Now that we’ve gone over what to expect from QuickBooks® 2014, it’s time to install and implement the new software. If you’re excited to start taking advantage of the improvements and new features, but dreading the installation process, don’t worry! We have a few useful tips that can help speed up setup and get you to work in no time.
Convert QuickBooks as of January 1st.
Did you know: converting to a new accounting system at the start of a new year significantly simplifies the process? Since it’s only October, this means you’ll have to wait a few months before you can start reaping the benefits of QuickBooks 2014, but starting a new financial year when the New Year begins will let you enter a simpler trial balance. At the start of the year, for example, you’ll only have to enter asset, liability and owner’s equity account balances. At any other time, you’ll also have to enter year-to-date income and year-to-date expense account balances, which can get tricky.
As a powerful business accounting tool, QuickBooks® can be a huge help when it comes to streamlining your business’ accounting process. From pointing your company in the right direction financially to saving you hours on payroll, the program makes going online with your accounting easier than ever.
With the recent release of QuickBooks 2014, a lot of improvements have been made and a handful of new features are scattered throughout—in fact, a lot of the changes made to the new version of QuickBooks were commonly asked about and requested by users.
So, what’s new and helpful to you, as a business owner?