Capital gains tax is a type of tax applied to a profit when selling an asset. It often occurs in sales of stocks and bonds, but is also applied to real estate and other personal investments. Thus, every taxpayer, especially investors, must know and understand some basic terms and ideas if they are to be prepared.
Does your business need to conduct an audit or ongoing review? Both activities, if not understood fully, seem to suggest the same meaning and results. Both refer to activities that offer assurance that something is accounted for properly. When we use these terms in business operations, auditing and monitoring refer to the necessary assurance that a business’s accounting is accurate and reliable based on tests, analysis, and data gathered.
When one thinks about a traditional business, the first thing that usually comes to mind is the cost. From payroll to taxes to loans and expenses, a business is an expensive thing. So how do people do it? How do they know their expenses are going to the right thing?
The previous year has changed the landscape of how we do business. Some may say that the changes were not great because of the unexpected and negative turn of events because of the COVID-19 pandemic. However, this period has also given us upsurge in science and technological advancements - from the fast-paced vaccine formulation, to remote working technologies, and up to automated accounting.
Business owners should be aware of some basic accounting practices to best organize themselves for the end of the fiscal year. Near the end of an accounting period, businesses must be prepared to close their books. At a minimum, this should be done annually to arrange financial statements and file an income tax return. The following procedures will help you tidy up your accounting ahead of the new year.
COVID has changed the business landscape, possibly forever. It’s no secret that many businesses are struggling under the weight of new safety regulations, and the looming threat of dwindling customer bases. What matters most is keeping ahead of it, and helping offset losses and damages by staying up to date in accounting and good business practices.
Most people know the phrases accounting and bookkeeping. The problem is, people often use these terms interchangeably. This leads to confusion about the terms and the expectations associated with them. For businesses, clarity of services is crucial. So then, what is the difference between accounting and bookkeeping?
There are many accounting firms in the Lincoln and Omaha areas. It isn’t hard to find dedicated, competent professionals to compile payroll taxes, assist with audited financial statements, or help with financial reporting. But what is a lot harder is finding a small business accountant that really stands out from the pack.