Here’s a look at the new world of bank reconciliations and some ideas to use to ensure your bank account is accurate. The bank reconciliation purpose In a nutshell, a bank reconciliation ensures your account is accurate. This is done by comparing all your activity with what the bank is reporting. The importance of timely bank reconciliations There are several reasons for conducting these account reviews on a timely basis: Catch a mistake by the bank.

With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions. When will I get my refund? The pandemic and additional stimulus payments will, in all probability, delay refund payments. But as of now here are the old wait times to receive your refund. * E-file return with a direct deposit – 1 to 3 weeks * E-file return with a mailed check – 1 month * Paper

Many business owners hire their children, their spouse, or other family members to work in their business. Sometimes this works out well. Other times it causes problems. Let’s look at the pros and cons of putting family members on your payroll. Hiring your children Hiring your kids for a summer or part-time job usually has more tax advantages and fewer drawbacks than hiring other relatives. The financial advantage is that if you’re paying your child to

The Problem You hang up the phone with a huge smile on your face. You just learned that you’re getting a pretty sizeable tax refund this year. Now all you need to do is kick back and wait a week or two for the IRS to wire the money into your bank account. This good news, however, is unfortunately short lived. The very next day you get another phone call. “I’m sorry to tell you this,

How companies use your identity and what you can do to protect it. One of the most valuable things you own is YOU. Your identity includes the basics – where you live, your age, and your gender. But it also includes your interests, who you know, and what you buy. So, do you know who has your identity? Here’s the life cycle of your identity and what to do to protect it. It gets collected. Think

Here are some suggestions to help you master the art of documenting and organizing your business now and in the future. Document policies and procedures. Write down daily responsibilities, skills needed to complete tasks related to these responsibilities, and the location of all paper and electronic files. Appoint and cross-train backup staff to ensure these daily tasks are done. Document your succession plan. It may not be for another 10 or 20 years, but documenting your

Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. Check to see if either federal or state taxes were withheld from unemployment payments you received. If taxes were not withheld, you may need to write a check to the

Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place as you receive them. Common missing items this year will include the new 1099-NEC for any taxpayers that are contractors, consultants