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Bookkeeping Red Flags

Bookkeeping Red Flags

By Accounting, Blog, Bookkeeping, Business, Cash Management, IRS, Profit First, Tax Strategy, Taxes No Comments

 Bookkeeping Red Flags | John Briggs – Incite Tax   What are some bookkeeping red flags to watch out for? The first red flag is you want to run a profit and loss statement by month. When you’re looking at the statement, it’ll show January, February, March, April, however many months you’re looking at in separate columns. You wanna notice trends, mainly inconsistent trends. If…

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You Missed the Tax Deadline. What Now?

By Accounting, Taxes No Comments

The dreaded tax season is over. Tax Day has come and gone and the deadline to file and pay is now passed. But what the heck happens now if you missed the tax deadline? We’re talking specifically about federal income tax penalties here. You’ll need to look up your own state penalties as each state will be different.   Minor Tangent We’re not getting into…

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Negative Balances are a Red Flag in your Bookkeeping

By Accounting, Bookkeeping No Comments

Webster defines Red Flag as “a warning signal or sign; a problem to be dealt with.” Negative accounts are a big red flag in your bookkeeping.   Despite popular belief, bookkeeping isn’t necessarily only for doing your tax return, although that’s an added benefit. Bookkeeping is for recording and organizing all of your financial transactions made for your business operations. With good records you are…

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