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Accounting

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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What the IRS Doesn’t Want You to Know

By Accounting, IRS, Taxes No Comments
Everyone’s favorite subject… the IRS!   Maybe a slight exaggeration, but everyone has to deal with them one way or another. The only interaction you might have with them is giving them your money when required. Sometimes more money than is required because you don’t know what you don’t know. Or it might be a more uncomfortable personal interaction through, say, an auditor. The IRS...
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