Accounting, Bookkeeping & Tax Prep Services in Virginia
Securing a business checking account despite having bad credit is often possible because most banks focus on other factors during the application process rather than solely your credit score. The FICO credit score ranges are: Although your credit score might not be a critical factor for opening a business checking account, many banks will evaluate …
How to secure a business checking account with bad credit score Read More »
COGS serves as a vital indicator of the direct expenses incurred in producing goods for sale. This includes the cost of materials, labor, and other expenses directly related to creating the product. COGS do not include indirect expenses such as overhead, rent, or salaries of non-production staff. The formula to calculate COGS is: Beginning Inventory …
What happens if I don’t do my bookkeeping? Neglecting your bookkeeping may seem harmless in the short term, but the long-term consequences can lead to serious financial challenges for your business. Your records become a jumbled mess, and good luck trying to make sense of your financial standing. Cash flow troubles: One of the biggest …
Understanding tax laws is crucial for maintaining compliance and optimizing financial management. The US tax system is primarily composed of federal, state, and local taxes. Small businesses are subject to various taxes depending on their structure, income, and activities. Effects of Misclassification: If your business is classified as a corporation but should be a sole …
The US tax code and how it effects small businesses. Read More »
In the exciting journey of steering a small business toward success, growth is the ultimate goal. However, amid this excitement, entrepreneurs often encounter pitfalls that can impede their progress. To ensure sustainable growth and mitigate setbacks, it’s crucial to recognize and avoid these common mistakes. Here are five mistakes small business owners make and how …
5 mistakes small business owners make and how to avoid them. Read More »
As a small business owner, you wear many hats but when it comes to compensating yourself for your hard work and dedication, how do you navigate the complexities of payroll? Should you take owner’s draws or pay yourself a salary? What factors should you consider when choosing between owner’s draws and salary payments? Here are …
What is the penalty for late tax filing? As taxpayers, we understand the importance of meeting deadlines to avoid penalties and maintain compliance with tax laws, but missing the tax filing deadline can happen to anyone, and it’s essential to understand the consequences and steps to resolve the situation. Penalties for Late Tax Filing: The …
What is an S Corporation (S Corp)? An S Corporation is a unique tax designation recognized by the Internal Revenue Service (IRS). It allows business owners to enjoy limited liability protection while avoiding the double taxation often associated with traditional corporations. In an S Corp, profits and losses are passed through to the shareholders’ personal …
As a dentist, your primary focus is on providing exceptional care to your patients, ensuring their oral health is in top condition. However, managing the financial aspects of your practice is equally vital for its growth and success. Effective dental bookkeeping lays the foundation for informed decision-making, efficient operations, and ultimately, a thriving practice. Why …
Embarking on your entrepreneurial journey often involves making pivotal decisions, with the choice of the right business structure being paramount. The Single-Member Limited Liability Company (LLC) has emerged as a popular option, offering a harmonious blend of liability protection and operational simplicity. What is Single-member LLC? A Single-Member LLC is a business structure crafted for …
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