Accounting, Bookkeeping & Tax Prep Services in Virginia
It’s tempting to try to handle your bookkeeping all by yourself to save money, but that DIY approach often ends up costing more in the long run. The truth is, even small errors and oversights in your bookkeeping can snowball into major headaches down the line. Missed deductions, inaccurate reporting, and compliance issues can all …
In the whirlwind of running a business, maintaining meticulous bookkeeping often falls by the wayside. Yet, staying on top of your financial records is crucial for making informed decisions, meeting tax obligations, and ensuring the overall health of your enterprise. If you find yourself behind on your bookkeeping tasks, and need to catch up on …
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 …
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 »
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 …
Two key players in the world of tax reporting are the 1099-NEC and 1099-MISC. There are subtle distinctions between these forms, read through and you will be able to determine the most fitting choice for your financial transactions. Difference between 1099-NEC vs. 1099-MISC In the realm of tax reporting, clarity is key. Let’s begin by …
Tax season might not be everyone’s favorite time of the year, but it represents a golden opportunity to boost the bottom line. Understanding and strategically utilizing available tax deductions can significantly reduce a business’s taxable income, translating to substantial savings. Here are 5 tax deductions you NEED to know about for your business! 1.Ordinary and …
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