by somichcpa | Feb 25, 2020 | Business
Focusing solely on sales and profits can create a surprise for any business when there is not enough cash to pay the bills. Here are five key principals to improve your cash management. Create a cash flow statement and analyze it monthly. The primary objective of a...
by somichcpa | Feb 21, 2020 | Tax Tips
The savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account whose funds can be used to pay...
by somichcpa | Feb 18, 2020 | Business, Individual Taxes
With the major Form W-4 overhaul for 2020, you may field questions from your employees concerning their federal paycheck tax withholdings. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer questions...
by somichcpa | Feb 11, 2020 | Financial Planning, Individual Taxes, Retirement Planning
The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement: Money can continue to grow...
by somichcpa | Feb 3, 2020 | Individual Taxes, Tax Tips
The IRS primer every voter should know Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending...
by somichcpa | Jan 28, 2020 | Individual Taxes, Tax Tips
Tax filing season has officially begun and now is the time to start getting your tax records organized. If any of the following situations pertain to you, consider filing your taxes as soon as possible. You’re worried about tax identity fraud. One of the most popular...
by somichcpa | Jan 16, 2020 | Individual Taxes
5 Surprising Taxable Items Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five taxable...
by somichcpa | Jan 9, 2020 | Corporate Taxes, Individual Taxes
New mileage rates announced by the IRS Mileage rates for travel are now set for 2020. The standard business mileage rate decreased slightly to 57.5 cents per mile. The medical and moving mileage rates also decreased to 17 cents per mile. Charitable mileage rates...
by somichcpa | Jan 3, 2020 | Business, Corporate Taxes
Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and...
by somichcpa | Dec 17, 2019 | Corporate Taxes
When tracking and planning your business objectives, it’s easy to focus your analysis on two reports — the income statement and balance sheet. But one of the primary keys to your business’s success relies more on how you handle the money flowing in and out of the...
