The Benefits of Cash Accounting

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There are a lot of misunderstandings surrounding the availability and desirability of the cash receipts and disbursements method of accounting, typically referred to as the cash method. Though the accrual method is more commonly used, there are many benefits to the cash method that are well worth considering for small businesses. Cash vs. Accrual Accounting… Read more »

Whether to Roll Over to a Roth IRA

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It’s always a good idea to save for retirement, regardless of your taxpayer profile. How you save, however, is a bit more complicated. There’s no one-size-fits-all answer to the question: should you roll over to a Roth IRA? Whether or not you will benefit from such a conversion is dependent on a whole lot of… Read more »

Top 4 Financial Tips for Small Business Owners

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Today, entrepreneurs have a lot on their plate, from managing employees, tracking inventory and cash flow, to let’s not forget — marketing. The last thing you need is a bump in the road to stop you in your tracks. A little pre-planning is just the trick to keep things moving along; and, most importantly, keep… Read more »

How to Avoid Owing Taxes in the Future

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They’re the dreaded words that no one wants to hear: “You owe on your taxes.” Not only can this derail your plans, but you may also be unprepared to pay. While you can’t escape forking over your hard earned cash to the IRS, there are steps you can take to avoid paying in the future…. Read more »

3 Ways to Spend Your Tax Refund Wisely

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Anxiously awaiting your tax refund from Uncle Sam? We know how you feel. Receiving that check in the mail is like opening a gift on your birthday. Before you splurge on that new laptop or flat screen TV, hit pause and be practical. Make the most out of your hard earned refund with these helpful… Read more »

How to Calculate Estimated Taxes for Your Business

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As a business owner, you’re subject to some taxes that are not withheld automatically through payroll deductions. In order to meet the IRS’s standards when the new tax year rolls around, you’ll need to calculate estimated business income taxes as well as self-employment tax. There are a few different ways you can do this. What… Read more »

The Tax Benefits to Opening an IRA Account

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It’s generally understood that to have and invest in an IRA account is advantageous in more ways than one. Tax benefits are a major incentive; but what exactly do those benefits entail? Even if you’re already on an employee-sponsored retirement plan, setting up a self-directed IRA account provides a significant array of investment opportunities. Depending… Read more »

Audits – Are your financial procedures in order?

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Although dreaded at times, audits can be beneficial. An audit provides assurance that management has presented a ‘true and fair’ view of a company’s financial performance and position.   Being prepared for the annual audit will not only assist the auditors, but it will also give you insight on some areas where management may improve… Read more »

The Best Ways For Parents To Pay For College

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Worried about saving the tens of thousands of dollars it takes to put a child through college? Consider these suggestions… Savings and 529 plans. The single best way for you, the parent, to help pay for your child’s college is to simply save and pay for it directly. Parents who start a college fund when… Read more »

Filing Requirements for Sales and Use Tax Returns

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Every person or business who sells taxable tangible personal property or taxable services (even if you make sales from your home) must register with the Tax Department before beginning business in New York. Sales tax applies to retail sales of certain tangible personal property and services. Use tax applies if you buy tangible personal property… Read more »