5Tips for this 2024 Tax Season
5 Tips to help small business owners minimize tax liability for the 2024 tax season:
1.Meticulously Track All Expenses 📝
Ensure you capture every business-related expense, from office supplies to travel costs. Utilize accounting software or apps to maintain precise records and categorize expenses effectively. This level of detail can help you identify all possible deductions.
2.Maximize Deductions to Their Full Potential 📊
Don't miss out on any deductible expenses, whether it's home office costs, mileage, or employee benefits. Also, consider lesser-known deductions, such as energy-efficient equipment and retirement plan contributions, which can significantly reduce your taxable income.
3. Plan and Pay Quarterly Taxes 📅
Avoid the year-end tax crunch by making estimated quarterly tax payments. This practice not only helps manage your cash flow but also reduces the risk of underpayment penalties. Set reminders and schedule these payments to stay on track.
4.Leverage Available Tax Credits 💡
Investigate and apply for tax credits that your business qualifies for, such as the Research & Development Credit, Small Business Health Care Tax Credit, and credits for hiring veterans. These credits can provide substantial savings and are often underutilized.
5. Consult a Knowledgeable Tax Professional 👩💼
Investing in a tax advisor can pay off greatly. They can help you navigate complex tax laws, identify all available tax-saving opportunities, and ensure your compliance with regulations. Their expertise can lead to significant tax savings and peace of mind.
By implementing these strategies, you'll be well-prepared for the 2024 tax season and can confidently minimize your tax liability. Remember, proactive planning and informed decision-making are key to financial success!
🔥Top 3 Benefits of Hiring a Virtual Assistant for Bookkeeping & Accounting:
☑️ Save Time: Focus on growing your business while your VA handles the numbers. Enjoy more momen
No Day Off for Bookkeepers
🎄✨Season's Greetings from Virtual Bookkeeping By: CHERISH SALAO!✨🎄
As we celebrate this joyous holiday season, I want to extend my heartfelt thanks for your trust and partnership throughout the year. Your success is my greatest gift, and I am grateful to be a part of your journey.
Wishing you a Merry Christmas and a Prosperous New Year!
May your holidays be filled with joy, love, and cherished moments with family and friends. 🎅🎁
Looking ahead to the New Year,
I’m excited to continue providing you with top-notch virtual bookkeeping services to keep your finances in perfect order.
With Virtual Bookkeeping By CheSal, you can focus on what truly matters, knowing that your bookkeeping is in expert hands.
Why Choose Us:
📌Accuracy & Reliability: Precision and dependability in every transaction.
📌Time-Saving: Spend more time on your business and less on bookkeeping.
📌Peace of Mind: Your finances are managed with the utmost care and expertise.
🪅Let's make 2025 a year of growth and success together! 🎄💼✨
📞🤙Contact us to learn more about how we can support your financial needs.
📲 +1201-583-4262
📧 [email protected]
FB Virtual Bookkeeping By CheSal
🌐 https://sites.google.com/view/chesal/about?authuser=0
Warmest holiday wishes,
CHERISH SALAO
#VirtualBookkeeping #HolidayGreetings #MerryChristmas #HappyNewYear #BookkeepingServices #BusinessSuccess #ClientAppreciation #CherishSalao #VirtualBookkeepingByCheSal
Year end reminder
📊 Year-end Reminder: Ready for the Year-End Rush? 🎉
December is filled with holidays, family gatherings, and parties. It's easy for planning to get pushed aside, but we’re here to help you navigate the rush with ease!
Let’s prepare together, so you can enjoy the festive season stress-free. Here’s what to focus on:
➡️ Charitable Contributions: Review and make last-minute donations to reduce your taxable income.
➡️Check Safe Harbor 401(k) Contributions: Ensure you're meeting business retirement plan requirements for optimal tax benefits.
➡️Update Estimated Tax Payments: Verify what’s due by January 15 to avoid unexpected surprises and penalties.
➡️Boost 529 Plan Contributions: Consider additional contributions to maximize tax-advantaged education savings.
➡️Take Required Minimum Distributions (RMDs): Avoid penalties by taking your RMDs if applicable.
We understand how overwhelming this can be, but your peace of mind is our priority. Let us handle the details so you can focus on what matters most—enjoying the holidays with loved ones.
Don’t wait until the last minute—set aside some time to get this done! Reach out to us today, and we’ll make the process smooth and stress-free. Accepting new tax clients through early February.
Take care and enjoy the holidays!🎄✨
DON’T PROCRASTINATE , REACH US AT:
📱+1201-583-4262
📧 [email protected]
🌐 https://sites.google.com/view/chesal/home
FB: Virtual Bookkeeping By CheSal
#virtualbookkeeping
#bookkeeping #accounting #financialstatementanalysis #incomestatement #balancesheet #financialplanning #financialadvisory #remotequickbooksbookkeepingservice
#bankreconciliation #accountsreceivable #accountspayable #quickbooksdataentry #budgeting #small&midsizedbusinesses #taxprepation #taxsupport #cherishsalao
#virtualbookkeepingbychesal #reels #fyp #viralvideo #viral #trending
Top Fans Everyone Should Know TOP Comments Everyone Active Following Top Fans
Top 10 Accounting and Bookkeeping Tips Every Small and Mid-Sized Business Owner Should Master | by Virtual Bookkeeping By Cherish Salao
Top 10 accounting and bookkeeping tips every business owner should master:
1. Cash Flow Mastery: Understanding and managing cash flow to ensure your business stays afloat.
2. Financial Statements 101: The essentials of balance sheets, income statements, and cash flow statements.
3. Tax Savvy: Key tax obligations and strategies to minimize your tax burden.
4. Budgeting Basics: Creating and maintaining a budget to guide your financial decisions.
5. Accounts Receivable & Payable: Efficiently managing what you owe and what you're owed.
6. Payroll Precision: Ensuring accurate and timely payroll processing.
7. Expense Tracking: Keeping a close eye on business expenses to control costs.
8. Inventory Management: Balancing inventory levels to meet demand without overstocking.
9. Compliance & Regulations: Staying compliant with financial regulations and standards.
10. Financial Forecasting: Predicting future financial performance to make informed decisions.
These topics will help you maintain a solid financial foundation for your business. Which one are you most interested in learning more about?
Message me or reach out to me!
Virtual Bookkeeping By CheSal
Phone: 201-379-0157
Email : [email protected]
Web: https://sites.google.com/view/chesal/home
#bookkeeping #accounting #virtualservices #tips and #tutorials #smallandmidsizedbusinessowner #fyp #reels
Everyone Active Following Everyone Active - Mid Suffolk Leisure Centre (Stowmarket) Top Fans 𝑭𝒐𝒍𝒍𝒐𝒘𝒆𝒓𝒔. Che Sal The Accountant Top Commenter Highlights
@everyone @highlights Top Fans Everyone Should Know TOP Comments Virtual Bookkeeping By CheSal
Common Bookkeeping Errors : Causes, Consequences and Correction Tips
Let's explore a few more accounting errors, their causes, consequences, and corrective measures:
1.Data Entry Errors
Definition: These errors occur when inaccurate data or information is entered in your books. Errors such as:
A. Transposition Error : occurs when digits or numbers are mistakenly reversed or swapped within a dataset. Imagine a diligent bookkeeper accidentally typing "81" instead of "18."
Seems minor, right? But these seemingly innocuous slip-ups can have significant consequences.
B . Incorrect Numbers Encoded
C. Mixing up numbers and Words
Consequences:
-Don't underestimate the ripple effect:
Financial Incongruities: Even small transposition errors can snowball into substantial financial discrepancies.
-From minor discrepancies to major mishaps, such as underpayment or overpayment of vendors.
-Tax Troubles: If left unchecked, these errors perpetuate incorrect asset values, potentially catapulting a business into a higher tax bracket.
-Trading Mishaps: Ever heard of "fat-finger trades"? A Japanese trader once accidentally ordered 1.9 billion shares in Toyota—luckily, that order got nixed!
Correction:
Double-check entries, compare to previous reports, and use accounting software to automate the process.
2. Omission Errors
Definition: Forgetting to record a financial transaction (a false negative).
Causes: Oversight, distractions, or miscommunication.
Consequences:
Missing expenses or revenue, affecting financial statements.
Correction:
Regularly review transactions, reconcile with bank statements, and involve a bookkeeper.
3. Duplication Errors
Definition:
Recording the same transaction twice.
Causes:
Hasty data entry, system glitches, or confusion.
Consequences:
Inflated financial figures, misleading reports.
Correction:
Scrutinize entries, cross-check, and maintain accuracy over speed.
4. Principle Errors
Definition: Violating accounting principles (e.g., recording revenue before it's earned).
Causes: Misunderstanding rules or ne
IFRS vs. GAAP: Unraveling the Accounting Tapestry
Let's delve into the fascinating world of accounting standards and explore the differences between IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles). 🌐📊
**1. The Basics:**
- **GAAP** is the accounting standard used in the United States, while **IFRS** is employed in over 110 countries worldwide¹.
- **GAAP** is considered more "rules-based," whereas **IFRS** follows a "principles-based" approach³.
**2. Methodology:**
- **GAAP** is **rules-based**, meaning it provides detailed instructions on how to account for specific transactions. It's like a comprehensive recipe book for financial reporting.
- **IFRS**, on the other hand, is **principles-based**. It focuses on overarching principles and allows more judgment and interpretation. Think of it as a flexible framework that encourages professional judgment and critical thinking¹.
**3. Specific Differences:**
- **Revenue Recognition:**
- **GAAP** has specific rules for recognizing revenue, such as the "percentage of completion" method for long-term contracts.
- **IFRS** emphasizes substance over form and considers the economic reality of transactions. It provides general guidance on revenue recognition, allowing more flexibility¹.
- **Inventory Valuation:**
- **GAAP** allows for different inventory valuation methods (FIFO, LIFO, etc.), depending on the industry.
- **IFRS** prefers the cost formula (usually FIFO or weighted average) but doesn't prescribe a specific method. It values inventory at the lower of cost or net realizable value¹.
- **Financial Statement Presentation:**
- **GAAP** has specific formats for financial statements (e.g., separate income statement and statement of comprehensive income).
- **IFRS** allows more flexibility in presentation. It combines income and comprehensive income in a single statement¹.
**4. Global Impact:**
- **IFRS** aims to establish a common global language for company accounting. It e
