What does that final section of your balance sheet mean? This final Equity section will vary depending on the type of entity your business is set up as. To put it simply: Assets - Liabilities = Equity
Keep in mind that your balance sheet represents one date in time. The figures represent balances, and since the balances change daily, a balance sheet only represents one point in time. This contrasts with your income statement, which covers a period of time and has a “from”
💡 #moneytip While it may seem unnecessary and even annoying, it is really important to reconcile your accounts on a monthly basis. Not only does this save you time at the end of the year, but it also gives you the opportunity to find any mistakes, including any unauthorized activity, in your books before it’s too late. ➡ If you simply don’t have the time to reconcile your accounts on a monthly basis, give us a call! We have packages for every size business and budget. www.sa
When employees lose their W-2 or claim they never received one, what should you do? Adjust the following sample policy based on your needs:
1. Require that requests for a duplicate W-2 be in writing.
2. Create a “Duplicate W-2 Request Form.” The form should include lines for:
· the date the request is made;
· the date you mailed the duplicate; and
· change of address (if the W-2 is returned and the employee complains, you will want this).
🦃 Tax Tips for Turkeys! (Just keep reading, there's a method here really! 😉) 🎄 If your business gives out year-end gifts to employees, here is a quick guide to what is considered taxable income and what is not: - Non-cash gifts: Include the fair market value in wages subject to FIT, FITW, FICA and FUTA - Non-taxable gifts such as fruit baskets, hams, turkeys, wine, flowers and entertainment tickets to a show, sporting or other event (but not season tickets) are generally '
By Pam Saul, CB of Saul Bookkeeping One of the most frequently asked questions I get from Solopreneurs has to do with when they should start letting go of tasks. As we all know, every new business owner must wear 27 different hats! Not only do we act as the CEO (Chief Everything Officer), but also the Administrative, Financial, Marketing, Insurance, Customer Assistant and IT Support. Here is what I usually say: When the task is taking too much time away from you being able to
🔥🧐 If you pay taxes in FLORIDA you might want to listen in here... I got notice today (early August) from Florida’s Tax Information Publication (TIP) that the Florida legislature must consider adopting the IRS codes for 2021. (Considering we’re already in the 8th month of the year, they're a little behind!)
➡️ Of all the tax codes, the one they decided NOT to allow is the 100% deduction of a business meal supplied by a restaurant. It says that taxpayers need to add back to