Satty, Levine & Ciacco, CPAs, P.C. Blog

For small business owners, preparing for tax season is often stressful and time-consuming. With forms to fill out and receipts to track down, there’s a lot to do in a little time. Before tax season starts, pick up a few tips that will help your business file on time.

The IRS tax code is constantly in flux. From major overhauls to minor tax law changes, each year there are new opportunities to earn a larger tax refund check. As you begin planning your tax preparation, learn about what’s new for 2020.

Tax season is still a few months away, but it is never too early to start personal income tax preparation. What you do today will help reduce stress when April rolls around.

The IRS and the Treasury Department have finalized new business depreciation deduction regulations that allow companies to write off most of their depreciable assets in the year that they were used.

Between work responsibilities and family obligations, it’s often tough to find the time to track investments or even follow a monthly budget. To make life easier, many people are now relying on a simple digital solution: money management apps. If you need help with financial planning, consider downloading one of these five apps to your phone.

Even though an organization doesn’t earn a profit, it is not exempt from financial reporting. 501(c)3s must also submit tax returns and follow IRS rules. From internal polices to tax regulations, these four nonprofit accounting tips will help any agency be better prepared to manage its finances.

Ten years after its release, Bitcoin is still somewhat of a mystery to many. With no bills or even a gold standard, this digital currency operates much differently than the dollar, the yen or the euro. If you are considering investing in Bitcoin or another type of cryptocurrency, first learn the basics about the world’s trendiest monetary system.

For financial reporting purposes, there are two different types of leases: capital and operating. One major difference is that in capital lease accounting the asset is treated like a purchase, giving the lessee the same benefits and drawbacks of ownership. With new guidelines recently taking effect, this type of lease may now apply to many more leasing contracts.

To manage financial risk properly, your business must make astute choices. By knowing when to pick captive insurance companies over traditional insurers, you can gain significant protection, cost savings, potential tax reductions and even wealth preservation opportunities.

Small businesses have two choices when considering how to calculate and track inventory: cost and retail accounting. Although the cost method is more popular today, there are valid arguments for using both types of accounting. Learn more about which method might be the right solution for your company.