Mikyan Financials LLC offers Small Business Accounting Services across Houston, Pasadena, Sugar Land, Katy, The Woodlands, and Nationwide.
Internal Revenue Service (IRS) has sent letters to some 20,000 small businesses asking whether they have reported all of their income. Of particular concern to the IRS are cash receipts. Information is presented on why credit-and debit-card transactions could legitimately account for a high ...
You can learn more about accounting methods by reading IRS Publication 538. Below are some methods of calculating the cost of inventory that are valuable for retail accounting. Inventory: Costing method One of the key challenges of running a retail business is tracking inventory, especially if you...
This chat looks at the IRS audit techniques for cash businesses, Canadian sales tax audit issues and examines my research on U.S. and Canadian payroll tax audit issues. Read more here.Small Business Accounting ReconciliationsAre They Necessary? This chat on account reconciliations will look at: ...
1. Establishing a bank account for your small business. Setting up a business bank account is essential for segregating business and personal finances, a practice crucial for streamlined tax filing, particularly if you intend to claim deductible expenses. When opening a small business bank account,...
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Keeping accurate records is actually pretty easy, especially if you have a dedicated checking account for the business. Two elements are required to meet IRS standards- a written log or record of the business purpose, and evidence of the amount paid, date and to whom. Bank account or credit...
e-file tax returnfree fileincome taxIRSIRS account transcriptIRS guidanceIRS transcriptsmall businesstaxtaxes FREE Accounting Education Webinars — January 2025 A few too-good-to-miss free resources have come through my inbox and socials recently, and I wanted to make sure to share the goodness...
For more information visit the IRS website popup. You should talk to your legal and/or tax advisors before making any financial decisions. Footnote 3 Plan- and participant-level administrative and recordkeeping services for Merrill Small Business 401(k) plans are provided by Ascensus. ...
A small and midsize enterprise (SME) is a business that maintains revenues, assets, or a number of employees below a certain threshold.