According to the U.S. Bureau of Labor Statistics, nearly 1.4 million accountants and auditors work in the United States. In 2017, the Internal Revenue Service (IRS) collected $3.4 trillion in taxes, paid $436 billion in tax refunds and audited $1.1 million tax returns.
These auditors help keep tabs on thousands and thousands of businesses across the nation, but their work also extends overseas.
When it comes to monitoring businesses domestically, the U.S. Exchange and Securities Commission brings hundreds of civil enforcement actions against both individuals and companies suspected of violating securities laws.
For three decades, the SEC has also been stepping up its cooperation with overseas regulators in countries such as China.
China is currently the United States’ largest trading partner with $578 billion in total (two-way) goods trade during 2016 alone. China is also the world’s largest economy in terms of purchasing power and is the largest foreign holder of U Continue reading How the SEC Plays An Important Role in America-Chinese Trade Relations
Year: 2018
Three Ways That Good Bookkeeping Can Help Your Small Business
Bookkeeping help for small business owners is available almost everywhere.
Bookkeeping is vital for keeping the details of your income and expenses up to date. It also helps you to keep you tax compliant and managing your finances efficiently. Most business owners tend to rely more on their in-house bookkeepers for almost everything, but this shouldn’t be the case. It is highly recommended that you try outsourcing bookkeeping. As a business person, it is at least advised that you don’t have any influence in matters of your finances, that way, there won’t be any conflict of interest.
Why bookkeeping for small business owners is critical? Also, where do you find bookkeeping information?
Small business accounting books for owners can be found in bookshops and libraries. Without them, it’s nearly impossible to record transactions accurately. You can find bookkeeping information by contacting your nearest bookshop, or by contacting a practicing bookkeeper.
Ways into which bookkeeping can help your business:
Allows you to plan, be tax compliant, and much more.
Bookkeeping can be used for financial and legal management purposes. The importance of bookkeeping is way beyond staying organized, it improves spending and ensures accuracy. Bookkeeping meaning in accounting deals with recording transactions.
An old adage says that the only two things that are certain in life are death and taxes. If there’s one thing Americans hate, it’s paying taxes.
How much do Americans hate paying taxes? According to a survey from WalletHub, one in four Americans would gladly get IRS tattooed on their body for a future free from taxes. What’s more, another 11 percent of those surveyed would name their first-born child Taxes.
For as much as Americans hate paying taxes, there’s no denying that it’s important, and not paying them could have some dire consequences:
- About 1.1 million people will be audited by the IRS each year and a third of those audits are conducted in the field by IRS officials.
- The IRS can audit any business tax return within three years of filing and it can collect back taxes owed for up to 10 years. As an example, if a 2017 audit of a return filed in 2015 finds discrepancies in previously filed returns, then the IRS can collect back taxes owed between 2007 and 2017.
With so much at stake, it pays to know what to do and how to do it correctly when it comes to paying taxes every April 15. For small businesses, especially Mom and Pop stores, paying taxes correctly and on time is crucial and following the right steps can save you and your small business a lot of hassle.
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- Follow the Numbers: In the midst of growing a small business, it can be easy to neglect bookkeeping. But a lack of bookkeeping help comes with consequences. Not keeping track of receipts and expenses can lead to a mess when tax time rolls around.Rather than scrambling, there are plenty of bookkeeping services to help ease the stress of keeping track of expenses. Companies like QuickBooks and GoDaddy offer bookkeeping services online and they also have apps, allowing businesses to keep track of their finances on their phones if they so desire.
Bookkeeping services can also give your small business a forecast of how it’s doing financially to better inform important decisions going forward. Good bookkeeping services also offer sound advice from tax accounts and certified public accountants when it comes to tax preparation, business consulting.
- Follow the Numbers: In the midst of growing a small business, it can be easy to neglect bookkeeping. But a lack of bookkeeping help comes with consequences. Not keeping track of receipts and expenses can lead to a mess when tax time rolls around.Rather than scrambling, there are plenty of bookkeeping services to help ease the stress of keeping track of expenses. Companies like QuickBooks and GoDaddy offer bookkeeping services online and they also have apps, allowing businesses to keep track of their finances on their phones if they so desire.
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- Be Careful With Borrowing: Borrowing money is essential when most small businesses are getting started, but borrowing must be done carefully.It’s important for businesses to provide a full report of how much they plan to borrow and how they plan to spend the money. It’s also important to keep track of interest rates on loans, but paying back a loan too fast can also be bad for business, leaving a business short of needed money.
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- Be Confident With Decisions: When running a small business, especially one that you own, every decision big and small is important. Decisions must be made with confidence and when it comes to tough decisions, trusting your instincts is key. Having confidence in your decision will help your business grow and might make customers more confident in your business.
To avoid tax problems, good bookkeeping services are essential. Keeping track of the flow of your money will allow you to make better decisions in the long term and short term and be confident about where your business is headed.
Republicans Join Business in Warning on Global Tax Talks
3 Types of Loans You Might Need Right Now
Loans have garnered a bad reputation of burying you in debt when you least expect it. However, these banking services really are designed to help you. There are many different types of loans that are offered including small business loans, mortgages and home loans, student loans, and even car loans. Below are the three most common types of loans that you might need to consider.
The most common type of loans that people get are home loans, also known as mortgage loans. These loans have actually started becoming less common today as fewer people actually own a house compared to the past several years. However, the current available home equity rate is at an all-time high at more than $13 trillion meaning you can get a higher loan than in years past. For a comparison, this number was only at approximately $6 trillion in 2011. These loans have the Continue reading 3 Types of Loans You Might Need Right Now
The Facts On Luxury Living Spaces
Luxury living spaces are the preferred types of living places for most consumers in the United States. Once you enter the real estate area where you are looking at luxury homes and luxury apartments, most new properties are similar in terms of design. They will often have new appliances, nice amenities, and spacious floor plans. However, it is everything outside of the luxury living spaces that deserve attention.
Finding new houses or luxury apartments for sale often comes down to what is around the luxury living spaces and not what is inside. As an example, most people will want to live in an area that directly caters to their needs. This can come in the form of a beach, for instance, if they are buying a vacation home.
A poll was conducted amongst vacation home buyers which revealed that just about 36% of all vacation buyers ended up purchasing a property in a beach area. It also revealed Continue reading The Facts On Luxury Living Spaces
5 Considerations When Choosing a Bank
If you’re trying to find a bank to fit your needs, you may feel a bit overwhelmed by all of the options available to you. Should you choose a credit union, an online bank, or a bank located in your area? And what should you prioritize when choosing a bank? Although there are a lot of factors to keep in mind, these five are among the most important.
- Fees and interest rates
Chief among your concerns should be the fees your bank might charge and the interest rates they offer. If you don’t plan on opening a savings account, their interest rates might not matter as much; however, if you are opting to open a saving account, you’ll want to choose a bank that offers higher interest rates on your deposits. You’ll also want to take interest rates into consideration if you eventually want to apply for a loan from your bank. But no matter what kind of account you open, fees matter. Your choice of bank shouldn’t charge you for basic account transactions (like monthly fees or assistance from a representative). ATM usage fees should also be a factor if you plan on using your debit card frequently. - Mobile banking availability
In this day and age, most people do look for banks with mobile banking services. Banks with mobile internet banking will often offer online bill pay, transfer services, and online account statements. It’s a way to keep track of your spending and saving without having to wait for a monthly statement to arrive in the mail. If mobile banking options are important to you (and they probably should be, if you want to go paperless or conduct a lot of activity online), make sure your bank is equipped to meet your digital needs. - Security and other protections
You can never be too careful with your financial information and identity, especially where online accessibility is concerned. When choosing a bank, make sure to ask about the security they offer for your funds. Banks should be protected by the Federal Deposit Insurance Corporation, while credit unions should have protections from the National Credit Union Association. You should also find out how your bank regularly handles fraudulent transactions and identity theft. But that’s not the only kind of protection to be concerned with. Overdraft protection can be a real life-saver for many account holders, but not every financial institution offers it. Be sure to ask about these offerings prior to opening an account. - Customer service
Although there’s a lot that’s computerized these days, there will be a time when you need to speak to a human representative. Whether you have a question about your account, have a concern about a transaction you didn’t make, or need help resetting your mobile banking password, you’ll need assistance quickly. Your bank’s customer service representatives should be helpful, friendly, and help put your mind at ease. Whether you choose to visit a local branch or opt to get help via phone or online chat, you deserve to be satisfied with the service you receive. - Accessibility and/or location
There are people who are perfectly fine with having a bank that exists only online, while others want to be able to visit a branch in person to deposit checks and ask for assistance. In a perfect world, you might want both options. When choosing a bank, having a physical location nearby can offer valuable peace of mind in case something goes wrong. And if you’re not able to opt for direct deposit with your job but don’t like mobile banking, you’ll need a branch in your area. Operation hours and processing time for funds may also play a part; after all, you’ll want to be able to access your accounts whenever you need them.
Choosing a bank isn’t always easy, but these considerations should be a good starting point for this important decision. Always do your research and take your time when weighing the pros and cons of one institution over another.
Why a Credit Union Might Be the Best Choice for You
If you?re making financial decisions, it might be worth thinking about the possible advantages of using a credit union over a bank. If you?ve never heard of credit union auto financing, or didn?t know anything other than a bank was possible to use for savings accounts, checking accounts, and loans, read on to learn about what makes a credit union different, and then three ways to save money using a credit union bank rather than a standard bank:
How is a Credit Union Bank Different From a Regular Bank?
Banks are owned by investors who are storing your money, serving you in various ways, and maybe even paying you interest in exchange for using your money to make money for themselves. A credit union is owned by the customers, which often allows them to offer more interest on savings and lower loan rates. Banks are taxed as for-profit organizations, while credit unions are considered not-for-profit.
Try Credit Union Auto Financing
If you?re trying to get a car loan, you want to get the lowest interest rates you can. A credit union is more likely to listen to you than a commercial bank, so if you?ve been turned down in the past because of credit history, they might be more amenable to your request. They also typically offer lower rates. The average rate of interest with a commercial bank is 4.16%, which the average credit union auto financing rate is 2.82%. For a $30,000 loan, that?s a savings of $215 a year.
A Credit Union Theoretically Has Your Best Interests At Heart
This is of course not universally true. There are bad credit unions just as there are some great commercial banks. But looking at motives, credit unions have a lot of motivation to do what?s best for you and no real ?institution? that?s looking after itself primarily. Big banks are motivated primarily, and often only, by the turning a profit.
Credit Unions Usually Save and Make Your More Money
Credit unions have much lower expenses and have a more favorable tax situation than a commercial bank, since they are not-for-profit organizations. This means the fees on accounts and ATMs are usually lower or non-existent. In fact, a lot of credit unions will reimburse their members for ATM fees they might incur by using a machine in another area. They also allow members voting rights in how the union is managed, and return surplus income in the form of dividends.
There?s a lot of good reasons to consider moving your savings account out of that big Wall Street bank and into a local credit union. You?ll save on fees, get better home loan rates, and credit union auto financing is often the best available. If you?re tired of keeping all your eggs in one basket, consider taking some of your money out of that commercial bank and look into joining a credit union near you.
