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IRS Issues Draft 2019 Form 1040

The IRS has issued draft versions of 2019 Form 1040 and the schedules that accompany that form. Notably, the six schedules that existed in 2018 are now just three schedules in the 2019 drafts. Here are some of the notable changes from 2018 that are reflected on the 2019 drafts: The filing status line at the top of Form 1040 asks for additional information for taxpayers whose filing status is... Read More

How to Read Your Income Statement

The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you all kinds of insights as to whether you are bringing in enough sales, if your prices are... Read More

Boost Your Accounting Know-How with These Terms

The field of accounting has its own vocabulary, which can sound like a foreign language to some people. Your financial savvy will increase by learning a few new accounting terms. You'll be "speaking accounting-ese" in no time, and you'll become a smarter entrepreneur too. Trial balance - A trial balance is an accounting report that simply lists the current balances of your accounts in your chart of... Read More

Now is a Great Time for a Mid Year Company Review

With 2019 halfway over, it's a great time to take stock of how your business has done for the first half of the year and make any necessary adjustments to meet your financial goals for the entire year. Competitor Analysis How are your tracking with your competition? Is your gross profit margin within industry ranges or below? What about your net profit? What about your overhead per employee? ... Read More

August/September Dates to Remember

Aug. 12 Form 4070- Employees use form 4070 to report tips to the employer. This includes cash tips, tips received from other employees, and debit and credit card tips for tips received more than $20 during July. Employers- For Social Security, Medicare, and withheld income tax, file Form 941 for the second quarter of 2019. This due date applies only if you deposited the tax for the quarter in full... Read More

The Power of Influencer Marketing

One of the hottest buzzwords in marketing is influencer marketing. Influencer marketing uses key people in thought leadership positions to spread the word about your brand.These people may be paid or unpaid spokespersons for your brands, products, and services. The profitable thing about influencer marketing is the leverage.Instead of marketing or selling to one person at a time, you are marketing to key... Read More

Could Your Business Survive a Disaster

As business owners, we want to remain optimistic about our business's future. But life can happen, and we need to be prepared. A good business owner thinks about all the risks to their business and has a plan in place to reduce or eliminate them. In the past year, we've seen floods, tornadoes, hurricanes and more. And those are just the weather disasters. Are you ready? A Nationwide survey revealed that... Read More

Virtual Currency Owners May Owe Back Taxes

The IRS has announced that it has begun sending letters to taxpayers that may have failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. Background. Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. It can sometimes operate like "real" currency,... Read More

Tammy Guelfo Wins Must Dance

Celebrity Ballroom Dance Studio in Marietta recently presented MUST' Ministries own "Dancing with the Stars" event to benefit programs that help people escape poverty and homelessness to make new lives for themselves. Congratulations to Tammy Guelfo for winning the Mirror Ball and for helping raise money for people in need. Read More