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Bookkeeping and accounting are imperative for any business. Being on top of your finances is essential for a thriving business. Many people use these terms interchangeably but there are important distinctions between the two. So let’s break it down below: Accounting vs Bookkeeping. What is a Bookkeeper? A bookkeeper is an individual who keeps a...
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As the economy tries to heal from post-pandemic chaos, supply chains have had trouble catching up to rising consumer demand causing enormous inflation. In June 2021, the Consumer Price Index rose to 5.4%; this is the largest increase since the 2008 recession. Demand has increased due to current vaccination rates, lock downs being lifted and...
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CPA Firm meeting
I hope you are doing well and staying safe; we’ve made it out of 2020 and are now half-way through 2021. The past 18 months have been difficult but have also brought about a lot of growth. I am excited to talk about everything that’s been happening this year and about what the future holds....
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Beginning in July, the IRS will be sending letters to over 36 million families. These letters will explain how they may qualify for the monthly Child Tax Credit payments. These payments were brought up by the Biden administration and Congress. The Child Tax Credit, or CTC is part of the American Rescue Plan passed back...
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business owner woman sitting in front of laptop frustrated
There are many to hire a bookkeeper for your business but we’ve narrowed it down to three top ones. Before we get into why you need a bookkeeper, let’s talk about what exactly they do. What does a Bookkeeper do? A bookkeeper documents and manages a business’ financial transactions while recording them to a general...
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In 2020, millions of Americans received one or two Stimulus Checks also known as Economic Impact Payments (EIP). That means that this year your tax return form will be slightly different. Greenlight Financial can help you file your tax returns and ensure you receive any money you are eligible for. Who qualifies for a stimulus...
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As the federal business tax deadline for pass-throughs with extensions is approaching on September 15th, we summarized the following relevant tax saving tips and reminders. 1. UPDATE YOUR W-4 WITHHOLDING Did you receive a large refund for 2019? If so, you’re part of the great majority of individuals who have too much withheld from their...
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The IRS has just issued Revenue Procedure 2020-23 to address a problem caused under prior law by some tax changes under the CARES Act for partnerships. This procedure provides relief permitting partnerships to obtain the benefit of the new tax provision more quickly. The CARES Act includes a number of new tax deductions, particularly involving...
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COVID19 Updaye Text over Virus background
Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available. Now that COVID-19 has been declared a national emergency,[1] Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are...
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The IRS announced today that is extending the federal income tax filing deadline to July 15th, in order to provide taxpayers and businesses additional time to file and make payments without interest or penalties amid the Coronavirus pandemic. This three-month extension is part of an effort to keep the economy afloat while people and companies...
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