June 2022 - MAS

Are you a small business owner who tries to manage bookkeeping by yourself instead of hiring a freelance bookkeeper the way you govern all your business activities from setting up operations to marketing your business? It's great to handle it all until it starts affecting your base operations. So, although you think you are managing your cash flows correctly, you might end up harming your business. The work suits in the hands of the one skilled to do it, just like you are the boss of your business!

One of the most stressful times of the year for a person or a business is undoubtedly the tax season. But if you tread carefully and keep a few things in mind while filing your taxes you need not worry much about it and can be free of all the worries that come along with it.

What is a tax deduction? A tax deduction reduces your taxable income, lowering your tax bill. The amount of the tax deduction is deducted from your income, lowering your taxable income. Your tax bill will be lower if your taxable income is low.

Managing life means getting things done to accomplish life’s objectives, and controlling an organization means acquiring things done with and through other people to achieve its objectives. Management is the administration of an organization, whether a business, a not-for-profit organization, or a government body.

An important aspect of being a business owner is monthly maintenance of books of accounts and cleaning them up regularly, which helps in having a clear image of your business growth; this helps business owners or partners in evaluating their business standard in the market.

Prior to the Covid-19 epidemic, many finance functions across various organisations and sectors were already transforming or evaluating their operating models. It was mainly in response to a broad and effective set of challenges and drivers, including managing costs, conveying value, attracting and retaining talent, making efficient use of technology and automation, and conforming to new regulations.

Tax preparation refers to the process of preparation of tax returns by an individual or an organization. It is a cumbersome and elaborate process that requires careful perusal of the financial activities of the taxpayer for a specific period. A licensed practitioner can prepare your taxes, such as an attorney, certified public accountant, enrolled agent, or an unlicensed tax preparation service.

Corporate governance is the system and formation of rules, practices, and processes by which a company is monitored and controlled. The company’s goals and objectives are established, and the company’s performance is tracked.

Given the circumstances around the world during this pandemic and certainly, new difficulties arising for this tax season, the IRS has offered a 5-point checklist that can help many people speed tax return processing and refund delivery while avoiding delays.