Posts by Jason Arsenault
LLCs & S Corps: A Tax Saving Strategy for Contract Workers
An LLC is a business structure that provides legal protection against personal liability. It separates personal assets from business debts, making it a popular choice for 1099 contract workers. By default, LLCs are taxed as pass-through entities. This means that profits are reported on the business owner’s personal tax return, which helps them avoid corporate…
Read MoreEnd-of-the-year Tax Planning Strategies
Year-end can be an important time to review your taxes. It can help you discover tax saving opportunities you can still take advantage of this year and set you up to meet your goals for next year as well. Year End Tax Planning Tips With the end of the year fast approaching, you have just…
Read More7 Common Payroll Errors & How to Avoid Them
Payroll errors are more than an annoyance. They can be costly, cause compliance issues, hurt your credibility and diminish trust. And while mistakes are common, most are easily avoidable. Easy to Make & Avoid Payroll Errors Payroll processing is a vital business task. It required precision and meticulous attention to detail. If not, you run…
Read MoreBest Practices for Secure & Effective Virtual Accounting
Virtual accountants leverage technology and innovation to offer businesses efficient, flexible and cost-effective financial management solutions. The benefits of working with a virtual accountant are numerous, but there are challenges as well such as cybersecurity risks and more opportunities for miscommunication. However, there are things you and your virtual accountant can do to minimize these…
Read MoreHow to Prepare an Owner’s Equity Statement
A statement of owner’s equity is one of the four major business financial statements. It is also known as a statement of changes in equity and it is used to show how the equity in a business has changed over a certain period of time. Why a Statement of Owner’s Equity is Important Owner’s equity is…
Read MoreBenefits of Remote Accounting
Thanks to high-speed internet and secure cloud-based software and online platforms, companies are no longer limited to in-house staff or local firms for their accounting. More and more companies are turning to virtual or remote accountants to handle these services. A virtual accountant is someone who provides professional accounting services remotely by leveraging technology. This…
Read MoreHow to Choose the Right Business Structure
Starting a new business is filled with decisions and one of the most important ones you’ll make is the business structure. The structure you choose will influence everything from your day-to-day business operations and how you’re taxed to your personal liability. Common Business Structures Before you can register your business with the state, you’ll need…
Read MoreRemote Accounting: What Is It & How Does It Work?
Remote or virtual accounting is a lot like traditional brick-and-mortar accounting. It provides the same services, only remotely by leveraging technology and it can be a flexible and efficient way for businesses to manage their finances. What Is a Remote Accountant? A remote accountant is like any other accountant, only they are able to provide…
Read MoreAvoid Surprises with an End of Summer Tax Checkup
While most taxpayers expect to receive a refund after filing their taxes, every year many are faced with disappointment when they learn they actually owe taxes to the IRS. Often times this unexpected bill is the result of a life or job change that impacted your income, or simply underestimating the amount you’ll owe. A…
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