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NECESSARY STEPS TO START YOUR BUSINESS

Personal Financial Analysis: Ensure you take a Personal Financial Analysis Evaluation first. Analyzing and forecasting your personal financial status and identifying your value, needs, and wants is a vital first step for an entrepreneur or business owner. Many business owners fail because they focus on the business structure and functionality and neglect the personal finance …

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Basic Critical Accounting Steps to Start Your Business

There is no doubt that accounting is the backbone of a business. Establishing an effective accounting setup to accelerate and maintain substantial growth is important. The following steps were carefully created with you in mind to give you and your business the key to success. The following should be seriously considered to start your business …

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Establish a Bookkeeping System

Business Expenses Tracking and Record Keeping: Bookkeepers are necessary for businesses, even though many do not deem them necessary. First, let’s establish the difference between a bookkeeper and an accountant. Bookkeepers- Bookkeepers record the business transactions, including inflow and outflow for daily activities. A bookkeeper categorizes and reconciles your bank statement transactions. Accountants- An accountant …

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Startup Business Tax Tips

Employer Identification Number (EIN) or Federal Tax Identification Number: An EIN is used to identify a business entity and is a requirement on your income tax to identify your business. The EIN has other tax purposes depending on the transactions your business requires. It is important to ensure that your business legal structure (LLC, Corporation, …

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Records That Require Special Attention

The IRS system specializes in deep research and investigation regarding certain deductions on your taxes. The below records will need special attention as they are a red flag for the IRS: Meals and entertainment Out-of-town business travel Vehicle-related expenses Business gifts (know the differences between entertainment (business gifts) categorization and gift (donations). Home office expenses …

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The New Lease Accounting Standard

If your business deals with leases, your team needs a good grasp on the new lease accounting standard relevant to you. As of January 2022, businesses must keep in-depth records for leases to stay compliant. The old standard faced criticism for not requiring sufficient information about a company’s leasing transactions, allowing room for various interpretations. …

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