Are You Claiming All Your Possible Tax Deductions?
Monday, July 03, 2023
Are you your own boss? Do you have a trade or business that you run as a sole proprietor or independent contractor? Maybe you’re a member of a partnership, or you have a part-time business on the side. As exciting as this can be, it also brings certain fiscal responsibilities, like filing an annual tax return, paying estimated taxes every quarter, and handling self-employment tax. But knowing what you owe means knowing what you can deduct for expenses. For instance, you may be able to claim a home office deduction. Explore these tax insights to acquaint yourself with potential advantages you might not be utilizing to the fullest. It’s always recommended to seek guidance from your tax preparer or certified public accountant (CPA) for insights tailored to your unique tax circumstances. Don’t wait to get yourself organized for tax season. Year-end is right around the corner!
Checkout this great post on Accounting Today!
About J&S Accounting
At J&S Accounting, we provide expert bookkeeping services tailored to the unique needs of small businesses and non-profits. We recognize the challenges that come with maintaining accurate financial records and how vital this is for the smooth operation and growth of your business. As a woman and minority-owned firm, we’re proud to offer our expertise to businesses in Savannah, GA, and across the nation, helping them navigate financial complexities and achieve better financial management.
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Accrual accounting is the standard method most non-profits use to track their finances. Rather than recording activity only when cash changes hands, it focuses on when revenue is earned and expenses are incurred.
One common point of confusion within non-profits is the difference between restricted funds and deferred revenue. While both may involve money that comes with strings attached, they are treated very differently in financial reporting. Understanding the distinction is important for maintaining accurate records and ensuring transparency with donors, grantors, and board members.
When one person handles too many financial responsibilities, it can create risk for a non-profit organization. This is where separation of duties comes in. It is one of the most important internal controls non-profits can implement to protect their finances and maintain accountability.
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The team at J&S Accounting are like working with trusted friends that you have had for a long time. Janel has personally walked me through my first year with QuickBooks as a small business owner, and has made it so easy and enjoyable. She is very professional, knowledgeable, and is always so affirming of how well I am doing. She really takes her time and you can tell that she cares about her customers and wanting them to feel confident about their business finances. I could not recommend this company enough!
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If I could give J&S 6 stars I would because they go the extra mile every time! I am so glad I found J&S Accounting. The level of professionalism and commitment to supporting small businesses like mine is unmatched. I am so grateful for J&S. I highly recommend!
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J & S Accounting has made such a huge impact in our day to day operations at Kicklighter Resource Center. They are very hands on and truly take the time to educate us, whether in person or through trainings and tutorials. Their customer service and individualized care have remained top tier and we gladly recommend their services.
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Disclaimer:This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.
© 2023 J&S Accounting. All Rights Reserved.
Disclaimer
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.