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What Are the Benefits of Tax Projection?

Nov 16, 2021 1:29:51 PM / by CSI Accounting Staff posted in small business taxes

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Do you hear from your annual tax accountant at all outside of tax season? Do they check in with you or work on tax planning with you? If not, then you likely don't have any sort of tax projection in place. This means that you have no idea what your tax season is going to look like ahead of time.

Tax projection is not required, of course, but if you had the opportunity to look into a crystal ball, wouldn't you take it? At CSI Accounting & Payroll, we work with our small business clients year-round to ensure their taxes go off without a hitch. Don't walk into tax season with your eyes closed!

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New Year, New Payroll Provider

Nov 9, 2021 5:48:11 PM / by CSI Accounting Staff posted in small business taxes, small business payroll

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Most small business owners, when dissatisfied with their payroll provider, will switch providers only during certain times. Some wait until the end of the quarter, while many others choose to wait until the end of the year. Here, we discuss the reasons why they choose to wait, even when they're in a bad situation with their payroll - and why they may not need to.

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How Do I Speak to a Live Person When Calling the IRS?

Nov 1, 2021 2:42:24 PM / by CSI Accounting Staff posted in small business taxes

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If you don't have an accountant, you might ask the IRS for tax advice. However, the IRS's online FAQs may be unclear or need to be applied to your unique situation. With limited hours and representatives, you likely face long hold times before you reach a live person - if you ever do.

Luckily, we know of a tried and true method to get you through the IRS phone systems. Follow the steps in this post to help speed up the process.

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How Do I Pay Myself in Owner's Compensation? How Much, When, and Which Method?

Oct 26, 2021 2:53:37 PM / by CSI Accounting Staff posted in small business payroll, small business operations

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Running a business is a lot of work! When you're just getting started, one of the things you need to consider is owner's compensation - or how to pay yourself for your time and effort. How should you take the money? When should you start paying yourself? How much is too much or too little? We consider these questions here.

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How Do I Find My Small Business's Break-Even Point?

Oct 18, 2021 3:53:31 PM / by CSI Accounting Staff posted in small business accounting, small business operations

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To succeed, your company must be profitable. When you own a small business, you need to be aware of your financial health, and this is done through tracking KPIs (Key Performance Indicators).

An important one that's easy to calculate on your own is your break-even point. In this blog, we cover:

  • What is a break-even point, and why is it important?
  • How do I conduct a break-even analysis?
  • What are other crucial KPIs, and how can I track them?

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Common Reasons Why Outsourced Small Business Payroll Can Be Missed When Switching Providers

Oct 11, 2021 4:10:28 PM / by CSI Accounting Staff posted in small business payroll

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A common concern for small business owners is missing a payroll during the process of switching payroll providers. You know that your employees work hard, and they deserve to be paid on time!

What are the common reasons why payroll could be missed while switching? Let's walk you through it.

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What Critical Changes to the Taxpayer First Act Are Upcoming for Small Businesses?

Oct 5, 2021 10:05:55 AM / by CSI Accounting Staff posted in small business taxes

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It can be hard to keep up with tax law changes while running a small business. Luckily, CSI Accounting & Payroll is on top of it! We'll help keep you informed about important details that may affect your business.

You may know that in July 2019, the Taxpayer First Act became law. Here are some updates that are coming in 2022 and 2023, if issued as formal regulation.

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What Should a Small Business Do If a Remote Worker Wants to Relocate to a New State?

Sep 27, 2021 2:30:03 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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With so many businesses turning to COVID-related remote work over the past year and a half, employees are feeling as though they have fewer things tying them to a certain area. Because of this, many employees have begun to relocate. What does this mean for employers?

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How Can a Small Business Budget For Variable Expenses?

Sep 23, 2021 1:52:09 PM / by CSI Accounting Staff posted in small business accounting, small business operations

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Budgeting for your small business would be much easier if it only required adding up your fixed expenses. However, when you throw in variable expenses, it can be easy to go over budget. How can you expect the unexpected and get a more accurate idea of what you should be spending?

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The Application Portal Opens Next Week for the Minnesota Main Street COVID Relief Grants Program

Sep 14, 2021 10:32:08 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting

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Minnesota Main Street Covid Relief Grants Program will grant $10,000 - $25,000 to several thousand Minnesota businesses that can prove a financial loss due to COVID-19. The selection process is random, and the online application portal will only be open for 10 days - are you ready?

Here, we'll cover what you need to have prepared, when the portal opens, and if you qualify.

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