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Top 3 Small Business Accounting Mistakes

Jun 20, 2022 10:15:00 AM / by Brian Paulson posted in small business taxes, small business accounting, problem

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What makes you want to DIY your business’s accounting? There are a few reasons why some small business owners want to go with a more affordable option. However, what you pay for is what you get – and cheap accounting can often result in record inaccuracies, a short-term focus, and fear of change. Don’t even get us started on missed opportunities!

Working with small businesses in Minneapolis and beyond for more than 50 years, we’ve seen our fair share of accounting mistakes by owners and operators. Most of these small business accounting mistakes are simple to correct, but even easier to avoid (once you’re aware of them).

Cut out mistakes before they happen! This article touches on the top three accounting mistakes made by small businesses, along with a bonus mistake to avoid at the end.

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How to Amend a Business Tax Return

Jun 9, 2022 10:12:24 PM / by Bryan Cremeen posted in small business taxes, small business accounting, problem, how to

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Hold on. You just got your business’s tax return, and something doesn’t look right. Is the amount not what you were expecting… like, at all? In extreme situations, this is a punch to the gut. How do you right this wrong? Look into getting your tax return amended.

If you work with an accountant, they should have the expertise to help you. At CSI Accounting & Payroll, we’ve been working with small business taxes for over 50 years. We know exactly how to amend your tax return and would love to assist you, even if you were not previously a client of ours!

Other small business owners who have asked us to amend their tax returns wanted to know:

  • What are the reasons why someone would want a business tax return amended?
  • What is the process of amending a business tax return?
  • How long does it take to amend a business tax return?
  • How much does it cost to get a business tax return amended?

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Small Business Back Taxes Help: Timeline and Process

Apr 26, 2022 10:15:00 AM / by CSI Accounting Staff posted in small business taxes, small business accounting, problem, how to

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Nobody likes to fall behind - not on the dishes filling up the kitchen sink, not on the birthday present that’s going to arrive late, and certainly not on your small business’s accounting. We don’t blame you for wanting to know how long it will take an accountant to do your back taxes. 

If you lost track of your accounting for a while and are now taking the right steps to fix it (such as partnering with a monthly accounting service), you may feel the pressure of what feels like a race against the IRS. Give yourself a pat on the back for your effort, then take a deep breath as you find the answers you’ve been looking for here.

The amount of time and process of working on your back taxes varies by:

  • The amount of work that needs to be made up
  • The outside variables that your accountant is also dealing with
  • Who you’re working with

The following information is specific to CSI Accounting & Payroll but can be used as an example when you’re searching for an accounting service that is a good match for you. Once you’ve decided to move ahead with monthly accounting, it’s our goal at CSI to make your processes and estimated timelines as clear to you as possible. For some clients, the first step is getting your back taxes taken care of. 

When you pass the torch to us by fetching the information we need, you’re also letting go of the overwhelming sensation that you’ve been feeling for a while. CSI has been handling small businesses’ back taxes for over 50 years, and we’ve seen clients with several years’ worth of work to correct. We know the best practices to resolve the issues you’re facing.

Other small business owners who want CSI to get their back taxes done want to know more about:

  • What you need to do to help us get started
  • What the process for doing back taxes looks like
  • How long it will take us to do your back taxes
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