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Top 12 Red Flags for Income Tax Audits by the Government

Jun 22, 2021 1:00:00 PM / by Brian Paulson posted in small business taxes, small business accounting

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Have you been subjected to a tax return audit before, or are you curious about what leads to an audit? Here are the top 12 red flags that might lead the government to examine your tax return. Please note: these are in no particular order. The more obvious each point stands out on your return, the more likely you are to be audited.

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Top 10 Tips to Maximize the Value of Any Business & Have it Ready to Sell For Top Dollar

May 12, 2021 9:33:37 AM / by Brian Paulson posted in small business taxes, small business accounting, small business operations

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If you own a business but haven't read Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow, we highly recommend it! Its concept is to run your business as if you are going to sell it tomorrow. You should maximize what your business is worth at all times, not just when you're getting ready to sell. CSI Accounting & Payroll's owner, Brian Paulson, took inspiration from this book while creating some of these tips.

Small businesses tend to miss the mark on this and consequently are not worth very much. Sales and profits can be high, but the purchase price can be low at the same time. The following blog post is a list of tips to maximize the value of your business to a potential buyer.

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How an Accountant Uses Monthly Financial Statements to Offer Advice

Apr 13, 2021 4:49:38 PM / by CSI Accounting Staff posted in small business taxes, small business accounting, small business operations

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You know the value of receiving monthly financial statements, and you're putting in the time and resources it takes. However, once they're in your hands, you're not sure what to do with them. Therefore, have the experts at CSI Accounting & Payroll help you analyze your statements to get the best plan of action for your business.

One of our main goals in our accounting department is to use the monthly financial statements we create to offer profitability advice. Have you ever wondered what kind of advice you could be receiving? Here are some of the topics that are most frequently brought up in our meetings.

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What You Need to Know About the American Rescue Plan Act

Mar 25, 2021 4:28:35 PM / by Brian Paulson posted in small business taxes, small business payroll, small business accounting

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The following blog post is based on a letter from CSI Accounting & Payroll's owner, Brian Paulson, to our clients.

As we all know, 2020 and 2021 have been very challenging years in many respects. Along with everything else, Congress has been doing more things than ever before that have implications on the taxation of both businesses and individuals. It has been very challenging to do so, but we pride ourselves on staying on top of what is coming out of Congress so we can quickly summarize it and convey it to our clients.

NOTE: This information was up-to-date at the time that this post was written, but COVID relief laws are constantly being updated and changed. Please contact us directly for updated information.

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Small Business COVID Relief Packages: What to Do and What to Expect

Mar 11, 2021 9:37:52 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting

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The COVID-19 pandemic proved to be devastating to many small businesses. 163,735 U.S. small businesses closed their doors between March 1st, 2020 and August 31st, 2020. This resulted in the government setting aside some crucial relief efforts.

Whether you participated in the first round of PPP loans last year or not, there's still a good variety of relief packages available. The two most popular relief efforts are the PPP (Paycheck Protection Program) loans and the ERC (Employee Retention Credit), which will be discussed in this post.

NOTE: This information was up-to-date at the time that this post was written, but COVID relief laws are constantly being updated and changed. Please conduct your own research with reliable sources or contact us directly for updated information.

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Why Does Your Home Healthcare Service Need Monthly Accounting?

Feb 24, 2021 9:36:01 AM / by CSI Accounting Staff posted in small business bookkeeping, small business accounting, healthcare services

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Do you own a home healthcare practice, such as senior care or disability care? Your PCAs, RNs, physical therapists, assisted transportation drivers, or guardians of at-risk or vulnerable patients are incredible at what they do, and that's why they're a major part of keeping your business going.

Want to add another competitive advantage for your business? Consider monthly accounting.

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How eBooks, Pricing Guides, and Other Templates Can Help Your Business

Feb 8, 2021 3:34:30 PM / by CSI Accounting Staff posted in restaurants, small business bookkeeping, small business accounting, automotive repair shops, small business operations

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You likely started your business because your entrepreneurial mindset was driven by your passion, not because you like performing financial tasks.

How can you reduce your time spent on financial tasks while maximizing your profits? Take advantage of the free resources available to you online, especially if they have been crafted by an accountant or payroll professional.

Luckily, CSI Accounting & Payroll offers a variety of free resources for small businesses. Let us help - your nightmare is our passion!

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How to Prepare Your Business For This Tax Season

Jan 7, 2021 10:00:00 AM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business accounting

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Hello, 2021! With tax season just around the corner, it's time to start getting ready to file. Are all of your forms prepared?

Tax season can mean extra stress for your business. Luckily, putting in a little effort ahead of time can save a lot of time come tax season. The following article will help get you through it!

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End of Year: Tax Law Changes

Dec 10, 2020 8:15:00 AM / by CSI Accounting Staff posted in small business taxes, small business bookkeeping, small business accounting

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Brian Paulson, the owner of CSI Accounting & Payroll, has put together some end-of-year planning tips.

He writes, "Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success. Feel free to share it with anyone you know who could benefit."

This section covers tax law changes in 2020. Tax laws are subject to change, of course, but this year has presented several transformations.

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End of Year: IRS Changes Due to COVID-19

Nov 25, 2020 10:07:24 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business bookkeeping, small business accounting

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Brian Paulson, the owner of CSI Accounting & Payroll, has put together some end-of-year planning tips.

He writes, "Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success. Feel free to share it with anyone you know who could benefit."

This section covers a unique topic: changes in the IRS due to COVID-19. Pandemics definitely don't happen every day, but they can result in massive government changes.

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