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Tax Form 941 is Due Soon - Is Yours Done Yet?

Jun 15, 2021 1:25:47 PM / by CSI Accounting Staff posted in small business taxes, small business payroll

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As a small business owner, you probably found this article because you're looking for more information to prepare your own 941s.

If not, you might be one of many owners who not only (sometimes incorrectly) assume that their accountant is going to handle it, but they also don't really know what Form 941 is.

Regardless of which situation better describes you, this article will explain both in detail.

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The Beginner's Guide to New Hire Reporting

May 19, 2021 2:49:25 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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When we sit down with clients who don't have an HR department, they often ask us about new hire reporting. While we recommend that businesses of all sizes work with at least one HR professional (even if it requires partnering with an outsourced company rather than hiring internally), this is one of those things that can be done by the business owner - with the right knowledge, of course. Here's what you need to know.

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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 to Analyze Your Business's Tax Return

Apr 29, 2021 11:22:19 AM / by CSI Accounting Staff posted in small business taxes

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If you're staying on top of things this year, you should be getting your tax return around this time. However, you might find difficulties in analyzing your return if your annual tax accountant doesn't walk you through it. CSI Accounting & Payroll assigns each of our clients their own go-to accountants who proactively make sure small business owners understand what their tax returns mean, as well as how to use them for future tax strategy.

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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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The Benefits of Having Accounting & Payroll Services Under One Roof

Mar 15, 2021 3:04:54 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business accounting

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While there are people who use different providers for different services, CSI Accounting & Payroll offers the best of both worlds when it comes to financial services. Having accounting and payroll under one roof has lots of benefits under normal circumstances.

This post touches on those normal circumstances, as well as how bundling accounting and payroll can help a struggling small business owner with navigating COVID wages, loans and credits, and forgiveness.

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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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What Makes CSI Different?

Mar 3, 2021 11:43:30 AM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business bookkeeping, small business accounting, small business operations

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Any reasonable small business owner would ask themselves, "What makes CSI Accounting & Payroll so special? What do they do that my current bookkeeper and annual tax accountant don't? What about my payroll provider?"

You're here for a reason, and that reason is because all professional services are not made equal.You may have a need that is not being met with your current services. Let's see if we can be a good match for each other!

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What a New Presidential Administration Means For Your Small Business

Feb 16, 2021 4:32:30 PM / by CSI Accounting Staff posted in small business taxes, small business operations

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It's official: Joe Biden has been sworn in as the new president. Regardless of which party you associate with, you're probably wondering what this means for your small business.

New tax policies will likely be at the front of every small business owner's mind. Now that democrats control the House, Senate, and presidency, it will be easier for them to implement tax reform.

The following article contains an overview of what previous administrations did for small businesses, as well as what the Biden administration is expected to have in store.

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