Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

If you sell on eBay, or if you have an online business, listen up.  There are several tax issues in the news right now that could have a huge impact on the way you do business.

The first issue, and the one that is getting the most attention, is Congress’s push to get the IRS to force brokers (companies such as eBay and Amazon) to report personal data on their customers.

In this proposal, brokers (such as Amazon and eBay) would be required to report names, addresses, and gross proceeds of each customer that completes more than 100 separate transactions and generates more than $5,000 in gross proceeds each year. Read the rest of this entry »

People who are operating a business have to make sure there is a balance between the money that is used for expenses with the amount of cash that is coming in. The only way to know if this is doing well is when the figures show that one is in the green.

Regardless if business is doing well or not, the person is obligated to report the income to the government. The accounting department of the company can do the work or an outside consultant can review the books so a report can be made and submitted. Read the rest of this entry »

Accounting, a.k.a. “The Language of Business”, is a large and diverse topic.  Subtopics include financial accounting, cost accounting, management accounting, internal auditing external auditing, international accounting, governmental and not-for-profit accounting and taxes.  The subtopic that comprises the largest portion of an accountants academic program of study is financial accounting.

The purpose of financial accounting is basically to provide useful information to users who will use that information to make a decision, most commonly either an investment or a credit decision.  To be useful information needs to be relevant and reliable.  The most common means of conveying information to users is through the preparation of financial statements:  1. the income statement, 2. the balance sheet, 3. the statement of cash flows, and 4. the statement of shareholders’ equity. Read the rest of this entry »

If one were to reduce business to the simplest terms, one would probably call it the selling of goods by one person, and the buying of those same goods by another. Thus, whether we pay cash or run up a tab while doing business, money has to change hands during the course of a business transaction.

Accounts receivables is one such type of a business transaction. It refers to the way of dealing with amounts of money that are owed to a business by its customer. On the balance sheet of a company, accounts receivable refer to the amount of Read the rest of this entry »

1. Taking everything on yourself

The business owner and/or their spouse try to do it all themselves (even though they don’t really understand what they should be doing, even though they really don’t like doing it, and even though they are busier than they’ve ever been in their lives before trying to do all the things that go with running your own business).

2. Buying goods or services with cash or personal credit card and then failing to record these transactions at all in the books, or recording them incorrectly. Read the rest of this entry »

TOP TEN TIPS FOR MANAGING YOUR SMALL BUSINESS FINANCES
Always work on the basis that you’ll need more than you actually do.

You often only have one chance of raising money so remember that when working out your figures. If your figures are too conservative, it could have a huge impact on the future of your business.
The bank is not the only place to get money.

Having said that, don’t go anywhere near Loan Sharks but always keep in mind that other resources can be available. Read the rest of this entry »

Complete financial accounting course or tutorial covers a range of following topics. It is being evaluated that how computers have affected traditional accounting methods and practices.   Financial Accounting with Double Entry Bookkeeping Principles of Accounting Basic Book of Accounting - Journal Accounting Ledger Accounting Sub Journals - Cash Cook Subsidiary Accounting Books Accounting Verification by Trial Balance Banking Transactions Bank Reconciliation Statement Depreciation Rectification Of Accounting Errors Balance Sheet and Profit and Loss Account Single Entry Bookkeeping Accounting System Non Profit Organization Accounting Capital and Revenue Reserves and Provisions Read the rest of this entry »

What if your financial coordinator (FC) never had to deal with slow-paying patients again? Cash flow would be healthy and consistent, you would have plenty of money to invest in your business, and you would lower her stress level and yours. Would you be interested in a way to make this happen? I am certain your FC would!

For many orthodontic practices the reality is that some patients treat your unpaid statement like it’s a free loan. They dismiss phone calls and letters, haggle with your FC and threaten to report you to the ADA for ‘abandonment’ when she tells them treatment must be discontinued. They will do any or all of these when they do decide to pay after 60, 90, 120 days or longer. But there is a proven way to get paid faster and on a consistent basis. Read the rest of this entry »

It’s that time of the year again and even at the prospect of getting a refund, tax filing preparations as well as the actual filing will get anyone tired just by thinking about the sheer amount of work and detail one will need to accomplish this task. It would be good if all tax scenarios were created equal. Unfortunately, this is not the case.

For instance, the tax filing preparation of an employee as opposed to one who is self employed is quite different. This means that different tax situations need different tax filing preparing solutions, which can be solved by hiring a solutions provider. Read the rest of this entry »

Most people find financial statements identical to a foreign language.  To ensure that financial statements are easier to understand, there is a set of rules and practices known as the generally accepted accounting principles (GAAP). Development of these rules provides a basic guideline accounting because I think it’s fair to say that it can get obtuse at times. There are a lot of variations to the meaning so here is the best answer.  It’s the generally accepted accounting rules and procedures that are necessary to define accounting practice. Basically it’s a set of theories that accountants come to accept, and controversies are lively with some methods between accountants. Read the rest of this entry »