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Author Archives for Service2Client

  • Accounting Considerations for Business Insurance Coverages

    Posted Date July 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readWith more than eight million small businesses in America, and more than $776 billion in net premiums issued by the insurance industry in 2022 for commercial policies (according to the Insurance Information Institute), business insurance is big business. Along with protecting businesses from a myriad of claims, insurance expenses also have to be accounted for correctly. When it comes to defining prepaid insurance, it’s essentially remittances that businesses (and individuals) make to an insurance company in advance. Normally, the usual time-frame for an insurance policy is 12 months. The time-frame is important when it comes to... View Article

  • Must-Know Backlinks for Boosting Your SEO

    Posted Date July 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readBacklinks are a crucial part of search engine optimization (SEO) strategies. They act as votes of confidence from one site to another and signal to search engines that the content is credible and valuable. Understanding the various types of backlinks is important for crafting an effective SEO strategy that enhances your website’s visibility and authority. What Are Backlinks? Backlinks, also referred to as inbound or incoming links, are hyperlinks from one website to another. They serve as endorsements, indicating that the linked content is worth checking out. Search engines use backlinks to assess a website’s credibility... View Article

  • Pre-Retirement Planning Guide Younger Adults

    Posted Date July 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readStep 2: Clarify Goals You’re never too young to start a bucket list. That’s because some things (such as bungee jumping) you probably want to knock out in your twenties. Women may want to have children before their forties – that sort of thing. A bucket list is comprised of all the things you want to do before you “kick the bucket.” It should be a running list that you add to and check off throughout your lifetime. If you haven’t started a bucket list yet, a good time to do this is during your pre-retirement... View Article

  • So, You’ve Been Audited: Should You Go It Alone or Hire a CPA, EA or Tax Professional?

    Posted Date July 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min read I sincerely hope you have never had to go through an IRS audit – and never have to in the future. But what if that dark day does arrive? Should you go it alone and defend yourself or hire a CPA, EA, or Tax Professional to be on your side? The temptation to handle this alone is usually prompted by one of two things. First, the notion is that this is not such a big deal. Other times, people think if they handle it themselves, they will save money. Unfortunately, neither of these are good... View Article

  • How to Develop a Credit Policy

    Posted Date June 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readA credit policy explains how a company will manage lines of credit for client accounts and what procedures to follow for severely outstanding invoices. It helps a business promote a robust foundation for its working capital level. Defining a Credit Policy Unlike personal credit scores, business scores range from 0 to 100; the scores from the FICO Small Business Scoring Service range from 0 to 300. According to the U.S. Small Business Administration, a first step to establishing business credit is to sign up for a Dun & Bradstreet (DUNS) number for each business location. There... View Article

  • Pre-Retirement Planning Guide Budget

    Posted Date June 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 5 min readStep 1: Develop a Budget Once you are truly good and retired – no phase-out, no gig jobs, no income-earning hobbies – most people end up living on a “fixed income.” While that income may fluctuate somewhat based on cost-of-living increases and investment gains, those increases may be few and far between. What you really need to work on before you retire is a “fixed budget.” A fixed budget is a line-item record of your living expenses, from housing and insurance to food and utilities to transportation and healthcare. Bear in mind that those are not... View Article

  • The Role of Data Analytics and Visualization in Modern Auditing

    Posted Date June 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readModern businesses have become complex mainly due to the exponential growth of data, and traditional auditing methods can no longer keep pace. To cope with today’s rapidly evolving business landscape, data analytics and visualization have become crucial tools. Leveraging these advanced technologies enhances the efficiency and effectiveness of audits and enables auditors to extract valuable insights previously hidden in the vast sea of data. Understanding the Change Before the digital age ushered in a new era of auditing, auditors relied solely on manual sampling techniques and paper-based records. Today, data analytics serves as the cornerstone of... View Article

  • Marrying a Non-U.S. Citizen? No Tax Honeymoon for You

    Posted Date June 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min read Marriage is a major life event. One that comes with all kinds of change, including financial. After getting married, there is so much to consider, from merging bank and brokerage accounts to setting up a will; from changing your withholding to updating retirement account beneficiary forms. If this seems like a lot to consider, it’s important to keep in mind that when a U.S. citizen marries a non-U.S. citizen, the situation gets even more complex. Among some of the more complex tax considerations of mixed citizenship marriages are gift and estate taxes, which we will... View Article

  • ‘Master’ The Augusta Rule and Save Money on Your Taxes

    Posted Date May 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min read Anyone who lives in a highly seasonal tourist destination knows you can make money on short-term rentals during events and festivities in your city or town. Think high concentration, short-term, tourist-driven events such as horse racing season in Saratoga Springs, N.Y., or The Masters Tournament in Augusta, Ga. As a result, it is common for locals to get out of dodge and rent out their place during these highly lucrative periods. Typically, this is just for a very brief period while they are on vacation somewhere else themselves, for instance. Given these circumstances, Congress realized... View Article

  • How to Calculate Operating Return on Assets

    Posted Date May 1, 2024 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readDuring Q3 of 2023, businesses in the United States made approximately $3.3 trillion, according to Statista. This is right behind the third quarter of 2022, when corporations in America made even more money. These figures are the net income of the respective periods, according to the National Income and Product Accounts (NIPA). With profits reaching all-time highs since Q3 of 2012, understanding how businesses can analyze their profitability ratios through the Operating Return on Assets (OROA) ratio is another helpful tool for number crunchers. Defining OROA This calculation helps business owners and analysts determine how well... View Article

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