Top 5 Accounting Tips Your Business Needs to Succeed

TLDR:

Here are the key takeaways from the article “5 Business Accounting Tips Every Business Owner Should Know”:

• No single source of information for business accounting
• Understanding tax entities and personal taxes implications

Key Elements of the Article:

When it comes to business accounting and tax planning, working with experienced professionals is crucial. Fran Schram, owner of Schram & Associates, shares five important business accounting tips:

1. No Single Information Source: Businesses should have an advocate, like a CPA or enrolled agent, to help navigate complex accounting and tax decisions.
2. Understanding Tax Entities: Owners need to grasp how different entities impact personal taxes to make informed decisions.
3. Amending Tax Returns for ERC: Companies receiving the Employee Retention Credit must amend 2020 and 2021 tax returns to avoid IRS scrutiny.
4. Invest in Good Bookkeeping and Accounting: While it may be costly, professional services are essential for proper financial management.
5. Verify Information: Businesses should not rely solely on outside sources for accounting and tax advice, as these fields require expertise.