Polaris Tax & Accounting

There’s a difference between an Accountant and a Trusted Advisor, we take a proactive approach to Accounting and Tax so that we can become an integral part of your team and help you achieve your goals. At Polaris Tax & Accounting we put the priority on being proactive and ensuring you have a Trusted Advisor rather than just an Accountant.

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In our article: Bookkeeping Services for Small Businesses we discussed how outsourcing your business Accounting and Tax reporting to a professional firm can result in significant benefits beyond just saving time and reducing stress. In this article however, we will discuss in greater detail when outsourcing your business bookkeeping and tax filings is not enough The post When to know you are ready to transition from just bookkeeping to a year-round tax planning service? appeared…
The Chart of Accounts is one of those unknown parts of your accounting software we don’t even think about. What most entrepreneurs don’t realize is that the chart of accounts represents the foundation of your accounting process, if you don’t set up the chart of accounts correctly, your bookkeeping and financial records will have major The post Chart of Accounts: The Ultimate Guide with examples appeared first on Polaris Tax & Accounting.…
According to a survey conducted by SCORE, most small business owners spend at least $1,000 per year on accounting administrative costs. Survey after survey, highlight how bookkeeping continues to be the least favorite activity by entrepreneurs. Bookkeeping Services for Small Business provide entrepreneurs the opportunity to outsource their accounting administrative tasks to a professional firm The post Bookkeeping Services for Small Business appeared first on Polaris Tax & Accounting.…
A recent survey by Nerdwallet shows that more than 1 in 3 U.S. taxpayers whose household income is less than $50,000 a year hired a tax professional to assist with the preparation of their Income Tax Returns. However, in the past working with a tax professional meant you had to drive across town to bring The post Virtual Tax Preparation the easy way appeared first on Polaris Tax & Accounting.…
When we meet with new clients and business owners, we often hear that their major priority is to find ways to pay less in taxes and save money for other initiatives including growing their business, retirement and charitable projects. One of my early mentors once told me that if you want to pay less in The post 12 Ways to Pay Less in Taxes and Save Money appeared first on Polaris Tax & Accounting.…
Payments to Contractors is one of the top 21 small business tax deductions reported by business owners in their Profit & Loss Statements. This expense is also heavily scrutinized by both the IRS and State Taxing Authorities during an audit, the scrutiny is usually not related to the amount paid to a contractor but whether The post Understanding Employee vs. Contractor Designation appeared first on Polaris Tax & Accounting.…
Business owners will often use the term Bookkeeper and Accountant interchangeably, while these roles might appear to be the same on the surface, there are some important differences between both roles. Additionally, the role of a Trusted Advisor is often confused with the Accountant’s role. In this article, we explore the commonalities and differences between The post The Difference Between Bookkeepers, Accountants and Trusted Advisors appeared first on Polaris Tax & Accounting.…
Accounting & Tax is often thought of as a profession that is reactive in nature, rather than proactive. When your Accountant prepares your yearly financial records for your business or files your Tax Returns, he or she is doing this work based on historical information. There is a Better Way to manage your finances, while The post Taking a Holistic Approach to Your Finances appeared first on Polaris Tax & Accounting.…
Small Business Tax Deductions are critical in order to reduce your tax liability because they directly reduce Taxable Income. Taking advantage of every single potential tax deduction is the most effective way you can reduce your taxes. In this article, we are going to explore a comprehensive list of Small Business Tax Deductions. Along the The post Small Business Tax Deductions for 2020 appeared first on Polaris Tax & Accounting.…