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Identity Theft is a real and growing problem for everyone, according to a recent article by Experian, in 2017 an astounding 1,579 data breaches were reported which exposed 179 million records with sensitive information. Unfortunately, the problem is growing, and identity thieves are always looking for new ways to steal confidential information in order to The post 14 Steps to Take If You Suspect You’re a Victim of Identity Theft appeared first on Polaris Tax
Accounting errors can be costly, if you are audited and you are found to have understated your income, you will probably end up paying significant penalties and interest. In this article we review some of the most common QuickBooks and Bookkeeping mistakes we have encountered, and how to fix them. Mistake 1 – Not placing The post Common QuickBooks and Bookkeeping Mistakes (and How to Fix Them) appeared first on Polaris Tax & Accounting.…
My Profit and Loss Statement shows that the business is making a profit so why don’t I have any cash in the Bank Account? Where did the money go? This is a very interesting question that does come up from time to time. Let’s explore the answer to this question. The Profit & Loss Statement The post Where did the money go? Understanding the Cash Flow Statement appeared first on Polaris Tax & Accounting.…
Today accounting firms are becoming more and more virtual, allowing firms to reduce overhead costs, giving employees a better work-life balance and in the process, passing significant benefits to their clients. In this article we explore some of the benefits of working with a Virtual Accounting Firm: Less paperwork, more efficiency: Since Virtual Accounting firms The post Virtual Accounting Firm, what are the benefits of working with one? appeared first on Polaris Tax & Accounting
We are often asked by prospective clients how much does outsourcing their business accounting cost each month? The short answer to this question is: It depends. Company size, number of transactions flowing through your accounts on a monthly basis, the number of employees and overall engagement level, all impact the monthly pricing. Below are a The post How much does outsourced accounting cost? appeared first on Polaris Tax & Accounting.…
Business owners often wear many different hats, from Marketing Specialist to Chief Financial Officer. When it comes to Accounting and Taxation, you might be tempted to implement a DIY approach rather than engage with an Accounting Firm to assist in maintain your Business Accounting and Tax compliance. A DIY approach might appear to be a The post Avoid these Four Common Businesses Tax Errors appeared first on Polaris Tax & Accounting.…
The goal of this strategy is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are five powerful business tax-deduction strategies The post 2019 Last-Minute Year-End General Business Income Tax Deductions appeared first on Polaris Tax & Accounting.…
Law Firms often struggle to properly setup, manage and maintain an effective Accounting process. You are an Attorney, not an Accountant, and Law Firm Accounting can be very challenging. In this article, we explore Accounting Best Practices and Pitfalls for a small Law Firm. Accounting and Bookkeeping: Bookkeeping and Accounting is often used interchangeably however, The post Law Firm Accounting, Pitfalls and Best Practices appeared first on Polaris Tax & Accounting.…
The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a personal residence into a rental is how to determine the property’s tax basis for depreciation purposes during the rental period and The post Tax Issues of Converting Your Residence into a Rental Property appeared first on Polaris Tax & Accounting.…