While it is a duty of all Americans (and many foreigners) with U.S. source income to pay taxes, there is no legal obligation to pay more than you actually owe. Determining the correct amount of income tax to pay is an important consideration for individuals and businesses.
One thing that many small business owners have in common is that they would rather spend their time on operations than accounting. This oftentimes results in a mad dash to get the year’s income and expenses summarized for tax purposes shortly after year end.
The advent of accounting systems has made do-it-yourself bookkeeping easier than ever before. Accounting systems save considerable time and minimize errors in reporting with regard to arithmetic. However, these systems create an entirely new set of problems.
Having a successful business means making decisions on a regular basis; some decisions will be big and some decisions will be small. The size and impact of the decision is relative to the business. Learn how we can help you make better decisions.
A financial statement that is inaccurate isn’t worth the paper it is printed on. After all, they are just numbers unless there is substance behind them. Financial statement analysis can provide indicators of whether there could be anomalies in reported information.