For some business owners, the answer to this question may seem simple. Business owners all define profitability differently. While some business owners define profit as money in the bank, others that experience difficulty with cash flow see it as a loss. At times, business owners see profitability as the amount of invoices and billable income they generate regardless of cash flow.
We all know that 💜2020 was an odd year💜, but do we realize how it may or may not affect us as we go into this tax season😁? I encourage you to listen as my accountant shares some golden nuggets that can help to prepare you for this tax season!🙏
And check back about the STIMULUS CHECKS! GREAT NEWS!! 👍
When you own a small business, there are many things to keep track of and many don't think about taxes until they are due.
With a little preparation and a few tricks, you can not only make your tax filing easier, but save money in the long run. Here are some tips from Columna Agency.
What is the difference between bookkeeping and accountant? Bookkeepers typically will keep the books. A bookkeeper handles the day to day financial transactions of the business such as updating spreadsheets, reconciling bank statements, updating employee files, invoicing and paying bills. Many bookkeepers will track business expenses and ensure all are recorded correctly into software like Quickbooks, so that the business is ready at tax time.
Kristin had the chance to interview Jackie Cruz-Columna from Columna Agency in Kissimmee, FL to discuss the impacts of COVID-19 on your 2020 taxes for individuals and small businesses.
They also covered early withdrawals from your retirement accounts, CARES Act stimulus payments, and the Employee Retention Tax Credit for businesses.