Integrity and ethics often go hand in hand. This is an important feature to look for when choosing an accounting agency. Accountants should be expected to act responsibly when reviewing financial information and interacting with clients. Importance of Integrity Integrity is possibly the most important element of the accounting profession. Integrity requires that accountants have… Read More
To help taxpayers and tax pros, listed below are 10 basic steps everybody should remember during the holidays and as the 2022 tax season approaches: Don’t forget to use security software for computers, tablets and mobile phones — and keep it updated. Protect electronic devices of family members, especially teens and young children. Make sure… Read More
As tax season draws nearer, many of us begin to think about what counts as a deduction. Below is a list of tax deductions that you may not realize you could possibly have. Mortgage Interest Interest payments on a mortgage can often be expensive, especially early on in your loan. To help make ownership more… Read More
The bipartisan infrastructure bill that the House passed over the first weekend in November was sent to President Biden’s desk for signature. It included some tax-related provisions which are an early expiration of the Employee Retention Tax Credit and new rules for reporting on cryptocurrency transactions. $550 billion of the $1 trillion bill is slated… Read More
With the end of the year looming just around the corner, tax season isn’t far off. Our knowledgeable team of accountants can help to make your tax preparation go smoothly and ensure you are properly managing your personal taxes. When preparing your taxes, it is important to be ready. Below is a list of documents… Read More
In past years, the deductions for food and beverage costs could not exceed 50% of the actual expense. However, the Consolidated Appropriations Act of 2021 (CAA) has announced that it has expanded the business deductibility to 100% for business meals and drinks provided by restaurants. This change means that businesses can deduct 100% of food… Read More
Ready to Reconcile in QuickBooks? How to Prepare It may be one of your least favorite accounting tasks. But account reconciliation is easier if you get ready for it. There’s no question that account reconciliation is a dreaded chore. So much so that many small business owners simply don’t do it. QuickBooks’ reconciliation tools… Read More
At Perfect Balance, not only do you get a professional accounting team, but you can also choose to have one of our comprehensive services, Tax Planning. Tax planning is an analysis of your company’s financial situation that will ensure that all elements work cohesively to allow for you to pay the lowest taxes possible. Our… Read More
Cloud computing is a growing aspect of running any business. The practice of cloud computing is the ability to store and deliver services through the internet. These services can include data storage, servers, databases, networking, and software. Cloud-based storage is growing in popularity due to the ability to store and retrieve files from remote databases.… Read More
Fringe benefits are extra compensation employers may offer beyond regular wages. These benefits are generally not included directly in an employee’s payroll as they are not usually paid directly to the employee and sometimes may be harder to quantify. However, according to the IRS, most fringe benefits are taxable and must be reported on your… Read More