Blog & Articles
POLARIS TAX & ACCOUNTING
When to know you are ready to transition from just bookkeeping to a year-round tax planning service?
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
The New W 4 Form
The IRS has released a new W 4 form starting in the fiscal year 2020. The change was needed to account for the removal of Personal Exception implemented from the Tax Cuts and Jobs Act
Chart of Accounts: The Ultimate Guide with examples
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
Bookkeeping Services for Small Business
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
Virtual Tax Preparation the easy way
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
12 Ways to Pay Less in Taxes and Save Money
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,
Understanding Employee vs. Contractor Designation
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
The Difference Between Bookkeepers, Accountants and Trusted Advisors
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
Taking a Holistic Approach to Your Finances
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
Small Business Tax Deductions for 2020
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
14 Steps to Take If You Suspect You’re a Victim of Identity Theft
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,
Common QuickBooks and Bookkeeping Mistakes (and How to Fix Them)
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
Where did the money go? Understanding the Cash Flow Statement
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
Virtual Accounting Firm, what are the benefits of working with one?
Today accounting firms are becoming more and more virtual as they strive to become a true Trusted Advisor for their clients. A virtual accounting firm reduces overhead costs, giving employees a better work-life balance and
How much does outsourced accounting cost?
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