Blog & Articles
POLARIS TAX & ACCOUNTING
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
The Trusted Advisor
As part of our Business & Personal Advisory Services, we strive to become your Trusted Advisors by implementing proactive and holistic planning services centered around your individual needs. A 2018 survey conducted by Accounting Today
Avoid these Four Common Businesses Tax Errors
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
2019 Last-Minute Year-End General Business Income Tax Deductions
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
2019 Last-Minute Year-End Medical and Retirement Deductions
When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Here are the six
2019 Last-Minute Section 199A Strategies That Reduce Taxes
Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review four year-end moves that (a) reduce