Important Changes Affecting Your 2019 Taxes

Important Changes Affecting Your 2019 Taxes

By | Taxes

The promise of spring weather means one thing: tax season is here yet again. Whether you own a business, are a full-time employee or, all of the above, preparation for your 2019 taxes is hopefully on your to-do list. While multiple streams of income is a great way to increase your earnings, it can complicate things a bit when it comes to tax planning and filing. To add to this, much of what you learned about filing taxes over the past decade or so has changed as tax codes are continually being adjusted, including the tax reform that recently took…

Read More
Make Goal Setting Easier with the SMARTER method

2020 is the Year for SMARTER Goals

By | News

January might as well be called the Month of Goal Setting (but stick with us — we’re not talking about hitting the gym).  Now’s the time to set goals for your small business. The hope of a new year and the promise of a fresh start makes it easier to clearly see what you want to achieve over the next 12 months. But goal setting must be thought-out, planned for, and stuck to, in order to be effective. (You know how the saying goes: “If you fail to plan, you’re planning to fail!”) Harness this excitement in a practical way…

Read More

Does My Small Business Need a Controller or a CFO?

By | Accounting, Business Finance

You’ve heard the saying. It goes something like, “Growth is a good problem to have.” This may be true, in theory, but growth that occurs too quickly can put your small business at risk. A recent Inc.com article illustrates how financial controls and cash flow can be risk factors occurring as a result of high growth. Could an outsourced CFO or an outsourced controller be the answer? Here we discuss the difference between the two and when it may be appropriate to engage both. If you’re questioning whether your small business may need help with financial management, consult with Pine…

Read More
Small Business Tax Planning Tips for the End of the Year

A Year-End Checklist for Your Small Business

By | Business Finance, Taxes

As 2019 comes to a close, Pine & Co. can help you with cost-saving tax strategies for your small business. Reach out before December 9 to get started. As another year ends, it’s good to take time to assess the things you’ve done over the previous 12 months, while also preparing for the future. When you’re a company owner or comptroller, the fourth quarter takes on additional importance with regards to small business tax planning activities. No matter if this is your first year handling your organization’s filing or you’re a seasoned veteran, early preparation can streamline the process and…

Read More
5 Time-Savings Tips for QuickBooks Users

5 Time-Saving Tips for QuickBooks Users

By | Business Finance, Accounting

If you’re running a small business, it’s probably safe to say you don’t have lots of extra time on your hands. With the time you do have, you more than likely want to focus on the big, inspirational, long-term goals that will grow your company (not on the small — but necessary — tasks like writing checks and invoices). When you get the chance to save a few minutes here and there on small tasks, it’s a smart move for your business (and your sanity). Accounting software like QuickBooks is a great way to eliminate hours of time on accounting…

Read More

Little-Known Tax Write-Offs Your Small Business Could be Making

By | Business Finance, Taxes

Tax season may traditionally run from January to April 15, but preparing for tax season is a year-round job for business owners. When we discuss tax liability with clients, write-offs are one thing clients get excited to discuss (because everyone likes to save money!). Below, we explore a few of the lesser-known tax write-offs (or deductions) that correlate to things you may already be doing, but not taking full financial advantage of (such as purchasing software, hiring veterans, or even attending educational programs). Below, view our list to see if you could be missing out on valuable tax deductions this…

Read More
Tax Credits could mean more money in your pocket.

Tax Credits Could Mean More Money in Your Pocket

By | Taxes

One of the most common questions we receive from clients is, “How can I reduce my income tax liability?” It’s no wonder – after all, no one wants to pay more taxes than they have to. Below, we’re discussing how taking full advantage of tax credits can help you retain more of your hard-earned dollars. Plus, discover the types of tax credits that could apply to you. Before we continue, it’s important to note the differences between a tax deduction and a tax credit: Tax deductions reduce your taxable income, so that when you calculate your tax liability, you’re doing…

Read More
Recent Legislation May Affect Your Retirement Savings

Recent Legislation That Could Change How You Plan for Retirement

By | News, Retirement

Have you heard of the SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019? It swiftly passed in the House of Representatives in May, but was halted in the Senate and as of now, is still awaiting the vote. If you’re currently saving for retirement, looking to retire, or are an employer concerned with your retirement savings options for employees, it’s worth diving into this proposed legislation and learning how it can affect you. 

Read More
Solution to Confusing Non-Profit Accounting

Your Solution to Confusing Non-Profit Accounting

By | Accounting

Did you know that public charities report almost twice as many accounting errors as corporations? That’s what a study from the American Accounting Association found based on research collected between 2006 and 2010. Why is this? No doubt, some of these errors are due to specific non-profit accounting nuances that can cause accidental errors. However, other errors may be due to a lack of qualified accounting and financial professionals at smaller non-profit organizations. It’s not surprising that many non-profits operating on shoestring budgets rely completely on volunteer labor for accounting expertise. Others may unload bookkeeping and financial responsibilities onto administrative…

Read More
tips for small business financial goals from Pine & Co.

6 Tips to Refresh Your Business’ 2019 Goals

By | Business Finance

Summertime can mean extra vacation time and slower days, but it also marks the halfway point of the year. It’s a good time to take quick stock of the year’s progress and fit in a mid-year review of your small business’ 2019 goals. By June, the excitement of January’s goal-setting can seem like a distant memory. Renew your dedication to the future success of your business by making time to sit down and go over the current progress of your 2019 goals. Review your financial, marketing, management, professional development, and other goals; doing so will help you advance your business…

Read More
Top 10 Deduction Mistakes Small Businesses Make

The Top 10 Deduction Mistakes Small Businesses Make

By | Taxes, Business Finance

When small business owners make tax deduction mistakes, it can be costly. The costs go beyond the likelihood of an audit by the IRS and actually impact the bottom line. Think about this: you could be overpaying your tax responsibility. That would be an expensive bummer because the IRS will more than likely consider it a “gift”. On the other hand, you could miscalculate or over-deduct and face the additional cost of penalties due to the IRS. Nobody wants that. Finally, you could be leaving money on the table by not taking advantage of all the tax savings opportunities you…

Read More

Small Business Accounting 101: Get Your Startup Started Right

By | Business Finance, Accounting

One out of every three business start-ups don’t survive beyond the first two years. One key to success is laying a good foundation for your startup at the beginning. Below are some questions you’ll need an answer to. As you read, keep in mind that Pine and Company is happy to help each step of the way. We get excited about startups being successful. Don’t hesitate to reach out for help. Does your startup have a business plan? A good business plan sets the framework for a new business. Writing one serves a few purposes, not the least of which…

Read More

19 Ways an Accountant Can Benefit Your Small Business

By | Accounting, Business Finance

Small business owners often look for ways to cut costs, especially in the startup phase of their business. However, DIY accounting could be more costly than hiring an accounting firm if for no other reason than missing valuable tax deductions. The benefits accountants offer small businesses go well beyond that, though. Accounting for Startups Starting a business is exciting. The dreaming, the visioneering, the possibilities, the newness of it all… It’s intoxicating. Then comes the time to crunch numbers. It can make you want to feel intoxicated in a completely different way. Accountants serve as good advisors and could be…

Read More
Why Your Business Needs an Accounting System

Why Your Business Needs an Accounting System

By | Accounting, Business Finance, SuccessWatch

A common question we receive from our clients is, “Does my business need an accounting system and, if so, which one should I use?” Our answer, in short, is a resounding yes. Without question, all businesses, small or large, need to be using an accounting system. Without one, it becomes extremely likely that important items will fall through the cracks, causing a huge headache later down the line. But before we get into which accounting systems we recommend, let’s discuss why they’re so important for your business. Why Your Business Needs an Accounting System There are many reasons businesses should…

Read More