As a small business owner it is your ultimate goal to have your business excel. But, is it really in the best financial shape or are you suffering from one or more of these common business accounting problems:
You are not alone. Many small businesses owners will face these challenges, but will feel they can manage the problems on their own. Trying to fix payroll and tax issues yourself can lead to fines, penalties and perhaps even an audit by the IRS. Attempting to solve financial troubles and decisions alone can result in your business going into the red, meaning you won't have the capital to operate your business, pay off loans, pay your employees or yourself, and possibly leading to having to close or sell your business.
In need of an accountant that used QuickBooks, we came across Chamberland Business Accounting 16 years ago to fulfill our business needs.We now use them for all of our accounting, payroll, and tax needs, giving our business considerable growth and we have never looked back. Their services and support are outstanding!
We have been doing business with Chamberland Business Accounting for approximately 8 years. The team is extremely friendly and professional, they are efficient in what they do and pay great attention to detail. Chamberland Business Accounting takes the worry out of State and Local deadlines, which allows you to ficus more on your business.
I had originally come to Chamberland Business Accounting in need of bookkeeping services, however, it was not long before I had turned over all accounting and tax services and responsibilities to the Chamberland Team.The trust and standard of care, was immediately recognized and my business continues to be financially successful under their guidance.
Chamberland Business Accounting has helped our company in every aspect of keeping our financial records up to date and accurate for the past 16 years. Their expertise in accounting and payroll management has helped the office be more efficient and their handling of IRS audits and annual taxes has been invaluable. Anyone who needs a top notch firm should use Chamberland Business Accounting.
Schedule Your Free Consultation by scrolling below to fill out the "Schedule a Free Consultation" form or calling our office at (401)765-1235.
During your initial consultation, we will analyze your business goals and create a custom strategy in order to achieve those goals.
At the conclusion of the consultation, we will go over how the custom strategy will meet your business goals and begin executing the plan.
The new tax code law has maintained most of the self-employment deductions and now has included some new deductions to help offer some relief. Some of the tax deductible benefits the self-employed can look to claim this year is: receiving a deduction on 50 percent of the Social Security and Medicare taxes your pay as both employer and employee; you will still be able to deduct 50 percent on food and beverages having to do with business, though certain entertainment expenses have been eliminated. Small businesses now have a new deduction, the Qualified Business Income Deduction (QBI), in which they can deduct up to 20 percent of their QBI.Learn More
Senator Ana Quezada of Rhode Island is proposing that the state enact a 1 percent tax on the sales of hookah and vaping products. The senator plans to use the money from the acquired sales tax on the products to send back to cities and towns to go toward educating the youth on the dangers of smoking e-cigarettes. A spokesman for the Consumer Advocates for Smoke-Free Alternatives Association argued that the state has plenty of money to already educate the youth with the nearly $200 million they collected in 2018 from tobacco revenue. He also went on to say the tax would be a punishment to those looking to get away from smoking tobacco products.Learn More
This year has seen the biggest tax overhaul in years from the Tax Cuts and Jobs Act. Many residents in Massachusetts and Rhode Island are frustrated over seeing a smaller tax return, though they did not pay more in federal. With the new withholding changes, many Americans were taking home more home in their paychecks, which resulted in less being withheld and having a lower tax return. Unfortunately, the new cap on SALT tax deductions hurt many residents as the automobile taxes, high real estate taxes, and high state taxes for both Massachusetts and Rhode Island caused many to go over the $10,000 threshold.Learn More
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