Monday Tip! ✍🏼
You can create automatically recurring transactions in Quickbooks Online for bills, invoices, sales receipts, etc. which can save you a TON of time each month. 💰 ⏰
➡️ Examples are using this feature to send out automatic invoices to clients each month without having to do a thing.
#smallbusiness #accountingtips #accounting #finance #supportsmallbusiness #lovefxbg #mondaymotivation
Have you read any good books lately, that just motivate and inspire you to have a business growth mindset? 📚
Please do share! We need recommendations. 📖
#growthmindset #smallbusiness #bookkeeping #goodreads #books #motivation #inspiration #lovefxbg
Have you been putting receipt keeping on the back burner? 🧐
Be honest, raise your hand if this has been you this year. 🙋🏻♂️
If someone told you the life hack to this, would you listen? If Yes, DON’T stop reading!
Receipts tell the story of your business expenses. Many are essential for filing your taxes so let’s make life easy. 📲Go digital with your receipt keeping.
➡️ There are many ways you can do this that are both effective and efficient, but if we could recommend one, it’s Quickbooks Online.
➡️ In QuickBooks, you can attach digital copies of receipts to transactions. This lets you keep everything in one place, add notes, and retrieve receipts quickly.
👏🏼 Want to make it easier? You can download QuickBooks Online as an application for your phone and capture receipts in real time.
THIS IS A GAME CHANGER! 🕹
➡️ Have questions? Interested in our Small Business services? Give us a call!
#smallbusiness #bookkeeping #finance #admintask #teamworkmakesthedreamwork #accounting #accountant
🏘 If 2020 has taught us anything, it’s to be more intentional with our community relationships Today is National Good Neighbor Day, and we can still be good neighbors while practicing social distancing. 😃
➡️ Have you heard of the “Good Neighbor” Pledge?
"I’ll take the first step by connecting with neighbors and introduce myself. I will practice the "good neighbor mindset" to make connections, invitations, stay aware, and be available to my neighbors. Good neighbors make great neighborhoods.”
So how can I be a good neighbor?
🏘Call a neighbor and check on them. Do they need anything?
🏘Be intentional and say “Hi” to more people as you walk Downtown.
🏘The question “How are you?” goes along way.
🏘Support a local business
#NationalGoodNeighborDay
We love Fridays because that means we are headed into the weekend! 🎉
Weekends here in the ‘burg are just so fulfilling, especially with this cooler weather - everyone’s out! 🍂
Saturday mornings downtown at the Farmers Market, where you can find these delicious 🍎’s are a local must. Have you been?
#lovefxbg #farmersmarket #supportlocal #supportfarmers #supportfamilybusiness #weekend #fridayvibes #community #downtown #apples #fall #smallbusiness
📣 GOLDEN RULE!!
Separate those business and personal bank accounts. 👏🏼
If you do nothing else, be sure to do this 1️⃣ thing.
#accounting #finance #bookkeeping #smallbusiness #lovefxbg #goldenrule
➡️ For meals to be tax-deductible, they must meet the following criteria:
🍔 The expense must be an ordinary and necessary business expense
🍟 The meal cannot be lavish or extravagant
🍕 You or an employee must be present
🌭 The other party must be a current or potential client, customer, consultant, or similar business contact
➡️ Exception – If you are traveling outside of normal business hours, then meals by yourself are also deductible!
Where is your go-to meeting spot? There are so many great ones around town.
#businessowner #businessexpense #bookkeeping #smallbusiness #taxes #accounting #recordkeeping #wednesday #finance #lovefxbg #meal #recordkeeping #businessrecords #quickbooks
Have you thanked a farmer lately? Well today is the perfect opportunity! Today, take a moment with us to reflect on how our food products are cultivated and appreciate the process, on National Farmers Day. Celebrating the hard work and dedication of our local farmers and agricultural workers. 🌶🥒🚜
One way we love to support our local farmers, is by heading downtown Saturday mornings to the farmers market for some fresh goodies!🥕🌽🥦
Two of our favorites is Sneads Asparagus Farm and Braehead Farm
#nationalfarmersday #mondaymotivation #gratitude #supportafarmer #supportlocal #smallbusiness #community #farmersmarket #lovefxbg
#FridayIntroductions
When asked, what is one tip Owner, Sam Foltz tells his clients he said “Don't trust the bank for your balance. Keep good records and don't wait until the last minute to get them to us.” ✅
➡️ In your industry, what is one piece of advice you always give your customers or clients?
#smallbusinessowner #tips #accounting #finance #lovefxbg #fridayvibes #entrepreneur #supportsmallbusiness #supportlocal
We know you can do it all, but you really don’t have to! 🤩
It is 2020, a year with new obstacles every which way we turn. Whether you’re a busy parent, a seasoned or new business owner, or anything in between, we know what it is like to have our hands full making decisions and carrying out tasks that only you can do. #WeGetIt 👏🏽
➡️ Financial tasks often get pushed to the back burner – but not on our watch. Contact us today and ask about our small business services.
#accounting #finance #smallbusiness #bookkeeping #smallbusinesssupport #smallbusinessowner
Cash flow is the lifeline of every business – don’t put your business at risk by not having a well-managed cash flow system. #YouBetterNot
➡️ Analyze your cash flow in versus your cash flow out monthly
➡️ Determine your breakeven point and create quarterly projections
➡️ Understand the difference between Net Cash Flow and Taxable Net Income
Have no idea where to start? No worries, we got you covered. Check future posts as we dive a little deeper into each.
Was this helpful? Let us know. ⬇️
☎️ Feel free to give us a call to talk about our Small Business services.
📧: info@foltzcpa.com
🌞 It’s Monday. A positive review, especially for business owners – is mood changing. It’s motivating. It magnifies their strengths. Every now and then, we love to use our platform and provide an opportunity for people to express their gratitude and support for small businesses.
➡️ Does your favorite small business deserve a shout out? We want to hear it – they want to hear it.
⬇️ Comment below, tag the business(s) and let them know why you gave them a shout out.
Feel free to give us a call to talk about our Small Business services.
📧 : info@foltzcpa.com
#accountant #finance #smallbusinessowner #supportsmallbusiness #lovefxbg #lovelocal #smallbiz #motivation #gratitude #community #reviews
#FridayIntroductions
“If you quit on the process, you are quitting on the result.”
➡️ Team member and CPA, Lori Hudson says, what she enjoys most about her job is finding ways for people and businesses to save money and operate more efficiently.
⚡️ Are you ready to level-up your accounting process? Connect with us today!
#finance #financetips #accounting #team #community #lovefxbg #fridayvibes #introduction #smallbusiness #smallbusinessservices #supportsmallbusiness
Dollar, dollar bills y’all 💰
What’s the one biggest business money struggle you have?
➡️ Budgeting or Maintaining Cash Flow?
➡️ Knowing how much to save for taxes?
➡️ Paying yourself regularly?
➡️ Anything else?
We are curious! Does any of these resonate with you? If not, what is one you struggle with?
Feel free to give us a call to talk about our Small Business services.
📧: info@foltzcpa.com
#accounting #smallbusiness #lovefxbg #moneystruggle #finance #moneyflow #businessowner #businesstip #businessideas #businesstips101 #moneytips
➡️ We don’t know about you, but we are weekend ready! Sometimes, it is so easy to take work home with us – we are sure you can agree. This is a friendly reminder to find some balance and take time to do things that bring you joy.
➡️ On her free time, our Payroll Specialist, Natalie enjoys cooking, family game nights, reading and walking the Fredericksburg trail. 🧑🏼🍳
➡️ What do you enjoy doing on your free time?
Feel free to give us a call to talk about our Small Business services.
📧: info@foltzcpa.com
Does tax time tend to stress you out because you know you haven't kept good track of your expenses? 👋🏼
🧽 Let's clean them up! Here are a couple of tips if you aren't ready to invest in a bookkeeper yet:
➡️ Start now! Don't wait until the end of the year - start categorizing each transaction. Download your Jan-Oct bank and credit card statements and get organizing. This can be easily done with Quickbooks Online.
➡️ Whenever possible, get your receipts emailed to you. That way when you go into your email, you can search 'receipts' and move it to a folder called '2020 Receipts'.
➡️ As you're going through all of your expenses mark if you paid anyone $600 or more throughout the year, so not only do you know a W-9 needs to be sent their way to fill out but you will also know that you need to issue them a 1099 at the end of the year. This is so so important.
➡️ If your time is better spent working on your craft and business rather than bookkeeping, let's connect.
👍🏼 If this was helpful let us know and save this post for later.
Did you know that you had to send W-9s if you paid anyone $600 or more?
Feel free to give us a call to talk about our small business services.
📧: info@foltzcpa.com
Happy Howl-oween 🎃
Have a safe and festive Halloween from Foltz & Associates.🦇
Have a sweet tooth? What’s your favorite candy? 🍭
Today is National Checklist Day and though we are big on the importance of a checklist, we are looking forward to a relaxed and festive weekend. ✏️
We can’t help but love this crisp weather and all the activities you can still do with your family this fall season. 🍂
➡️ Team member and Administrative Director, Maggie Foltz for one loves being out and about in the Fxbg community.
“I love the sense of community you get from being a long time Fredericksburg resident. It is always likely when downtown you'll see someone you know. I also love being by the Rappahannock river, it provides this whole other outdoor experience to enjoy!” 🚣🏼♂️
➡️ This photo is from one of Maggie’s kayaking trips down the Rappahannock! Have you done this?
#fall #kayaking #rappahannock #river #friday #fridayvibes #nationalchecklist
Started a new business? First off, congratulations 🎉 on embarking on the journey of entrepreneurship! You decided on the service/product you want to provide, registered your business, and you’re thinking what is next?
Here are 4️⃣ actions that you need to complete before you start making those sales.
➡️ Open a business account to easily track expenses and revenue for financial reporting and taxes.
➡️ Sign-up for an accounting system to automate the recording and processing of all transactions (We choose Quickbooks Online)
➡️ Determine how you want to get paid by choosing a payment processor to accept check or credit card payments like Square or Paypal
➡️ Start tracking expenses automatically by connecting your bank account to your accounting system. This makes tax time easier!
Feel free to give us a call to talk about our Small Business services.
📧: info@foltzcpa.com
#accounting #entrepreneur #businessowner #smallbusinessowner #businesstips #tipsforsuccess #startabusiness #bookkeeping #lovefxbg
With Respect, Honor and Gratitude - Thank you Veterans!
Does the sight of a ledger book make your head spin? That’s why we have accountants to figure it all out, right? 🎉
➡️ Fun Fact: Celebrities such as Mick Jagger, Janet Jackson, Bob Newhart, Kenny G, John Grisham and John D. Rockefeller all studied accounting — and some even started out their professional lives in the career. Say what???
#accounting #InternationalAccountingDay #bookkeeping #smallbusiness #supportlocal #lovefxbg
More now than ever Cash Flow is pretty important at the moment. Not saying it isn't always (it is!), but this year it has been quite challenging to say the least. 💰 📶
Here are some tips on how you can maintain cash flow right now. ⬇️ You may want to save for later!
Feel free to give us a call to talk about our Small Business services.
📧: info@foltzcpa.com
➡️ Have you had the pleasure of meeting Don yet?
An Enrolled Agent on our team, he enjoys working closely with businesses and clients to help them navigate the tax world. 💰
Our team is one of a kind and ready to be of assistance to you. We have your back!
and when we say one of a kind....🤔
Have you swam with sharks? Fun fact, Don has! How cool is that? 🦈
⬇️ Drop a fun fact about yourself below!
Feel free to give us a call to talk about our Small Business services.
📧 info@foltzcpa.com
Whether you stack it high or thin, National Sandwich Day is today! 🥪 As if we needed an excuse to go support one of our favorite locals and grab a bite to eat at Goolrick's Pharmacy.
Did you know? 🧐
Goolrick's is a modern pharmacy with the oldest running soda fountain in the nation. It has been serving quality service since 1867.
Feel free to give us a call to talk about our Small Business services.
📧: info@foltzcpa.com
#nationalsandwichday #didyouknow #funfacts #smallbusiness #supportlocal #lovefxbg
Do you need to pay quarterly taxes? What you need to know. 💸
➡️ What are estimated quarterly taxes?
The United States has a “pay as you go” tax system. This means that you must pay taxes when you receive income, as opposed to paying it all at the end of the year. However, you do not have to pay taxes every time you receive income. Instead, you can make tax payments in quarterly installments.
➡️ Who pays estimated quarterly taxes?
Independent contractors, sole proprietors, limited liability companies, partners, and S corporation shareholders may all be responsible for paying quarterly taxes.There are a few additional qualifiers that determine whether you’re responsible for making quarterly payments. An individual who expects to owe less than $1,000 in taxes after subtracting federal income tax is exempt from quarterly tax payments. For corporations, the threshold is $500 in taxes annually. Additionally, if your federal tax withholdings equal 90% or more of what you will owe for the year, you probably won’t need to file quarterly taxes.
➡️➡️ Learn more here: https://quickbooks.intuit.com/r/taxes/pay-quarterly-taxes/
🤩 Feel free to give us a call to talk about our Small Business services.
info@foltzcpa.com
#accounting #finances #taxes #taxpreparer #lovefxbg #financialeducation #smallbusiness #federaltaxes #government #financialsecurity
You're going to want to save this list to reference later!
This is where the importance of an accounting system comes into play.
✅ File Receipts + Maintain Documents
✅ Track Unpaid Vendors
✅ Submit Payments
✅ Send Invoices
✅ Check Cash Flow
We know this seems like a lot but once you get a rhythm going, you'll be better off and prepared for tax season.
➡️ Which of these tasks are you currently knocking out of the park and which ones do you need to do better with or start?
➡️ Feel free to give us a call to talk about our Small Business services.
info@foltzcpa.com
#accounting #businesschecklist #businesscheck #smallbusiness #finance #lovefxbg #checklist #cashflow #income #system
Do you know the different between a contractor & an employee? 🧐
➡️ If you have people working for you in your business, then you either have contractors or employees - maybe both? Let's talk about the difference between the two.
➡️ Contractors are people that specialize in a trade or service and offer that to individuals or businesses.
➡️ Employees are people that work for an employer who manages and controls how and where their work will be done.
Let's dive a little deeper!
Contractor:
✅ Sets their work hours & where they work
✅ Sets their own prices, generally flat fee for work performed
✅ Ability to solicit work from other companies or individuals
Employee
✅ Business decides when & where person works
✅ Regular wage amounts set
✅ Periodic or on-going training & benefits are provided
📝 Make note - one individual should never simultaneously be both at the same time in your business
❗️ Misclassifying a worker can result in penalties. Talk with your accountant if you are unsure.
➡️ Feel free to give us a call to talk about our Small Business services.
info@foltzcpa.com
And we aren't just talking about going for that turkey tomorrow! 😂
SAVE for when you need a hint of #motivation.
#smallbusiness #wordsofencouragement #entrepreneur #supportlocal #Thanksgiving
Holiday Hours Reminder! We hope everyone who is traveling today has a safe trip.
When running a small business, there are three important numbers you need to fully understand. You'll want to save this post!
Your numbers and financial reports tell the story of how the business is performing. 📖
In retrospect - yes, all the numbers are essentially important but since we are talking BIG picture here, it's important for you to know these 3️⃣ numbers.
Revenue ➕ Gross Profit ➕ Net Income (Profit)
➡️ Revenue: the amount of money your business received income for a period of time
➡️ Gross Profit: the amount of money left when you subtract cost of goods sold (Labor + Materials) from revenue. This number shows the efficiency of the production of the product or service you sell
➡️ Net Income: the amount of money left when you subtract ALL expenses (COGS + Fixed expenses like rent) from Revenue. This is how much your business made over a period of time.
📣 It is important to take these numbers in to consideration when evaluating and comparing them to past and industry standards to truly understand what changes you want to make.
Was this helpful? Want more tips like these? Let us know below. ⬇️
Feel free to give us a call to talk about our Small Business services.
📧 info@foltzcpa.com
#revenue #grossprofit #netincome #taxpreparer #accounting #taxes #financialeducation #finances #Accountant
Small Business Saturday is next week, so let's spend this Saturday promoting as many businesses as we can. 📣📣
A positive review, especially for business owners – is mood changing. It’s motivating. It magnifies their strengths. Every now and then, we love to use our platform and provide an opportunity for people to express their gratitude and support for small businesses. 🎉
➡️ Does your favorite small business deserve a shout out? They want to hear it.
Comment below, tag the business(s) and let them know why you gave them a shout out.
Today is #GivingTuesday!
If you can, where will you be donating today? Share your favorite non-profits in the comments below to spread the word!
It's that time of year again! Let's chat about Client & Customer gifts. 🎁 🎄
➡️ You may deduct no more than $25 of the cost of business gifts you give to each person during your tax year.
➡️ Engraving, shipping or incidental costs as such aren't included in the $25 limit. 💰
🎁 Now, if you are sending the gift to a business where multiple people will be utilizing the gift, you can multiply the $25 limit by the amount of people who will receive the gift.
#giftideas #lovefxbg #deductions #businessfinance #accounting #bookkeeping #supportlocal #GivingTuesday
Thank you for supporting our small business! We love being part of this community and around so many other amazing businesses that cater to the success of our region.
In addition to shopping local, here are a few ways you can show support and spread joy this Holiday season.
🎁 Write A Positive Review
🎁 Tell Your Friends and Family
🎁 Follow Them on Social Media
🎁 Engage With Their Posts
🎁 Give Them A Shout Out
🎁 Sign Up for Their E-Newsletter
Let's start by shouting out your favorite business below!
#lovefxbg #supportlocal #smallbusinesssaturday
Thank you The Icing Baking Company!
The Icing Baking Company is at The Icing Baking Company.
November 28 at 10:08 AM · Stafford, VA ·
Its #smallbusinesssaturday and we want to take a moment to THANK YOU for supporting us! 💙 Every purchase you make with us supports our staff, our community, and our future. We also thrive with the help of other amazing businesses in the area:
Fredericksburg Regional Chamber of Commerce
The Grounds Coffeehouse
Ava Laurenne Bride
@oldevirginiagourmetandgifts
Comfy Hosts
Sunflower Seeds Boutique
Price, Rich & Associates
Our Curated Design
Foltz & Associates CPA's
A Dog's Mom Co.
Socially Stafford
Share some love with your small businesses! We all succeed together!
#staffordva #fxbgva #theicingbakingco #theicingbakingcompany #smallbusinesssaturday #smallbusinesssupport #staffordtourism
Stop, drop and pass the rolls because it is Thanksgiving! 🦃
This year may have looked different for us all, but we are extremely grateful for our team's hard work and our client's support.
Thank you for being part of this journey with us.💛
⬇️⬇️⬇️
In honor of the festivities today, drop in the comments below your favorite dish!
#lovefxbg #fredericksburgva #thanksgiving #thankful #grateful #holiday #Supportlocal
If you could write off "one" thing every year (outside of food and shelter), what would it be?!
Who agrees Netflix would be nice?
#accounting #bookkeepingtips #bookkeeping #finance #expenses #writeoff
Here is a tip about a fairly new tax law change that eliminates the deduction of entertainment expenses!
#bookkeeping #tips #finance #accounting #bookkeepingtips #smallbusiness #entrepreneur
At this time of year we’re all thinking about The holidays and one of the best songs for the festive season is “The 12 Days of Christmas”. In keeping with this theme, these next two weeks we’re bringing you our 12 very best bookkeeping tips – it’s our gift to you! These tips will suit business owners at every stage, from start ups to seasoned. Tis the Tax season. 🎁
➡️ Starting with the 12th day of Bookkeeping #Tips ...
Choose accounting #software that best suits the needs of your business and has all of the features you require.
Don’t just choose the first one that you find and promises every feature under the sun – make sure the product does what you need it to do in terms of your #business.
➡️ What software do you currently use? Have questions - don't hesitate, reach out to our office!
#bookkeepingtips #bookkeeping #accounting #12daysofchristmas #christmas2020 #holidayseason #holidays2020 #financeteam #smallbusiness #smallbusinessowner #smallbusinesssupport #smallbusinesssunday #localbusiness #lovefxbg #fxbgva
We still can't believe it's December! ❄️
Though this year may look a little different around the holidays for everyone - we sure are doing our best to stay cheerful this holiday season. 🎄
➡️ Tell us, what is your favorite community event around this time of year?
We always enjoy the Christmas Parade in Downtown Fredericksburg. Did you go to the drive-thru parade in Central Park? 🎅🏽
#community #christmas2020 #holidayseason #smallbusiness #localbusiness #lovefxbg #parade #tradition
Are you using Venmo in your business? We get it - it's convenient and no transaction fees! 💵
We hate to be the bear of bad news but you need to know. 🙌🏽
More now than ever, Venmo is on a mission to close out any accounts that they think may be running a business on their app. 🏦
➡️ Did you know - under Venmo's User Agreement it is not permitted? Venmo also doesn't have a protection program for such transactions.
➡️ On top of that, the IRS is not okay with you using Venmo for business. Why? Because you're more likely to not claim that as income. Now remember, if you're audited, they can ask for payment history on all platforms and bank accounts.
🤩 Don't worry we aren't just going to give you a problem without a solution!
Find a payment system that works best for your type of business and charge customers 3% more to cover the processing fees.
➡️ Was this helpful to you? What payment system to you prefer to use for your business?
Did you see that you can accept credit cards, debit cards, and ACH bank transfers with Quickbooks Payments? 👌🏽
#bookkeepingtips #venmo #smallbusiness #localbusiness #lovefxbg #businessoperations #accounting #finance #bookkeeping #expenses #salesalesale
🎁 On the 6th Day of Bookkeeping Tips my Accountant said to me....
Don’t over categorize. 👍
During the process of bookkeeping, don’t get ➡️ caught up with too many details e.g. categorize staplers, printer ink, coffee all under “office items” – no need to create separate accounts for each item etc. At the same time, don’t under-categorize. Lumping all sorts of expenses into accounts called “general” and/or “miscellaneous” makes for all sorts of issues for your accountant and will not allow you to produce accurate or useful business reports.
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
🎁 On the 7th Day of Bookkeeping Tips my Accountant said to me...
📝 Go paperless.
Related to tip no 5, we really believe in going paperless in terms of bookkeeping and record-keeping. Again, you save heaps of physical space in your office but you’ll also end up with an online filing cabinet that is super easy to search and is available to you everywhere and on every device. We recommend storage apps like Google Drive and Dropbox for this task.
➡️ Are you paperless yet?
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
🎁 On the 8th Day of Bookkeeping my Accountant told me ....
🧾 Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.
➡️ Go paperless, store everything electronically, and always make backups.
How do you store your records?
#accounting #finance #jobs #bookkeepers #bookkeeping #tax #taxseason2021 #business #Software #services #audit #CloudAccounting #lovefxbg
🎁 On the 9th Day of Bookkeeping Tips...
Set aside one day/morning every week to do your bookkeeping. Doing the job regularly helps keep the task manageable and allows you to catch anomalies like unpaid bills, slow-paying customers, etc. 📆
➡️ When do you like to work on your bookkeeping? Do you outsource this task?
Feel free to contact us about our small business services!
#accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
🎁 On the 10th Day of Bookkeeping Tips....
Separate personal and business finances. If you do nothing else, be sure to do this 1️⃣ thing.
➡️ Never, ever use the same bank account for personal and business transactions. If you do, your bookkeeping will become very messy and difficult to navigate. Bookkeeping and/or accounting fees will probably double as it will take your accounting professional so much longer to process your accounts in this scenario. 💰
➡️ Always open a business bank account for your business and keep personal savings accounts and credit cards for personal spending.
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
🎁 On the 11th Day of Bookkeeping Tips ....
We may be a little biased! 😉 Engage a good accountant to help set up your business properly from the start.
➡️ When you start a business, there are many actions you need to take and systems you need to set up to create the foundation for a successful business. The most important thing you can do when it comes to your business finances is to recognize when you need to enlist the help of a professional, and then find an accountant who will help maintain the fiscal health of your business.
#accounting #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights
Merry Christmas from our family to yours!
Merry Christmas and Happy New Year! Our holiday hours are as follows:
We hope everyone has a safe and wonderful holiday season with their family! 🎄
🎁 On the 1st Day of Bookkeeping my Accountant said to me...
💰 Set aside funds to pay tax.
➡️ Paying taxes and or employee is an inevitable part of running a business. It’s easy to drift along running your business without budgeting for these costs and then when they are due, you end up in a mad panic because you haven’t got the funds to pay the liabilities. A better plan is to open another bank account and regularly transfer funds across to it from the business account. Saving for these types of payments is a far better option and assists with cash flow.
Thank you for joining us these last 12 days as we dived into some of the best bookkeeping tips we know to be helpful! Who is ready to get their books ready, just in time for TAX SEASON? ✋✋
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas #lovefxbg
🎁 On the 2nd Day of Bookkeeping Tips my Accountant said to me...
🏦 Reconcile to the bank account every month.
➡️ You need to ensure that the bank balance in your bookkeeping system matches that of the actual bank statement. This process is extremely important as not only does it make for accurate record keeping but it also ensures that all mistakes are ironed out regularly. Also, don’t rely on bank feeds as your sole method of bank reconciliation as they aren’t 100% reliable. Always perform a bank reconciliation to the actual bank statement at least once a month.
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
🎁 On the 3rd Day of Bookkeeping Tips my Accountant said to me...
⏰ Pay bills on time.
➡️ Not doing so will affect your business reputation and credit rating. Make this task part of your weekly bookkeeping session.
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
🎁 On the 4th Day of Bookkeeping Tips my Accountant said to me...
📝 Record deposits correctly.
➡️ If you accidentally record things like loan repayments, personal cash injections and bank transfers as income, your overall income will be overstated. As such, you may end up paying extra tax by mistake.
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
📱 Did you see the new iPhone 12? Is your business paying for that?
If you are a sole proprietor or own a business, the business could be paying your cell phone bill because it qualifies as a business write off.
This 📲 is one of the most commonly missed #deductions seen with sole proprietors.
➡️ On the other hand, if you are paying personally you can have your business reimburse you for this expense each month. Every coin counts guys.
As accountants who work with small business owners, we know how much #tax liability can impact the lives of our clients. 🔎
Well, how can you pay less in taxes? Unfortunately, the #IRS does not provide these money saving suggestions when we file our taxes, so it's important for us to be proactive about reducing our tax liabilities. Let's take accountability for our liabilities (couldn't help ourselves).
⬇️ Below, you will find both smart and legal actions you can take now to ensure that you'll pay less in taxes. ⬇️
✅ Contributing to Your Retirement
✅ Contributing to a Health Savings Account (HSA)
✅ Furthering Your Education
✅ Investing in Your Children's Education
✅ Giving to Charity
✅ Deducting Your Home Office
✅ Going to the Doctor
✅ Holding Off On Billings (Maybe send out Invoices Jan.1)
✅ Reviewing the Ultimate List of Deductions (You won't believe what you can deduct)
✅ Getting Professional Help
Is there one point you would like us to expand on? If so, let us know in the comment and we will get right back to you.
🎁 On the 2nd Day of Bookkeeping Tips my Accountant said to me...
🏦 Reconcile to the bank account every month.
➡️ You need to ensure that the bank balance in your bookkeeping system matches that of the actual bank statement. This process is extremely important as not only does it make for accurate record keeping but it also ensures that all mistakes are ironed out regularly. Also, don’t rely on bank feeds as your sole method of bank reconciliation as they aren’t 100% reliable. Always perform a bank reconciliation to the actual bank statement at least once a month.
#christmas #accounts #accountant #accounting #accountingservices #accountingcompany #finance #businessaccounting #financeservice #taxation #bookkeeping #MoneyManager #customerservice #financialadvisors #bookkeepers #economics #cloudaccounting #ezyaccount #business #corporate #consultant #accountsprofessionals #accountancy #financial #accountinginsights #12daysofchristmas
#Taxseason doesn’t have to be something you dread. So long as you prepare your documents, take the proper steps, and compile the information you need, your annual tax filing will be simple and painless. Follow these four steps to get your #smallbusiness ready for tax season this year.
What constitutes good #bookkeeping? What qualities to look for in a good bookkeeper and what you should expect. ✅
1. Excellent #Communication Skills
2. Adept at Accounting Software and New Technologies
3. Organization and Teamwork – “Teamwork Makes the Dream Work”
4. Integrity
5. Flexibility to Adapt to Different Working Styles
6. Relationship Building Skills
➡️ You don’t have to do it all and you don’t have to settle – set those #EXPECTATIONS. If you are interested in outsourcing your bookkeeping for your small business – chat with one of our team members today.
And how do you plan on spending your time this year? Do you have #resolutions or on-going goals you wish to achieve this year personally? With your #business? ✨
Tell us!
We hope everyone has a wonderful and safe New Years.🎉
📱 Did you see the new iPhone 12? Is your business paying for that?
If you are a sole proprietor or own a business, the business could be paying your cell phone bill because it qualifies as a business write off.
This 📲 is one of the most commonly missed #deductions seen with sole proprietors.
➡️ On the other hand, if you are paying personally you can have your business reimburse you for this expense each month. Every coin counts guys.
As accountants who work with small business owners, we know how much #tax liability can impact the lives of our clients. 🔎
Well, how can you pay less in taxes? Unfortunately, the #IRS does not provide these money saving suggestions when we file our taxes, so it's important for us to be proactive about reducing our tax liabilities. Let's take accountability for our liabilities (couldn't help ourselves).
⬇️ Below, you will find both smart and legal actions you can take now to ensure that you'll pay less in taxes. ⬇️
✅ Contributing to Your Retirement
✅ Contributing to a Health Savings Account (HSA)
✅ Furthering Your Education
✅ Investing in Your Children's Education
✅ Giving to Charity
✅ Deducting Your Home Office
✅ Going to the Doctor
✅ Holding Off On Billings (Maybe send out Invoices Jan.1)
✅ Reviewing the Ultimate List of Deductions (You won't believe what you can deduct)
✅ Getting Professional Help
Is there one point you would like us to expand on? If so, let us know in the comment and we will get right back to you.
We don't know who needed to hear this, but what a great reminder this #Monday Morning. ☀️
➡️ How do you try to stay #motivated throughout the week? Asking for a friend...
#lovefxbg
Foltz Family have you downloaded the #Liscio app yet?
The mobile app is an extension of our Client Center. Using your tablet or mobile device, you can access your #tax and accounting documents anytime, anywhere, when you are on the go. You can log into the mobile apps with the same usernames and passwords that you use to login to our Client Center.
Download the Liscio app from the Apple App Store or Google Play Store.
#Taxseason doesn’t have to be something you dread. So long as you prepare your documents, take the proper steps, and compile the information you need, your annual tax filing will be simple and painless. Follow these four steps to get your #smallbusiness ready for tax season this year.
What constitutes good #bookkeeping? What qualities to look for in a good bookkeeper and what you should expect. ✅
1. Excellent #Communication Skills
2. Adept at Accounting Software and New Technologies
3. Organization and Teamwork – “Teamwork Makes the Dream Work”
4. Integrity
5. Flexibility to Adapt to Different Working Styles
6. Relationship Building Skills
➡️ You don’t have to do it all and you don’t have to settle – set those #EXPECTATIONS. If you are interested in outsourcing your bookkeeping for your small business – chat with one of our team members today.
And how do you plan on spending your time this year? Do you have #resolutions or on-going goals you wish to achieve this year personally? With your #business? ✨
Tell us!
We hope everyone has a wonderful and safe New Years.🎉
📱 Did you see the new iPhone 12? Is your business paying for that?
If you are a sole proprietor or own a business, the business could be paying your cell phone bill because it qualifies as a business write off.
This 📲 is one of the most commonly missed #deductions seen with sole proprietors.
➡️ On the other hand, if you are paying personally you can have your business reimburse you for this expense each month. Every coin counts guys.
How did Charlie do for his first Instagram Reel? 🐾🐾
Follow us on Instagram @FoltzCPA
Are you keeping those personal and #business coins separate? 💰💰
#Bookkeeping
We don't know who needed to hear this, but what a great reminder this #Monday Morning. ☀️
➡️ How do you try to stay #motivated throughout the week? Asking for a friend...
#lovefxbg
Foltz Family have you downloaded the #Liscio app yet?
The mobile app is an extension of our Client Center. Using your tablet or mobile device, you can access your #tax and accounting documents anytime, anywhere, when you are on the go. You can log into the mobile apps with the same usernames and passwords that you use to login to our Client Center.
Download the Liscio app from the Apple App Store or Google Play Store.
#Taxseason doesn’t have to be something you dread. So long as you prepare your documents, take the proper steps, and compile the information you need, your annual tax filing will be simple and painless. Follow these four steps to get your #smallbusiness ready for tax season this year.
What constitutes good #bookkeeping? What qualities to look for in a good bookkeeper and what you should expect. ✅
1. Excellent #Communication Skills
2. Adept at Accounting Software and New Technologies
3. Organization and Teamwork – “Teamwork Makes the Dream Work”
4. Integrity
5. Flexibility to Adapt to Different Working Styles
6. Relationship Building Skills
➡️ You don’t have to do it all and you don’t have to settle – set those #EXPECTATIONS. If you are interested in outsourcing your bookkeeping for your small business – chat with one of our team members today.
TGIF! How do you like to kick off your #weekend?
How about a trip to The Icing Baking Company?🧁 Name a better way to end a busy week....we’ll wait!
But seriously, if you haven’t visited Owner, Camile and her amazing #team over at the bakery, you are missing out. 🎂
Check out their page!
#SupportLocal #SupportSmall
You can’t possibly remember it all.
Pro Tip: Add all deadlines to your calendar!📅
Missing a #taxdeadline can be costly and potentially flag you for an audit. #WeDontWantThatForYou
Be aware of all the deadlines that pertain to your business and let’s add them to our trusty calendars with friendly reminders. ✍️
#bookkeeping #accounting #business #smallbusiness #entrepreneur #tax #accountant #taxes #finance #money #payroll #bookkeeper #taxpreparation #businessowner #bookkeepingservices #cpa #startup #lovefxbg #lovelocal #smallbusinesstax #documentation
Things you do doesn't matter, the way you do them matters.#perspective
➡️ Today, we encourage you to think of one small thing that you can do that caters to the great or good of our #community.
#ActsOfKindness #CommunityInvolvement #SupportLocal #MLK #MartinLutherKing #Lovefxbg #BusinessCommunity #SupportBusiness
How did Charlie do for his first Instagram Reel? 🐾🐾
Follow us on Instagram @FoltzCPA
Are you keeping those personal and #business coins separate? 💰💰
#Bookkeeping
We don't know who needed to hear this, but what a great reminder this #Monday Morning. ☀️
➡️ How do you try to stay #motivated throughout the week? Asking for a friend...
#lovefxbg
Is hiring your first employee on your 2021 Goal List? I know you want to create a smooth transition from a one (wo)man show to an employer, be sure to understand all the new obligations that come along with this new, and exciting title.
➡️ Determine if you’re hiring an employee and contractor
➡️ Apply For a Federal EIN
➡️ Register with Your State
➡️ Get Workers’ Compensation Insurance
➡️ Pick Your Payroll Provider
Who is going to be your first hire in 2021? ✅
#2021Goals #Employees #Hiring #Staff #BusinessMind #Employer #RunningABusiness #GoalGetter #GoalSeeker
Who else is always looking for ways to make their business processes more #efficient so you can spend your time on more critical tasks? If so, this #TuesdayTip is all for you. ⏰
You can reduce the back-and-forth with your #Bookkeeper by setting them up with read-only access to your business bank and credit card accounts so that they can access the information they need without having to request it from you each month. 💰
Depending on the bank, you can either do this on their website or by calling customer support. 🏦
Unfortunately, this isn’t a capability of every bank, but it doesn’t hurt to ask if it means you will save time each month. #TimeIsMoney
Have you tried this? Has it saved you time?
#TaxTip
A #powerful statement to remember – success is a long journey with #persistence. 🙌
➡️ As a business owner, #entrepreneur or a community leader - what advice/words of encouragement would you give other business owners or individuals who are looking to start a business?
TGIF! How do you like to kick off your #weekend?
How about a trip to The Icing Baking Company?🧁 Name a better way to end a busy week....we’ll wait!
But seriously, if you haven’t visited Owner, Camile and her amazing #team over at the bakery, you are missing out. 🎂
Check out their page!
#SupportLocal #SupportSmall
You can’t possibly remember it all.
Pro Tip: Add all deadlines to your calendar!📅
Missing a #taxdeadline can be costly and potentially flag you for an audit. #WeDontWantThatForYou
Be aware of all the deadlines that pertain to your business and let’s add them to our trusty calendars with friendly reminders. ✍️
#bookkeeping #accounting #business #smallbusiness #entrepreneur #tax #accountant #taxes #finance #money #payroll #bookkeeper #taxpreparation #businessowner #bookkeepingservices #cpa #startup #lovefxbg #lovelocal #smallbusinesstax #documentation
Things you do doesn't matter, the way you do them matters.#perspective
➡️ Today, we encourage you to think of one small thing that you can do that caters to the great or good of our #community.
#ActsOfKindness #CommunityInvolvement #SupportLocal #MLK #MartinLutherKing #Lovefxbg #BusinessCommunity #SupportBusiness
The #1 reason to have a budget and use it, is that it allows you to stay on top pf your #expenses and provides clarity when it comes to your #spending.
CASH 👏FLOW 👏MANAGEMENT
So where do you start? Create a yearly budget and compare to actuals after #reconciling your bank accounts each month. Adjust when needed. 💰
➡️ Tell us, when do you do your annual budget?
#TaxTip #Lovefxbg #FoltzCPA
If you’re a business owner, at some point you will fail. It’s inevitable. Whether that #failure is large or small, there’s something to be gained.
Failure is probably one of the aspects of life most people are afraid of. But the truth is: everyone has failed and everyone will fail again. 🤔
Sometimes we tend to forget that all #successful people have failed, but they did not stop after their failures - they got up. Time after time, they continued to stand back up. #NationalGetUpDay
➡️ So, do not be afraid of failure, it is a part of your road to success.
Put a 👏 in the comments if you agree!
Is hiring your first employee on your 2021 Goal List? I know you want to create a smooth transition from a one (wo)man show to an employer, be sure to understand all the new obligations that come along with this new, and exciting title.
➡️ Determine if you’re hiring an employee and contractor
➡️ Apply For a Federal EIN
➡️ Register with Your State
➡️ Get Workers’ Compensation Insurance
➡️ Pick Your Payroll Provider
Who is going to be your first hire in 2021? ✅
#2021Goals #Employees #Hiring #Staff #BusinessMind #Employer #RunningABusiness #GoalGetter #GoalSeeker
Who else is always looking for ways to make their business processes more #efficient so you can spend your time on more critical tasks? If so, this #TuesdayTip is all for you. ⏰
You can reduce the back-and-forth with your #Bookkeeper by setting them up with read-only access to your business bank and credit card accounts so that they can access the information they need without having to request it from you each month. 💰
Depending on the bank, you can either do this on their website or by calling customer support. 🏦
Unfortunately, this isn’t a capability of every bank, but it doesn’t hurt to ask if it means you will save time each month. #TimeIsMoney
Have you tried this? Has it saved you time?
#TaxTip
A #powerful statement to remember – success is a long journey with #persistence. 🙌
➡️ As a business owner, #entrepreneur or a community leader - what advice/words of encouragement would you give other business owners or individuals who are looking to start a business?
TGIF! How do you like to kick off your #weekend?
How about a trip to The Icing Baking Company?🧁 Name a better way to end a busy week....we’ll wait!
But seriously, if you haven’t visited Owner, Camile and her amazing #team over at the bakery, you are missing out. 🎂
Check out their page!
#SupportLocal #SupportSmall
💰 Cost of Goods Sold (COGS) is the cost of a product to a distributor, manufacturer or retailer. Sales revenue minus cost of goods sold is a business’s gross profit. Cost of goods sold is considered an expense in accounting.
➡️ It includes the cost of the merchandise, as well as the costs to get that item into inventory and sale ready - shipping, labels, bubble wrap, etc.
➡️ When you make the purchase, these costs go into your inventory asset account. When the item is sold to a customer, the costs move from inventory, into the COGS account.
👉 Name something that would be considered COGS for your business?
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #Bookkeeping #BookkeeperLife #SmallBusinessTax #SmallBusiness #LoveFxbg #foltzcpa #CashFlow #CashManagement #Budget #HowToBudget
Every day try to go out of your comfort zone, some small #achievement can be very powerful in the future. A small achievement today can create big skills in the future. 📈
👉 It is impossible to expect different results with the same action. Change your action, go out of your comfort zone and you will experience different results.
#GoalSeeker #CareerJourney #Success #SuccessfulMindset #GoalGetter #GoalSetter #SuccessfulQuote #SuccessMotivation #SuccessGoals #Lovefxbg #FoltzCPA #GetUpDay #NationalGetUpDay #Perseverance #BusinessOwner
PSA: #Local Property Tax Deadlines ⏰
➡️ Property #Tax forms are due February 15th for both Fredericksburg and Stafford County.
➡️It is important to note that extensions are not available for Stafford. Please send the necessary forms to your account manager.
❗️Spotsylvania Property Tax Forms were due February 1. Can be extended through May 1
❗️Fredericksburg – 02/15 can be extended through 03/15
#LocalTax #Lovefxbg #Virginia #Taxes #PropertyTax #TaxTips #Bookkeeping #BookkeeperLife #SmallBusinessOwner #Entrepreneur #TaxSeason2021
The #1 reason to have a budget and use it, is that it allows you to stay on top pf your #expenses and provides clarity when it comes to your #spending.
CASH 👏FLOW 👏MANAGEMENT
So where do you start? Create a yearly budget and compare to actuals after #reconciling your bank accounts each month. Adjust when needed. 💰
➡️ Tell us, when do you do your annual budget?
#TaxTip #Lovefxbg #FoltzCPA
If you’re a business owner, at some point you will fail. It’s inevitable. Whether that #failure is large or small, there’s something to be gained.
Failure is probably one of the aspects of life most people are afraid of. But the truth is: everyone has failed and everyone will fail again. 🤔
Sometimes we tend to forget that all #successful people have failed, but they did not stop after their failures - they got up. Time after time, they continued to stand back up. #NationalGetUpDay
➡️ So, do not be afraid of failure, it is a part of your road to success.
Put a 👏 in the comments if you agree!
Is hiring your first employee on your 2021 Goal List? I know you want to create a smooth transition from a one (wo)man show to an employer, be sure to understand all the new obligations that come along with this new, and exciting title.
➡️ Determine if you’re hiring an employee and contractor
➡️ Apply For a Federal EIN
➡️ Register with Your State
➡️ Get Workers’ Compensation Insurance
➡️ Pick Your Payroll Provider
Who is going to be your first hire in 2021? ✅
#2021Goals #Employees #Hiring #Staff #BusinessMind #Employer #RunningABusiness #GoalGetter #GoalSeeker
Talk about #perspective! 🙌
➡️ When you look back , what is one thing you were scared to do but did anyways which in return paid off?
#Motivation #SuccessGoals #Lovefxbg #FoltzCPA #Perseverance #BusinessOwner
Reminder: #Local Property Tax Deadlines
Property #Tax forms are due February 15th for both Fredericksburg and Stafford County.
➡️ It is important to note that extensions are not available for Stafford. Please send the necessary forms to your account manager.
👉 Spotsylvania Property Tax Forms were due February 1. Can be extended through May 1
👉 Fredericksburg – 02/15 can be extended through 03/15
#TaxSeason2021 #Lovefxbg #FoltzCPA
💰 Cost of Goods Sold (COGS) is the cost of a product to a distributor, manufacturer or retailer. Sales revenue minus cost of goods sold is a business’s gross profit. Cost of goods sold is considered an expense in accounting.
➡️ It includes the cost of the merchandise, as well as the costs to get that item into inventory and sale ready - shipping, labels, bubble wrap, etc.
➡️ When you make the purchase, these costs go into your inventory asset account. When the item is sold to a customer, the costs move from inventory, into the COGS account.
👉 Name something that would be considered COGS for your business?
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #Bookkeeping #BookkeeperLife #SmallBusinessTax #SmallBusiness #LoveFxbg #foltzcpa #CashFlow #CashManagement #Budget #HowToBudget
Every day try to go out of your comfort zone, some small #achievement can be very powerful in the future. A small achievement today can create big skills in the future. 📈
👉 It is impossible to expect different results with the same action. Change your action, go out of your comfort zone and you will experience different results.
#GoalSeeker #CareerJourney #Success #SuccessfulMindset #GoalGetter #GoalSetter #SuccessfulQuote #SuccessMotivation #SuccessGoals #Lovefxbg #FoltzCPA #GetUpDay #NationalGetUpDay #Perseverance #BusinessOwner
PSA: #Local Property Tax Deadlines ⏰
➡️ Property #Tax forms are due February 15th for both Fredericksburg and Stafford County.
➡️It is important to note that extensions are not available for Stafford. Please send the necessary forms to your account manager.
❗️Spotsylvania Property Tax Forms were due February 1. Can be extended through May 1
❗️Fredericksburg – 02/15 can be extended through 03/15
#LocalTax #Lovefxbg #Virginia #Taxes #PropertyTax #TaxTips #Bookkeeping #BookkeeperLife #SmallBusinessOwner #Entrepreneur #TaxSeason2021
The #1 reason to have a budget and use it, is that it allows you to stay on top pf your #expenses and provides clarity when it comes to your #spending.
CASH 👏FLOW 👏MANAGEMENT
So where do you start? Create a yearly budget and compare to actuals after #reconciling your bank accounts each month. Adjust when needed. 💰
➡️ Tell us, when do you do your annual budget?
#TaxTip #Lovefxbg #FoltzCPA
Why you should include all 4️⃣ types in your #goalsetting.
➡️ A #HarvardBusiness study found that there is a direct correlation between goal setting and success. It said that 14% of the people who have goals are 10 times more successful than those who do not have goals. Let that sink in.
➡️ Whether #financialgoals are numerical or tangible, they should be specific enough that a business owner can clearly determine whether or not they achieved them.
If you aren’t working toward anything specific, you’re likely to spend more than you should.
Benefits if setting your goals:
👉 Provide direction & Focus
👉 Help with prioritizing tasks
👉 Personal satisfaction
👉 Provide data and clarity when making decisions #ShowUsTheCarFax
#FinancialGoalSetting #LoveFxbg #Finances #Personal #Numerical #Tangible #LongTerm #ShortTerm #SMARTGoals
Here's how you can save those coins. 💰
1️⃣ Bookkeeping ensures your records are neat and organized.
Time is money. When you have organized records, you don’t have to waste valuable time sorting through muddled records.
2️⃣ For many, audits are terrifying. What’s even more nerve-wracking is being unprepared when an audit strikes.
Audits aren’t inherently bad. If you have organized records, the process goes much more smoothly.
When you regularly record transactions, you have the documentation to back up tax deductions or credits, reported income, and more.
3️⃣ Bookkeeping can prevent confusion over how much you have. With bookkeeping, you know how much money you have, owe, and are owed. That way, you can make educated purchasing decisions and dial back on expenses.
👉 Have you ever thought to outsource your bookkeeping? If so, reach out and we would be happy to go tell you all about our small business services.
#TaxSeason2021 #LoveFxbg #FoltzCPA #CashFlow #CashManagement #Budget #HowToBudget
Talk about #perspective! 🙌
➡️ When you look back , what is one thing you were scared to do but did anyways which in return paid off?
#Motivation #SuccessGoals #Lovefxbg #FoltzCPA #Perseverance #BusinessOwner
Reminder: #Local Property Tax Deadlines
Property #Tax forms are due February 15th for both Fredericksburg and Stafford County.
➡️ It is important to note that extensions are not available for Stafford. Please send the necessary forms to your account manager.
👉 Spotsylvania Property Tax Forms were due February 1. Can be extended through May 1
👉 Fredericksburg – 02/15 can be extended through 03/15
#TaxSeason2021 #Lovefxbg #FoltzCPA
💰 Cost of Goods Sold (COGS) is the cost of a product to a distributor, manufacturer or retailer. Sales revenue minus cost of goods sold is a business’s gross profit. Cost of goods sold is considered an expense in accounting.
➡️ It includes the cost of the merchandise, as well as the costs to get that item into inventory and sale ready - shipping, labels, bubble wrap, etc.
➡️ When you make the purchase, these costs go into your inventory asset account. When the item is sold to a customer, the costs move from inventory, into the COGS account.
👉 Name something that would be considered COGS for your business?
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #Bookkeeping #BookkeeperLife #SmallBusinessTax #SmallBusiness #LoveFxbg #foltzcpa #CashFlow #CashManagement #Budget #HowToBudget
Every day try to go out of your comfort zone, some small #achievement can be very powerful in the future. A small achievement today can create big skills in the future. 📈
👉 It is impossible to expect different results with the same action. Change your action, go out of your comfort zone and you will experience different results.
#GoalSeeker #CareerJourney #Success #SuccessfulMindset #GoalGetter #GoalSetter #SuccessfulQuote #SuccessMotivation #SuccessGoals #Lovefxbg #FoltzCPA #GetUpDay #NationalGetUpDay #Perseverance #BusinessOwner
If you use your car for business, there are two ways to take the deduction: 🚙
👉Standard Mileage Rate: The standard mileage rate, also known as the mileage per diem or deductible mileage, is the default cost per mile set by the IRS for taxpayers who deduct the expense of using their personal vehicles for business, charitable, or medical purposes.
The taxpayer must own or lease the vehicle in order to claim the standard mileage rate on it. A taxpayer can claim the standard mileage rate on up to four vehicles.
👉Actual Expenses: To use the actual expense method, you must determine what it actually costs to operate the car for the portion of the overall use of the car that's business use. Include gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments) attributable to the portion of the total miles driven that are business miles.
*If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction.🚙
➡️Note: Other car expenses for parking fees and tolls attributable to business use are separately deductible, whether you use the standard mileage rate or actual expenses.
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #Bookkeeping #BookkeeperLife #SmallBusinessTax #SmallBusiness #LoveFxbg #FoltzCPA #CashFlow #CashManagement #Budget #HowToBudget
Let's #challenge ourselves to be more than just average or do things “just right”...🙌
👉Whether its with customers, clients, business partners, an audience… always OVER deliver.
🤔 What does "Over delivering" look like for you or your business?
The time, effort and energy you put in now, only caters to a greater #purpose.
#Lovefxbg #FoltzCPA #Perseverance #BusinessOwner
Why you should include all 4️⃣ types in your #goalsetting.
➡️ A #HarvardBusiness study found that there is a direct correlation between goal setting and success. It said that 14% of the people who have goals are 10 times more successful than those who do not have goals. Let that sink in.
➡️ Whether #financialgoals are numerical or tangible, they should be specific enough that a business owner can clearly determine whether or not they achieved them.
If you aren’t working toward anything specific, you’re likely to spend more than you should.
Benefits if setting your goals:
👉 Provide direction & Focus
👉 Help with prioritizing tasks
👉 Personal satisfaction
👉 Provide data and clarity when making decisions #ShowUsTheCarFax
#FinancialGoalSetting #LoveFxbg #Finances #Personal #Numerical #Tangible #LongTerm #ShortTerm #SMARTGoals
Here's how you can save those coins. 💰
1️⃣ Bookkeeping ensures your records are neat and organized.
Time is money. When you have organized records, you don’t have to waste valuable time sorting through muddled records.
2️⃣ For many, audits are terrifying. What’s even more nerve-wracking is being unprepared when an audit strikes.
Audits aren’t inherently bad. If you have organized records, the process goes much more smoothly.
When you regularly record transactions, you have the documentation to back up tax deductions or credits, reported income, and more.
3️⃣ Bookkeeping can prevent confusion over how much you have. With bookkeeping, you know how much money you have, owe, and are owed. That way, you can make educated purchasing decisions and dial back on expenses.
👉 Have you ever thought to outsource your bookkeeping? If so, reach out and we would be happy to go tell you all about our small business services.
#TaxSeason2021 #LoveFxbg #FoltzCPA #CashFlow #CashManagement #Budget #HowToBudget
Talk about #perspective! 🙌
➡️ When you look back , what is one thing you were scared to do but did anyways which in return paid off?
#Motivation #SuccessGoals #Lovefxbg #FoltzCPA #Perseverance #BusinessOwner
Reminder: #Local Property Tax Deadlines
Property #Tax forms are due February 15th for both Fredericksburg and Stafford County.
➡️ It is important to note that extensions are not available for Stafford. Please send the necessary forms to your account manager.
👉 Spotsylvania Property Tax Forms were due February 1. Can be extended through May 1
👉 Fredericksburg – 02/15 can be extended through 03/15
#TaxSeason2021 #Lovefxbg #FoltzCPA
Everyday is #NationalEmployeeAppreciationDay around here! 💛
We can not say it enough...we are truly blessed.
Everyday is 🍕 day! You know what kind of pizza we like? That #local kinda slice! Malawi's Pizza - Spotsylvania Towne Centre
➡️ BIG Question Here: What’s your favorite 🍕 topping(s)?
#SupportLocal #LocalPizza #LoveFXBG #Foodstagram #Foodie #LocalBusiness #LocalLove #yummy😋😋 #Community #PizzaTime #PizzaLover #PizzaPizzaPizza
➡️ According to the OnPay 2019 Small Business Finance and HR Report, #smallbusiness owners who have a strong relationship with their accountant are 32% more likely to expect a significant increase in #revenue over the next year.
💬 We recommend chatting often— even monthly. You’ll have a better handle on your business and can plan for any tax law changes. Recording income and #expenses in real-time allows you and your accountant to catch any mistakes early. And your accountant will know your business better and be more empowered to offer proactive, consultative advice.
➡️ Speaking of connecting with your #accountant- April 15th is the deadline for individual taxes. Let's get our stuff in as soon as possible.
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #Bookkeeping #BookkeeperLife #SmallBusinessTax #SmallBusiness #LoveFxbg #Foltz&Associates #CashFlow #CashManagement #Budget #HowToBudget
There is something to learn from even the worst of #reviews...⭐
➡️Your true #customers, if they are your target customers, and they are unhappy with you, they are the absolutely best source of feedback on your product or service, and you should listen to them always.
➡️If a customer complains, it doesn’t mean they are going to abandon you, necessarily. It actually is a sign of commitment. They’re taking the time to complain to you about the product or service because they want it to work. We’re only human and we’re always prone to making some mistakes. But it’s how we deal with them that really matters the most.
Question: As a business do you measure #feedback from your customers? If so, how?
#CustomerSatisfaction #CareerJourney #Success #SuccessfulMindset #GoalGetter #GoalSetter #SuccessfulQuote #SuccessMotivation #SuccessGoals #Lovefxbg #FoltzCPA #CustomerService #Perseverance #BusinessOwner
If you use your car for business, there are two ways to take the deduction: 🚙
👉Standard Mileage Rate: The standard mileage rate, also known as the mileage per diem or deductible mileage, is the default cost per mile set by the IRS for taxpayers who deduct the expense of using their personal vehicles for business, charitable, or medical purposes.
The taxpayer must own or lease the vehicle in order to claim the standard mileage rate on it. A taxpayer can claim the standard mileage rate on up to four vehicles.
👉Actual Expenses: To use the actual expense method, you must determine what it actually costs to operate the car for the portion of the overall use of the car that's business use. Include gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments) attributable to the portion of the total miles driven that are business miles.
*If you qualify to use both methods, you may want to figure your deduction both ways before choosing a method to see which one gives you a larger deduction.🚙
➡️Note: Other car expenses for parking fees and tolls attributable to business use are separately deductible, whether you use the standard mileage rate or actual expenses.
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #Bookkeeping #BookkeeperLife #SmallBusinessTax #SmallBusiness #LoveFxbg #FoltzCPA #CashFlow #CashManagement #Budget #HowToBudget
Let's #challenge ourselves to be more than just average or do things “just right”...🙌
👉Whether its with customers, clients, business partners, an audience… always OVER deliver.
🤔 What does "Over delivering" look like for you or your business?
The time, effort and energy you put in now, only caters to a greater #purpose.
#Lovefxbg #FoltzCPA #Perseverance #BusinessOwner
➡️Friendly Reminder! Deadline coming up.
Corporate Tax Returns ➡️
Partnership (Form 1065) and S Corporations (1120S) are due March 1️⃣5️⃣th.
Have you connected with you account manager yet?
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #SmallBusinessTax #SmallBusiness #LoveFxbg #FoltzCPA #TaxDeadline
How many of our #ideas are getting into action? Very few to none, right? Why?
Because we are scared, waiting for the right time, tell us? But, we all wish we could take as many ideas as possible to action. So, how can we do this?
1️⃣ #Acknowledge the idea, doing nothing about it is 'not' OK. Unless we acknowledge it, we keep taking those ideas for granted.
2️⃣#Decide. Not all ideas are good and can be turned into action. Decide on what ideas you're going to pursue.
3️⃣ #Analyze but don't over think. Every work has it own risks and limitations. But, Over thinking about them will take us nowhere.
4️⃣ #StartSmall. It can be as simple as researching about it. But start. Don't keep waiting for the "right time". The right time is 'NOW'.
➡️ Oh - that's it? No, there are other aspects we have to be cautious about - consistency, avoiding distractions, self- motivation, overcoming fear of failure, and so on.
🧠 But, when you have an idea, don't neglect it, as your brain has spent a huge energy for it.
🏬We have assisted so many small businesses and start-ups in our day - we love hearing people's ideas come to life.
#LoveFxbg #LoveLocal #FoltzCPA #MotivationMonday
Everyday is #NationalEmployeeAppreciationDay around here! 💛
We can not say it enough...we are truly blessed.
Everyday is 🍕 day! You know what kind of pizza we like? That #local kinda slice! Malawi's Pizza - Spotsylvania Towne Centre
➡️ BIG Question Here: What’s your favorite 🍕 topping(s)?
#SupportLocal #LocalPizza #LoveFXBG #Foodstagram #Foodie #LocalBusiness #LocalLove #yummy😋😋 #Community #PizzaTime #PizzaLover #PizzaPizzaPizza
➡️ According to the OnPay 2019 Small Business Finance and HR Report, #smallbusiness owners who have a strong relationship with their accountant are 32% more likely to expect a significant increase in #revenue over the next year.
💬 We recommend chatting often— even monthly. You’ll have a better handle on your business and can plan for any tax law changes. Recording income and #expenses in real-time allows you and your accountant to catch any mistakes early. And your accountant will know your business better and be more empowered to offer proactive, consultative advice.
➡️ Speaking of connecting with your #accountant- April 15th is the deadline for individual taxes. Let's get our stuff in as soon as possible.
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #Bookkeeping #BookkeeperLife #SmallBusinessTax #SmallBusiness #LoveFxbg #Foltz&Associates #CashFlow #CashManagement #Budget #HowToBudget
There is something to learn from even the worst of #reviews...⭐
➡️Your true #customers, if they are your target customers, and they are unhappy with you, they are the absolutely best source of feedback on your product or service, and you should listen to them always.
➡️If a customer complains, it doesn’t mean they are going to abandon you, necessarily. It actually is a sign of commitment. They’re taking the time to complain to you about the product or service because they want it to work. We’re only human and we’re always prone to making some mistakes. But it’s how we deal with them that really matters the most.
Question: As a business do you measure #feedback from your customers? If so, how?
#CustomerSatisfaction #CareerJourney #Success #SuccessfulMindset #GoalGetter #GoalSetter #SuccessfulQuote #SuccessMotivation #SuccessGoals #Lovefxbg #FoltzCPA #CustomerService #Perseverance #BusinessOwner
Maintain the liability protection your LLC provides by avoiding these mistakes! 👇
1️⃣Operating Agreement: This lays out the #operations of the LLC and the agreement between the LLC members (Even Single-Member LLCs should have them). This document helps you with the case of the "What Ifs" for your business.
2️⃣ Business Bank Account: Are you tired of us saying it yet? Let's keep personal and business #expenses separate.
3️⃣ Insurance: Highly consider getting a general liability #insurance policy to protect your business. It is a small expense considering the protection it provides.
4️⃣ Meeting Minutes: Though not required for an LLC, it does help establish that you are a legitimate business. This task can be very simple as tracking notes online or in a journal. Document those big decisions made by the member(s) of the business.
➡️Question for our Business Owners! If you could go back and do anything differently in your start-up journey - what would it be?
#BusinessOwner #Entrepreneur #TaxSeason2021 #TaxSeason #TaxPreparation #SmallBusiness #LoveFxbg #FoltzCPA
We are 1️⃣ month out!
Friendly Reminder: April 15th is the
deadline for filing your 2020 tax returns.📅
➡️Contact your account manager!
#TaxSeason21 #TaxSeason #Lovefxbg #FoltzCPA #TaxDeadline #TaxReminders #April15 #TaxTips
Foltz Family, how are you liking your experience with Liscio? 💛
➡️The mobile app is an extension of our Client Center. Using your tablet or mobile device, you can access your #tax and #accounting documents anytime, anywhere, when you are on the go. You can log into the mobile apps with the same usernames and passwords that you use to login to our Client Center.
➡️Download the Liscio app from the Apple App Store or Google Play Store.
#SmallBusiness #Operations #App #DigitalSystems #ClientCenter #LoveFXBG #FoltzCPA #Liscio #CustomerFeedback #CustomerExperience
➡️Friendly Reminder! Deadline coming up.
Corporate Tax Returns ➡️
Partnership (Form 1065) and S Corporations (1120S) are due March 1️⃣5️⃣th.
Have you connected with you account manager yet?
#TaxTip #Tips #TaxSeason2021 #TaxSeason #TaxPreparation #TaxTime #SmallBusinessTax #SmallBusiness #LoveFxbg #FoltzCPA #TaxDeadline
How many of our #ideas are getting into action? Very few to none, right? Why?
Because we are scared, waiting for the right time, tell us? But, we all wish we could take as many ideas as possible to action. So, how can we do this?
1️⃣ #Acknowledge the idea, doing nothing about it is 'not' OK. Unless we acknowledge it, we keep taking those ideas for granted.
2️⃣#Decide. Not all ideas are good and can be turned into action. Decide on what ideas you're going to pursue.
3️⃣ #Analyze but don't over think. Every work has it own risks and limitations. But, Over thinking about them will take us nowhere.
4️⃣ #StartSmall. It can be as simple as researching about it. But start. Don't keep waiting for the "right time". The right time is 'NOW'.
➡️ Oh - that's it? No, there are other aspects we have to be cautious about - consistency, avoiding distractions, self- motivation, overcoming fear of failure, and so on.
🧠 But, when you have an idea, don't neglect it, as your brain has spent a huge energy for it.
🏬We have assisted so many small businesses and start-ups in our day - we love hearing people's ideas come to life.
#LoveFxbg #LoveLocal #FoltzCPA #MotivationMonday
Everyday is #NationalEmployeeAppreciationDay around here! 💛
We can not say it enough...we are truly blessed.
Did you know the 2014 US Federal Tax Code used by the #IRS was 73,954 pages long? 💰
➡️ Think about this for a moment. If you devoted yourself to reading and understanding 100 pages of the #TaxCode everyday it would take you a little over the next 2 years to get through it. By the time you finished it 2 years later, there would have been two more years of changes and additions. See where we are going with this?
➡️ This proves that we need to make sure we’re all taking control of the things we can control, instead of getting frustrated by all of the changes. Just remember this quote and if you react by taking a #proactive approach you’ll feel more in control.
#TaxSeason21 #Lovefxbg #FoltzCPA #MotivationMonday
🤔 Which of these #tasks are you currently knocking out of the park and which ones do you need to do better with or start?
This is where the importance of an accounting system comes into play.
✅ File Receipts + Maintain Documents
✅ Track Unpaid Vendors
✅ Submit Payments
✅ Send #Invoices
✅ Check Cash Flow
We know this seems like a lot but once you get a rhythm going, you'll be better off!
Check out Sam’s Instagram Reel!
https://www.instagram.com/reel/CMmm-JLgRig/?igshid=2iudxu61n9zf
#AccountingTips #LoveFxbg #FoltzCPA
INSTAGRAM.COM
foltzcpa on Instagram: 🤔 Which of these tasks are you currently knocking out of the park and which ones do you need to do better with or start? This is where…
Of course we needed to stop by The Icing Baking Company for some St.Patrick’s Day themed treats. ☘️ 💚🧁
#stpatricksday2021
Maintain the liability protection your LLC provides by avoiding these mistakes! 👇
1️⃣Operating Agreement: This lays out the #operations of the LLC and the agreement between the LLC members (Even Single-Member LLCs should have them). This document helps you with the case of the "What Ifs" for your business.
2️⃣ Business Bank Account: Are you tired of us saying it yet? Let's keep personal and business #expenses separate.
3️⃣ Insurance: Highly consider getting a general liability #insurance policy to protect your business. It is a small expense considering the protection it provides.
4️⃣ Meeting Minutes: Though not required for an LLC, it does help establish that you are a legitimate business. This task can be very simple as tracking notes online or in a journal. Document those big decisions made by the member(s) of the business.
➡️Question for our Business Owners! If you could go back and do anything differently in your start-up journey - what would it be?
#BusinessOwner #Entrepreneur #TaxSeason2021 #TaxSeason #TaxPreparation #SmallBusiness #LoveFxbg #FoltzCPA
We are 1️⃣ month out!
Friendly Reminder: April 15th is the
deadline for filing your 2020 tax returns.📅
➡️Contact your account manager!
#TaxSeason21 #TaxSeason #Lovefxbg #FoltzCPA #TaxDeadline #TaxReminders #April15 #TaxTips
Foltz Family, how are you liking your experience with Liscio? 💛
➡️The mobile app is an extension of our Client Center. Using your tablet or mobile device, you can access your #tax and #accounting documents anytime, anywhere, when you are on the go. You can log into the mobile apps with the same usernames and passwords that you use to login to our Client Center.
➡️Download the Liscio app from the Apple App Store or Google Play Store.
#SmallBusiness #Operations #App #DigitalSystems #ClientCenter #LoveFXBG #FoltzCPA #Liscio #CustomerFeedback #CustomerExperience
Do you know how much it costs each month to run your business? 🤔
A handful of us know how MUCH our business is banking because well... that's a number we like looking at. Are we right or are we right? 💰
➡️ But just as important (if not more) is knowing how much money does it actually take to run your business? What does your operations look like? ⚙️
Some advice:
🪙 Always know this number
🪙 Review this number every quarter or every six months
🪙 Ask yourself, can your business afford this number? Comfortably?
We hear everyone always talking about making that 6-figure income - but income comes after expenses are taken out of your account.
➡️ How do you track your operationals?
#FoltzCPA #TaxSeason21 #LoveFxbg #Bookkeeping
Are you putting aside coins monthly for #taxes? 💰
➡️Now, it's not always simple and straight forward - this is something you need to work with your #TaxAccountant on.
➡️Once you finish monthly #bookkeeping, you should be putting aside at least 20% of your profit (income minus expenses).
➡️Maybe consider having a separate #bank account from your operating account to store those funds. Then, every #quarter, you can pay your estimated payments online.
➡️Have you already adopted this method or one similar? Tell us.
#FoltzCPA #TaxSeason21 #LoveFxbg
Did you know the 2014 US Federal Tax Code used by the #IRS was 73,954 pages long? 💰
➡️ Think about this for a moment. If you devoted yourself to reading and understanding 100 pages of the #TaxCode everyday it would take you a little over the next 2 years to get through it. By the time you finished it 2 years later, there would have been two more years of changes and additions. See where we are going with this?
➡️ This proves that we need to make sure we’re all taking control of the things we can control, instead of getting frustrated by all of the changes. Just remember this quote and if you react by taking a #proactive approach you’ll feel more in control.
#TaxSeason21 #Lovefxbg #FoltzCPA #MotivationMonday
🤔 Which of these #tasks are you currently knocking out of the park and which ones do you need to do better with or start?
This is where the importance of an accounting system comes into play.
✅ File Receipts + Maintain Documents
✅ Track Unpaid Vendors
✅ Submit Payments
✅ Send #Invoices
✅ Check Cash Flow
We know this seems like a lot but once you get a rhythm going, you'll be better off!
Check out Sam’s Instagram Reel!
https://www.instagram.com/reel/CMmm-JLgRig/?igshid=2iudxu61n9zf
#AccountingTips #LoveFxbg #FoltzCPA
INSTAGRAM.COM
foltzcpa on Instagram: 🤔 Which of these tasks are you currently knocking out of the park and which ones do you need to do better with or start? This is where…
Of course we needed to stop by The Icing Baking Company for some St.Patrick’s Day themed treats. ☘️ 💚🧁
#stpatricksday2021
Maintain the liability protection your LLC provides by avoiding these mistakes! 👇
1️⃣Operating Agreement: This lays out the #operations of the LLC and the agreement between the LLC members (Even Single-Member LLCs should have them). This document helps you with the case of the "What Ifs" for your business.
2️⃣ Business Bank Account: Are you tired of us saying it yet? Let's keep personal and business #expenses separate.
3️⃣ Insurance: Highly consider getting a general liability #insurance policy to protect your business. It is a small expense considering the protection it provides.
4️⃣ Meeting Minutes: Though not required for an LLC, it does help establish that you are a legitimate business. This task can be very simple as tracking notes online or in a journal. Document those big decisions made by the member(s) of the business.
➡️Question for our Business Owners! If you could go back and do anything differently in your start-up journey - what would it be?
#BusinessOwner #Entrepreneur #TaxSeason2021 #TaxSeason #TaxPreparation #SmallBusiness #LoveFxbg #FoltzCPA
