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numbersandtech

60% of internet traffic is done on our mobile phon

60% of internet traffic is done on our mobile phones and tablets! How are your users contacting and interact with your business? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Does your website accommodate mobile traffic so that it displays information clearly and provides functions that are easy to use? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Do you need an app that provides engagement? Our digital signature is inextricably linked to our success. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Technology defines our lives and businesses in the modern day. Let us help you create an app or fine tune your user experience on your website.

Today I had the pleasure of creating a customized

Today I had the pleasure of creating a customized tax checklist for @hellomeridian. It is full of great information to make sure nothing is left out come tax preparation time. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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So many tax firms assume you already know what you need to share with them so they can do your taxes. But don't you ever wonder if you are really giving them everything they need? Is something being overlooked because you didn't even know it was an option?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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This where tax advisory and planning can be a BIG help. If you need a customized tax checklist send me a DM and let's see if I can create one for you also. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Taxes are 2 months away!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#numbersandtech #grablifebythebottomline #taxes #morejoylessoverwhelm #taxprep #numbersdontlie #accountinginmyheart #entrepreneurspirit #collaborationovercompetition #womensupportingwomen #financialliteracy #texpreparation #womeninbiz #femaleentrepreneurs #localboise #idahobusiness #supportlocal #smallbusiness

The best and fastest way to get a tax refund remai

The best and fastest way to get a tax refund remains direct deposit. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The Where's My Refund? tool on the IRS website will provide your refund status within 24 hours after the IRS receives your e-filed tax return or up to four weeks after they mailed a paper return. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#numbersandtech #grablifebythebottomline #idproaccounting #morejoylessoverwhelm #accountinglife #numbersdontlie #accountinginmyheart #entrepreneurspirit #collaborationovercompetition #womensupportingwomen #financialliteracy #boisebuisness #boisewomen #sheisboise #womeninbiz #femaleentrepreneurs #iamboise #localboise #idahobusiness #supportlocal #smallbusiness

Weekly Accounting Tasks: Document & File Receipts⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Keep copies of all invoices sent, all receipts (cash, check and credit card deposits) and all payments (cash, check, credit card statements, etc.).⠀⠀⠀⠀⠀⠀⠀⠀⠀
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And I don't mean paper copies. Those can fade, get lost and take up so much space.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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On your computer or a shared drive start a vendors file, sort it alphabetically. For example Staples receipts go under a “S” folder and Costco receipts under “C,” folder for easy access. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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A common habit is to toss all paper receipts into a box and try to decipher them at tax time, but unless you have a small volume of transactions, it’s better to have separate files for assorted receipts kept organized as they come in. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Many accounting software systems such as Quickbooks let you scan paper receipts and avoid physical files altogether. That is my favorite way! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The receipt can be attached to the expense transaction in QBO.

Weekly Accounting Tasks - Record Transactions⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Record each transaction (billing customers, receiving cash from customers, paying vendors, etc.) in the proper account daily or weekly, depending on volume. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Although recording transactions manually in an Excel sheet is acceptable if you have only a few transactions now and then, it is smarter and easier to use accounting software like QuickBooks. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The benefits and control far outweigh the cost.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Do you use Quickbooks or Excel? Let me know what works best for you right now. Needs change over time.

Dedicate Time to Update Your Books ⠀⠀⠀⠀⠀

Dedicate Time to Update Your Books ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Block out weekly time in your calendar to get necessary paperwork in order and avoid letting receipts and invoiced receivables pile up. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Make sure to stick to the time you’ve set aside. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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How do you make sure to stay up to date? I love hearing how creative you are?

Daily Accounting Task: Check Cash Balance⠀⠀⠀

Daily Accounting Task: Check Cash Balance⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Since cash is the fuel for your business, you never want to be running low. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Start your day by checking how much cash you have on hand. Knowing how much you expect to receive and how much you expect to pay during the upcoming week and month is important also.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Do you know how much cash you have RIGHT NOW?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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I took a week away and it was glorious. January is

I took a week away and it was glorious. January is a busy month for accountants!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Now we are well into February, did you remember to download your January bank, credit card AND loan statements? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you did BRAVO!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Review these statements to make sure you agree & understand EVERY transaction on them. If you find a transaction you don't know what it is call the bank right away and discuss and dispute if necessary. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Many banks have a time limit as to when they will allow changes. After that deadline you are stuck with that transaction.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you are using Quickbooks reconcile those statements to QBO to ensure your QBO is up to date.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Happy Reconciling!

Did you know you can go to IRS.gov/account to acce

Did you know you can go to IRS.gov/account to access information about federal tax accounts, including amount owed, payment history and information from their most recent tax return. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#numbersandtech #grablifebythebottomline #idproaccounting #morejoylessoverwhelm #accountinglife #numbersdontlie #accountinginmyheart #entrepreneurspirit #collaborationovercompetition #womensupportingwomen #financialliteracy #boisebuisness #boisewomen #sheisboise #womeninbiz #femaleentrepreneurs #iamboise #localboise #idahobusiness #supportlocal #smallbusiness

It is almost the end of January. Do you have your

It is almost the end of January. Do you have your W2 or mail them out yet? They are due to be mailed by February 1st.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you're an employee, you receive a W-2. As a W-2 employee, payroll taxes are automatically deducted from your paycheck and then paid to the government through your employer.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Your W-2 reports the amount of federal, state and other taxes withheld from your paycheck. As an employee, the information on your W-2 is extremely important when preparing your tax return.

Accounting and record-keeping. These are perhaps t

Accounting and record-keeping. These are perhaps the most basic of accounting disciplines. While it makes sense for many business owners to manage their day-to-day records, an accountant can help set up bookkeeping and accounting systems and show you how to use them. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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A good system allows you to evaluate profitability and modify prices. It also lets you monitor expenses, track a budget, spot trends and reduce accounting fees required to produce financial statements and tax returns.

PAY YOURSELF FIRST:⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀

PAY YOURSELF FIRST:⠀⠀⠀⠀⠀⠀⠀⠀⠀
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A common pitfall when it comes to our money is not paying ourselves first. We prioritize paying our bills and spending on our lifestyle and then we contribute anything that’s leftover to savings.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Only one problem: there’s never really any money left to save! You might think that if you earn more, you’ll be able to save more, but if you don’t change the equation, you’ll find that your savings still aren’t adding up. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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When you’re running your own business, it’s even more important to prioritize paying yourself first. If you don’t think you can save, start small. Set up a monthly automatic transfer from your checking account to your savings account. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you hardly notice it, gradually inch up the amount! The best part is that paying yourself will soon become routine: by automating it, you’ve turned it into expense.

Daily Accounting Task: Check Cash Balance⠀⠀⠀

Daily Accounting Task: Check Cash Balance⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Since cash is the fuel for your business, you never want to be running low. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Start your day by checking how much cash you have on hand. Knowing how much you expect to receive and how much you expect to pay during the upcoming week and month is important also.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Do you know how much cash you have RIGHT NOW?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Remember that getting back to normal will be a mar

Remember that getting back to normal will be a marathon, not a sprint.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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As we try to inch towards normalcy in 2021, getting back to business as usual will take discipline and meticulous planning.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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For January, make sure you have reviewed your 2020 financial statements, created 1099s if necessary and set goals for 2021 based on your 2020 actual figures.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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That is the best financial jump start you can give yourself.

If you have not done this yet do it today. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Open a Business Bank Account. When you mix personal and professional finances, the results can be disastrous. One of the first steps you should take when starting a new business is opening a new bank account under your business‘s name.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Having a dedicated business bank account, including checking and a credit card, saves you precious man-hours when it’s time to tally up deductible expenses. It’s tough to do out of the gate, but this small business accounting practice will save you major headaches down the road.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Keeping your personal and professional finances completely separate makes tracking the flow of money a breeze.

The Internal Revenue Service reminded businesses a

The Internal Revenue Service reminded businesses and other payors that the revised Form 1099 forms must be mailed to recipients by Feb. 1, 2021.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The due dates help the IRS more easily detect refund fraud by verifying income that individuals report on their tax returns. Payors can help support that process, and avoid penalties, by filing the forms on time and without errors. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The IRS recommends e-file as the quickest, most accurate and convenient way to file these forms.

I get daily emails from the IRS - can you believe

I get daily emails from the IRS - can you believe that? it's part of my profession - keeping up with all topics financial so I can pass them on to you! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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In a recent email the IRS reminds both individuals and businesses that special record keeping rules apply to any taxpayer claiming a charitable contribution deduction. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Usually, this includes obtaining a receipt or acknowledgment letter from the charity and retaining a cancelled check or credit card receipt. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#numbersandtech #grablifebythebottomline #idproaccounting #morejoylessoverwhelm #accountinglife #numbersdontlie #accountinginmyheart #entrepreneurspirit #collaborationovercompetition #womensupportingwomen #financialliteracy #boisebuisness #boisewomen #sheisboise #womeninbiz #femaleentrepreneurs #iamboise #localboise #idahobusiness #supportlocal #smallbusiness

IRS delays start of tax filing season to Feb. 12⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You cannot file your taxes for a few more weeks. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Normally, the filing period begins in late January, allowing early birds to submit their returns and get their refunds as soon as possible.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The IRS is pushing back the beginning of the 2020 tax season to Feb. 12 this year though due to all the Covid-19 changes.

Why is Jan. 15, 2021, an important date to know?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Jan. 15 is the cutoff date in the $900 billion stimulus bill; after the middle of January, the IRS and US Treasury must stop sending payments. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you don't receive your full second stimulus check money by Jan. 15, you will need to claim all or part of the missing amount when you file your federal tax returns in 2021 through the Recovery Rebate Credit. You'll also be able to claim any money the IRS still owes you from the first round of payments.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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People who receive their stimulus payment through direct deposit are less likely to be affected. But there is potentially a distinct disadvantage for people who don't have direct deposit set up with the IRS.

Today deserves a celebration!⠀⠀⠀⠀⠀⠀⠀

Today deserves a celebration!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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I heard from not 1 but 2 clients that they received confirmation that their PPP loans were approved for forgiveness!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Yay! Yay! Yay!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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No need to pay all that money back. We made sure that all the PPP funds were spent on expenses that qualified per the PPP guidelines and had the documentation to prove it. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Now with the second round of PPP funding just being released ⠀⠀⠀⠀⠀⠀⠀⠀⠀
we can make sure you are following ALL the guidelines. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#numbersandtech #grablifebythebottomline #idproaccounting #morejoylessoverwhelm #accountinglife #numbersdontlie #accountinginmyheart #entrepreneurspirit #collaborationovercompetition #womensupportingwomen #financialliteracy #boisebuisness #boisewomen #sheisboise #womeninbiz #femaleentrepreneurs #iamboise #localboise #idahobusiness #supportlocal #smallbusiness

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