Blog | Practical Accounting Solutions | United States

Practical Accounting Solutions

Hours

Mon thru Fri | 9AM-4PM

or by appointment

Make Appointment Now

Search

Your Profit and Loss Statement: What You Need to Know

Sep 9, 2019
2 min

Your Profit and Loss Statement: What You Need to Know

As a small business owner, you wear a lot of hats. When you sit down to calculate your finances, a Profit and Loss Statement (or P&L statement) can help you get a snapshot of where you stand and where you can make changes in your company. The Basics of P&L Statements A profit and loss statement is just that! It shows how much profit you have left over after you have subtracted your profits from expenses. Remember: Profit = Revenue - Cost Every public company issues a P&L stat

12 views0 comments

Where Do Your Tax Dollars Go?

Aug 5, 2019
3 min

Where Do Your Tax Dollars Go?

We pay taxes every year, but do we really know where our hard-earned income goes? Today, we take a deep dive into the top three areas your tax dollars benefit every year! 1. Social Security In 2017, $945 billion tax dollars paid for Social Security. Social Security, also known as Old-Age, Survivors, and Disability Insurance (OASDI) is more than for the retired! Social Security benefits help the disabled, spouses or children of those who have died, dependents of workers who ha

11 views0 comments

How Do I Choose between the Cash or Accrual Methods?

Jul 29, 2019
3 min

How Do I Choose between the Cash or Accrual Methods?

Like many things in life, timing is everything when it comes to choosing the best accounting method for your small business. Read on to learn about the differences between cash and accrual accounting methods and decide which is best for your small business! Choosing Your Method You'll choose your accounting method the first time you file a tax return, and then you'll continue using this method for your future returns, too. If you would like help with this big decision, we are

13 views0 comments

Customer Appreciation Week

Feb 28, 2019
1 min

Customer Appreciation Week

We are proud to announce Customer Appreciation week once again this March! As a thank you to those who serve our community, mention the ad below to get your personal/joint taxes prepared for only $100! contact us here to set up your appointment today! #personaltaxes #accountingforpersonalfinances #practicalaccountingsolutions #fredericksburgtax #fredericksburg #personalfinancehelp #personaltaxpreparation #taxlaws #virginiataxhelp #virginiaaccountant

20 views0 comments

Qualified Business Income (QBI) Deduction for Small Business Owners

Feb 26, 2019
2 min

Qualified Business Income (QBI) Deduction for Small Business Owners

We understand, taxes are hard. That's why we're here to help. Today, we break down one big change in the tax code that may affect your business: the Qualified Business Income Deduction. This change is in a series of others within the new tax code that helps you simplify your taxes as well as provide a significant reduction in how much you pay in Federal taxes. photo from wix.com Here's the Low-down With the recent government shutdown, many of these clarifications were long-aw

16 views0 comments

Thinking of Opening a Bank Account for your Kids?

Feb 19, 2019
2 min

Thinking of Opening a Bank Account for your Kids?

Whether you're expecting, a new parent, or have been a parent for years, opening a bank account is a great tool to help your child's financial future. This week, we tackle benefits of opening a bank account for your child and how it can benefit your family in the long run. photo from wix.com Opening an account for the future You can open a savings account for your child that you can later turn into a checking account once their older. Talk to your local bank (we recommend fi

3 views0 comments

5 Ways to Manage your Credit Card Debt

Feb 12, 2019
3 min

5 Ways to Manage your Credit Card Debt

Credit cards are useful for multitudes of financial needs in today's world. Young adults learn about managing money and building their credit through credit cards. As we get older and bills get higher, we use credit cards to pay bills, manage large expenses, and more. However, what do you do when you rely too much on credit cards, and now you find yourself stuck in overwhelming debt? Read on to find 5 practical ways to manage your credit card debt and pay it off. photo from w

23 views0 comments

What Should I Bring to my Tax Appointment?

Jan 22, 2019
2 min

What Should I Bring to my Tax Appointment?

Tax season is just around the corner, and here at Practical Accounting Solutions we want to help you be prepared! Whether this is your first meeting with an accountant ever, or whether you just need a refresher, read on to discover what to bring to your tax appointment! photo from wix.com what to bring *click each link to learn more about this form Income Items W2s Independent Contractor Pay (1099-MISC) Interest Statements from Bank (1099-INT) Dividend Statements from Stock O

56 views0 comments

Why You Should Hire an Accountant for Your Personal Finances

Jan 15, 2019
2 min

Why You Should Hire an Accountant for Your Personal Finances

Hiring an accountant for your personal finances may seem like an unnecessary expense, but often times your accountant will save you more money than the cost of hiring them. By hiring a professional to manage your finances, you'll be able to rest easy during tax season and beyond. Photo from wix.com tax season While it can be simple to use tax preparation software to prepare your own taxes, about 21% of paper tax returns have errors according to the IRS. This isn't necessarily

494 views0 comments