#practicalaccountingsolutions

Jun 4, 2019
4 min

Why You Need a Lifelong Personal Finance Plan

You plan for the weather on a rainy day, you plan your social outings and kids' extracurricular activities. You may even plan your month-to-month budget. But do you have a lifelong personal finance plan? Building your personal finance plan will help you work toward your bigger goals and stay on track. Read on to find out more! Photo by STIL on Unsplash Why You Need a Financial Life Plan Think if your financial life as a vacation itinerary. There are fun places you plan to vis

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May 28, 2019
2 min

Workshop Recap

Thank you to all who attended our first workshop series Finance Fundamentals for Your Small Business! We hope we offered you some helpful insight on how to manage your business finances for future success. For those who missed the exciting workshop series, here's an overview of what participants learned. Couldn't make it? No worries, we plan to schedule similar workshops in the near future. Be on the lookout for emails with more information! Photo by Practical Accounting Solu

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May 21, 2019
2 min

5 Books All Small Business Owners Should Read

There are thousands of books that can help you create a successful small business, but which ones are actually worth your time? Read on to see a list of the top 10 more recommended books for small business owners! Photo by David Iskander on Unsplash 1. Setting the Table: The Transforming power of hospitality in business by Danny Meyer Written by CEO and award winning restaurateur of the Union Hospitality Group, Danny Meyer gives insight on how every company can use classic ho

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May 14, 2019
2 min

5 Signs it's time to Outsource Your Business Finances

Every small business is different, and every small business owner is, too! This means what while some owners love managing their company's finances, others dread regularly crunching the numbers. But, when do you know if it's the right time to outsource your financial duties? Read on to see the 5 signs it's time to outsource your business financial needs. Photo by Kaleidico on Unsplash 1. Your business is growing You became an entrepreneur for a reason, and that reason likely

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May 7, 2019
2 min

Your 401K or IRA

For some, retirement seems like a lifetime away, but it is imperative to plan planning your retirement early to ensure you are financially set. Today we talk about the basics of saving for retirement and tips on how you can plan for your retirement day! Photo by Aaron Burden on Unsplash Your 401K The 401K is the most common form of retirement plan. However, there are limits to how much you can invest per year. In 2019, the limit for those under 50 is $19,000 annually and $25,

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Apr 23, 2019
5 min

5 Easy Steps to Managing your Payroll

As your business grows, you may find you need to hire your first employees. While this is an exciting step for any business owner, it is important to ensure you take the right steps when setting up and managing employee payroll. Read on for 5 easy steps for managing employee payroll! Photo by Priscilla Du Preez on Unsplash 1. Consult with payroll professionals and register as an employer As a business owner, you most likely have an accountant or other business mentor who can

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Apr 16, 2019
2 min

4 Easy Steps to Creating Your Small Business Budget

For many small business owners, creating their yearly budget is one of the more painstaking tasks of their company. Today, we talk about 5 easy steps to building a budget for you small business. Interested in learning more? Check out our Finance Fundamentals for Your Small Business May 7, 14, & 21! Get tickets here Photo by Fabian Blank on Unsplash Step 1: Determine Your Revenue Your most basic revenue is simply selling price times number of units sold. This can easily get mo

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Apr 9, 2019
2 min

8 Bookkeeping Terms Every Business Owner Should Know

Bookkeeping. For some business owners, bookkeeping may feel very tedious or challenging to keep up with. For others, this type of financial organization is right up their alley. No matter which mentality you have, all business owners must keep these records in order to plan ahead financially, ensure your costs and profits are accounted for, and to plan for tax season! Read on below for some key terms to know with Bookkeeping! Photo by Thought Catalog on Unsplash 1. Cash vs Ac

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Mar 26, 2019
2 min

Small Business Sales Tax

As a small business, you want to ensure you are correctly categorizing transactions and sales appropriately for tax purposes. Today, we talk about the basics of sales tax for products and services especially if you operate in multiple states! Photo by Ruthie on Unsplash What is sourcing? Sourcing is where your clients calculate sales tax. Local sales tax occurs at local levels as well as applying state tax sale. Two types of sourcing are recognized: destination-based and orig

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Mar 19, 2019
2 min

A Breakdown on Penny Stocks

Penny stocks have been around since the early 1900s, but you might have learned most of what you know from the popular Leonardo DiCaprio film The Wolf on Wall Street. Today we break down what penny stocks are and some things to remember when investing in penny stocks. Photo by Jonathan Brinkhorst on Unsplash a brief History of Penny Stocks Since the early 1900s, companies have broken down their stock and sold it for mere pennies. Today, especially with advancements of techno

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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

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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

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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

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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

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Feb 5, 2019
3 min

5 Key Tasks an Accountant Can Do for Your Small Business That Tax Software Cannot

As a small business owner, you have more than just your personal taxes to consider when tax season rolls around. Taxes can be complicated and time consuming, and while tax software may seem like an easy alternative to hiring an accountant, that may not be the best option for your company! Keep reading to discover the 5 ways accountants can help you during tax season versus a do-it-yourself software. photo from wix.com 1. your accountant ensures you're compliant with the tax c

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Jan 29, 2019
2 min

3 Smart Ways to Invest Your Money

Investing is a long-term strategy of making more money and expanding your financial portfolio. It's also a personal choice on how you choose to invest: the stock market, bonds, mutual funds, new ventures, and many more! However you choose to invest, here are 3 reasons why investing is a great opportunity in expanding your financial gains! photo from wix.com 1. Be a Part of Something new There are approximately 543,000 new businesses that start each month according to Forbes.

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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

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Jan 8, 2019
2 min

Why Your Small Business Needs an Accountant

Accountants do more than just the basics of accounting. At the end of the day, they are financial experts that can save you and your small business money and time so your can focus on growing your company! photo from wix.com Many Accountants are Tax experts Many accountants are up-to-date and trained to learn the nuances of changing tax laws. These laws are confusing at best, so hiring a tax professional can help you understand changes and utilize them to your best interest.

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Jan 1, 2019
2 min

Happy New Year! Start Prepping your Taxes Today!

Happy New Year from Practical Accounting Solutions! Photo from Wix.com We wish you the best in 2019 and hope you have a wonderful year! It's not too early to start planning for tax season! According to the IRS, 36% of taxpayers wait until April to file their returns. We know how stressful filing your taxes can be, so we prepared some tips to help you file early and get your refund even quicker! Have a System Keeping organized is one of the best ways to make filing taxes easy.

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Dec 19, 2018
3 min

How Giving Back Gives Back

Photo from wix.com As the holiday season rolls around again, we are reminded of the importance of giving back. Whether this means a toy drive, monetary donation, or more, giving back to your community can be beneficial from a financial perspective, too! I remember growing up around Christmas time and participating in my church's local toy drive. It was part of our family tradition to pull a stocking off the tree and return with gifts off their wish list. But did you know that

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