As a small business owner, how would you like to save on your federal and state taxes as well as help teach your child(ren) about saving for the future (i.e. college, retirement, car, etc.)? In Virginia, and most other states, if you own your business you can hire your children to work for you regardless of their age (yes, even younger than the standard age requirements in child labor laws). This can help you reduce your business' tax liability while allowing your child to ea

Although tax season is over, Practical Accounting Solutions is still keeping busy! We wanted to give you an exclusive first look at our upcoming event: Get Ready to Retire! Here are the details: Get Ready to Retire: a Retirement Seminar presented by Practical Accounting Solutions and Primerica Tuesday, August 27th from 6-8PM Park Lane Tavern 1 Towne Centre Blvd, Fredericksburg, VA 22407 What You'll Learn: ►How to Find the Best Retirement Saving Plan for You Your finances are

There are plenty of reasons why taking out a personal loan might be a great financial move for you or your family. Read on to learn more about when you may want to take out a personal loan and how to use it to your best advantage! Photo by Melissa Walker Horn on Unsplash 1. Why You Need a Personal Loan There are plenty of reasons why you may need a personal loan. You could be trying to consolidate debt, plan a big event, finance your home remodeling, or making a large purchas

In the past, if you wanted information, you got in your car and visited your local library. Once there, you had the choice of either browsing the shelves or asking a librarian to help you find what you're looking for. While libraries are still great sources of information, the explosion of the Internet allows you to research from your kitchen table! But, what resources do you truly need? Read on for some resources that can help your business! Photo by Jaredd Craig on Unsplash

Queue the ABBA song and have a jam session while you take note of these 5 books on personal finance everyone should read! Looking for a summer read? Put down the novels and pick up a finance book like these below: Photo by Ben White on Unsplash 1. Broke Millennial: Stop Scraping By and Get Your Financial Life Together, by Erin Lowry Many financial books are aimed toward middle-aged folks, but this one is for the millennial who is just getting their financial life started. Low

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

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

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

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

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,

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

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

The basics of hiring your minor children in your business to maximize the tax benefits for you and the child.