Blog | Practical Accounting Solutions

Oct 7, 2019
3 min

Are There Tax Benefits to Hiring your Minor Children to Work for Your Business?

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

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Jul 22, 2019
2 min

Are You Ready for Retirement?

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

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Jul 15, 2019
4 min

Paying for College? Here are a few extra ways to save!

We are proud of our children and we want the very best for them! We support their choices as they grow up and face the world. However, if your child is going to college, you may have sticker shock when you receive your first bill! College prices have TRIPLED since 1980 with very few improvements to help families pay for it. However, there are still many resources to help students pay for their education and save them thousands in the long run. Read on to discover more ways to

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Jul 1, 2019
4 min

What You Need to Know About Small Business Loans

As a business owner, you may find yourself seeking a business loan in order to take the next step in your company! Whether you're looking to buy new equipment or invest in a new avenue for your business, finding the right loan for you may prove more challenging than you'd originally anticipated. Like with personal loans, there are many different types of small business loans and you'll need to make sure you have the right documentation when you apply. Read on to learn more ab

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Jun 24, 2019
3 min

Know these 4 Things Before Taking Out a Personal Loan

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

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Jun 18, 2019
2 min

Bookmark these Resources for Your Small Business

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

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Jun 11, 2019
2 min

5 Books on Personal Finance Everyone Should Read

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

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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 12, 2019
3 min

Is Your Small Business Being Audited by the IRS?

An audit can be stressful for any business owner, and even more so for those that bend the rules or do not keep organized business books. Today, we address 5 common factors the IRS considers when auditing small businesses. We also always recommend working with an accountant to help you navigate your audit! photo from wix.com 1. Does your business handle primarily cash? If so, ensure you have a consistent and organized way to record transactions if they occur. Ensure you do no

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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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