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Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples] 

Patriot Software

When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.

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What Does Fixed Assets Software Do?

CPA Practice

By Evan Croen Managing fixed assets data still represents significant challenges for tax professionals. But getting it right can lead to valuable tax savings opportunities, new efficiencies, and improved bottom lines. But getting it right can lead to valuable tax savings opportunities, new efficiencies, and improved bottom lines.

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Backed up Bookkeeping – 5 Tips on Managing Your Accounting

MyIRSRelief

The IRS doesn’t care about how busy you are, they don’t care about years of backed up bookkeeping, financial worries, or anything else, they simply care about you filing your accurate business tax return annually and paying what you owe. Always stick to tax deadlines. Get a free evaluation today 1-877-788-2937.

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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.

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Steps to Clean Up Accounting Records: A Checklist

xendoo

If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. . When and Why You Need to Clean Up Your Books. There are many reasons to have clean accounting books each month. Be Ready for Tax Season. Here are a few: Ensure Financials Are Up-to-Date.

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What is the importance of Bank Reconciliation in Business?

Simple Accounts

Referring to your bank statements or account books separately cannot help you to summarize your transactions and balance. Even if you forget to enter any transactions to your account book, bank reconciliation statements might help you figure out the correct balance. Supports you in making financial decisions .

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Navigating an IRS Audit: Understanding and Mitigating Risks for a Small Business Audit

inDinero Accounting

This comprehensive guide will explore how an IRS audit works, key tax audit risk factors, and strategies to mitigate audit risks for small business owners. While less than 1% of all tax returns are audited annually, certain factors can increase your audit risk. Understanding IRS Audits: The Basics What is an IRS Audit?

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