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Protect Yourself While Online Shopping During the Holidays

by Tracey Hrica, EA Dec 05, 2019

During the holiday season, millions of us will be logging on to websites and online accounts. Many of us make common mistakes that will increase our risk of identity theft. The most critical step to protecting your sensitive financial is the use of strong passwords, as well as keeping them secure. Strong passwords protect online accounts and digital devices from data theft. There has been a change in what cybersecurity experts recommend...

How Much Does it Cost to Raise a Child?

by Tracey Hrica, EA Dec 04, 2019

How much does it cost to raise a child? Based on figures from 2015 shown on the infographic below - $233,610!!     Luckily, the U.S. tax code offers a variety of tax breaks for parents. Here’s a look at the most popular ones. Child Tax Credit: This tax break was expanded under the Tax Cuts and Jobs Act (TCJA). Starting with the 2018 tax year, the new law increased the Child Tax Credit (CTC) from $1,000 to $2,000. Since it's a cr...

11 Tips to Reduce Your 2019 Tax Liability

by Ken Hrica, CPA Nov 21, 2019

2020 is quickly approaching and now is the time to do some last-minute tax planning. Here are some year-end tax tips that could potentially reduce your tax liability for 2019. Defer your income, if possible. Take some last-minute tax deductions such as charitable contributions. Accelerate expenses (if you are on a cash basis), such as paying a bill do early next year by the end of December. Sell loser investments to offset gains, such...

Considering starting a new business?

by Tracey Hrica, EA Nov 21, 2019

Is there something you are passionate about?  Are you ready to take the jump into entrepreneurship?  If so, here are some steps to get you started. Set up a Business Bank Account - Keeping business and personal money separate is a fundamental piece of advice, and one that almost all experts agree on. Get Paid Faster with User-Friendly Online Payment Tools - Roughly 80 percent of small business fail because of cash flow problems. Thi...

Do You Have a Business Plan? If Not, Here is Why You Need One

by Tracey Hrica, EA Nov 19, 2019

A business plan is vital to the health of your business. In general, it’s a written description of your business’s future; specifically, the next three to five years. That’s all there is to it – a document that describes how your business will work, and the steps you need to succeed. Your business plan should always be a work in progress, as the process of reviewing and revising is the key for continual success. A recent study s...

Managing Those “little” Expenses

by Tracey Hrica, EA Nov 15, 2019

Small businesses are constantly concerned with cash flow.  One of the areas that can have a negative impact on your cash flow, is undermanaging the seemingly “little” expenses.  Here are some areas you should keep an eye on throughout the year.  Although it may seem like pennies on the dollar, saving on these expenses can make a difference on how successful your year is. Credit Card Fees – Have you reviewed what you are payi...

Behind the Numbers – Understanding Your Small Business’ Financial Statement

by Tracey Hrica, EA Nov 15, 2019

I have a confession to make – when I started working for Century Accounting in February of 1995, I did not know how to read a financial statement.  I was 18 and didn’t even know what a balance sheet was – I just learned that to help our clients succeed and grow I needed to learn more than how to just “drop the numbers in!”  Luckily, over the last 25 years, I’ve learned a thing or two about financial statements. So, in orde...

Standard? Itemized? What exactly do they mean?

by Tracey Hrica, EA Nov 15, 2019

I was recently speaking at a small networking group, about some of the takeaways I had from the 2018 tax season. I was discussing the swing our office saw from taxpayers who had always itemized, to an increase in returns in which they took the standard deduction. There was gentleman who raised his hand and said, “I hate to admit it, but I’m not sure I really know the difference between standard and itemized deductions.” I’ve alw...

Organization Can Save You Time and Money

by Tracey Hrica, EA Nov 14, 2019

The first step for effective tax planning is to organize that ever-growing accumulation of records in your desk drawers, closets, and other storage spaces.  If you have misplaced something, resolve now to reconstruct missing or incomplete records before they become hazy in your mind. Haphazard records can cause you to needlessly lose money to taxes. The better the records you keep, the easier it is to search for opportunities, which...

Announcing the Launch of our New Website

by Tracey Hrica, EA Nov 13, 2019

Have you visited our website before? You might notice that it looks different this time! That's because we've updated the site with a new design, new features, and new content. We hope you like what you see, and easily find the information you are looking for. The new site is formatted for use on your desktop or mobile device. If you are a current client, and are looking for our secure portal, you are still in the right place! Just cl...

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Latest Articles

How Much Does it Cost to Raise a Child?

How much does it cost to raise a child? Based on f...


11 Tips to Reduce Your 2019 Tax Liability

2020 is quickly approaching and now is the time to...