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Efficiency Through Fetching

5/30/2019

 
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While “fetching” might be what some trained dogs can do, accounting systems have gotten into the act too.

This feature is called “receipt fetching,” and it’s when an app can retrieve documents directly from the vendors that you do business with so you don’t have to spend so much time on paperwork retrieval.  

Apps that can perform receipt fetching can integrate with your accounts and pull invoices into their system.  For example, if your business has an account with a utility or telecom company, the receipt fetching app can pull the electricity, water, or telephone bills into your receipt fetching app account and consolidate them.  
The benefits are simple. You save time, certainly. But the bigger benefit is you no longer have a monthly deadline to get your documents to your accountant – at least for all the documents that can be automated in this way.  This reduces stress and eliminates minutiae from your day.
 
Accountants benefit too.  No accountant likes to spend their time asking clients for documents over and over again.  We know you have better things to do with your time, and we know you probably hate doing the paperwork.  Receipt fetching is an easy way to get the job done.
 
To take advantage of receipt fetching, the first step is to select a receipt-fetching app. Some of these apps do receipt fetching only, and others have many more functions. There are a multitude of apps available so please let us know if you’d like some recommendations - some can even be found on our Resources page.
 
The second step is to determine which vendor accounts are supported, and to connect with them. Generally speaking, the connection is based on your account credentials, so if those change, the connection will need to be updated. When many of your documents can be pulled into one place, you don’t have to spend time logging into each vendor portal to pull receipts. 
 
If you’re curious about how to benefit from receipt fetching in your business, please feel free to contact us.  
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.

Renting Your Property Tax Free

5/27/2019

 
​Renting out private homes as vacation rentals has become very popular in many areas. If you are thinking of jumping into this market, check out this video to see one option related to tax-free rentals.
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The information contained in the materials is for general information only. All information in the materials is provided with the understanding that the material contents shall not be used as financial, legal, accounting, tax, or other professional advice or services of any kind. As such, this video should not be used as a substitute for consultation with a financial, accounting, tax, legal professional or other competent adviser. The use of the information provided in this site does not establish any contractual or other form of professional engagement between Hart & Associates, TaxVid, and/or the viewer of the site or any of the materials.

Making the Most of Your Tax Refund

5/23/2019

 
If you either received or are expecting a tax refund, you may be feeling the temptation to splurge and enjoy the money immediately. After all, you worked hard for that money.
 
While enjoyable, is the splurge you are considering as valuable as investing in your future financial security? While everyone’s needs are different, consider some optional uses of your refund that may work for you:

  • Contribute your refund to your employer’s 401(k) plan. If your employer offers a matching contribution, that’s an immediate return on your money in addition to deferring taxes on your contribution. And, funds in the plan grow free of tax until withdrawal.
  • Use your refund to pay down credit card balances – you’ll earn a guaranteed double-digit return.
  • Consider investing your refund in your child’s education. Both Section 529 college savings plans and education savings accounts offer tax-advantaged ways to save for college costs.
  • Take full advantage of your IRA options for retirement savings. Both Traditional and Roth IRAs are great ways to save for retirement.
  • If you’ve maximized your retirement and education savings, and your credit cards are under control, put your refund in diversified investments that make sense for your age and financial situation.
  • Ask yourself if getting a big refund every year is a smart idea. Would you rather invest your money during the year instead of making an interest-free loan to the government? If so, consider filing an updated Form W-4 with your employer.

Longer term planning generally requires a vision of where you'd like to be in the future? Do you have such a vision? 
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If you'd like to review the effect of any of the above choices on your financial situation, please reach out to a trusted financial adviser for additional assistance.
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.

Understanding Effective Tax Rate

5/20/2019

 
Most people do not understand the value of knowing their effective tax rate. Do you? Check out this helpful video for tips.
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The information contained in the materials is for general information only. All information in the materials is provided with the understanding that the material contents shall not be used as financial, legal, accounting, tax, or other professional advice or services of any kind. As such, this video should not be used as a substitute for consultation with a financial, accounting, tax, legal professional or other competent adviser. The use of the information provided in this site does not establish any contractual or other form of professional engagement between Hart & Associates, TaxVid, and/or the viewer of the site or any of the materials.

Being Grateful

5/16/2019

 
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Owning a business can be emotionally and physically taxing. When we are tired or stressed over our business, our entire life may be negatively affected. What is a quick and easy – but effective – way to bring more positivity and less negativity into your work and life?
 
Being grateful.
 
This may sound a bit trite, but gratitude is the number one, hands down, fastest way to bring more positivity and less negativity into your work and life.
 
Acts of gratitude are selfless and done unconditionally. You can use gratitude as a private exercise of reflection, or you can express your gratefulness to show people that they are appreciated.
 
You don’t have to wait to feel gratitude; you can invoke it proactively. 
 
If you don’t have a gratitude practice, consider starting one. Science has gotten involved in studying gratitude, especially in the field of positive psychology, and the benefits to health and well-being are enormous. It can benefit your business, too, when you show appreciation for business partners, employees, customers, and vendors.  

Here are five easy ways to bring more gratitude into your work and life:

  1. Think of five clients you can send thank you notes to. You can write them by hand or send a greeting card with a thank you message. 
  2. On your customer service email templates, add a line before the closing that says, “We appreciate your business.” It does make a difference.  
  3. Quick, right now, think of five things you are grateful for and list them off the top of your head. After you’re done, you should feel a little bit happier than you did a few minutes ago.  Use this tool after you feel a negative emotion to move you back into positivity faster.
  4. Find part of your day that you don’t love, such as your commute to work. Change it to your gratitude commute, finding things along the way to be grateful for. You might be surprised how great you feel when you arrive at work. 
  5.  Let one of your employees know that you’re grateful for the work they do for you. You can do this verbally, with a note, or with a gift. 

​When you practice gratitude, you can’t help but feel happy for the things you have in your life.  Try these five things on a regular basis to bring more gratitude and positivity into your work and life.  

Tax Credit vs. Tax Deduction

5/13/2019

 
​Tax credit or deduction - do you understand the difference? How do they affect your tax bill? Check out this helpful video for tips.
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The information contained in the materials is for general information only. All information in the materials is provided with the understanding that the material contents shall not be used as financial, legal, accounting, tax, or other professional advice or services of any kind. As such, this video should not be used as a substitute for consultation with a financial, accounting, tax, legal professional or other competent adviser. The use of the information provided in this site does not establish any contractual or other form of professional engagement between Hart & Associates, TaxVid, and/or the viewer of the site or any of the materials.

    Author

    Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction. 

    Supporting businesses that have the potential to become amazing – from both the perspective of owners and team members as well as their clients – is what I enjoy. 

    I hope to use this blog to provide information specific to businesses that are growing from small beginnings into exceptional companies.

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  • Home
  • Why Us?
    • Reviews
    • Open Positions
  • Client Services
  • Resources
    • Save on QBO Subscriptions!
    • Tax Refund Status
    • Gusto Year End Checklist
    • Videos >
      • Business Taxes >
        • 2019 Business Tax Highlights
        • 7 Ways Small Business Can Save On Tax
        • Taxes for S-Corp Owners
        • The IRS Loves Businesses
      • Personal Taxes >
        • 2019 Tax Highlights
        • Five Yearly Tax Essentials
        • 4 Common Tax Surprises
        • Retirement Can Be Taxing
        • Advance Child Tax Credit Reconciliation - 2022
        • Make the Most of Your Donations
        • Five Great Tax Secrets
        • Renting Your Property Tax Free
        • Ideas to Audit-Proof Your Tax Return
      • The Tax Cuts & Jobs Act >
        • The Tax Cuts & Jobs Act: What You Need to Do Now
        • The Tax Cuts & Jobs Act: Are Itemized Deductions A Thing of the Past?
        • The Tax Cuts & Jobs Act: The New Child Care Tax Credit
      • Tax Topics >
        • Tax Season is Coming!
        • The New World of Deductions: What Everyone Needs to Know
        • Proving Your Deductions
        • How to Fix a Mistake on Your Tax Return
        • How Long Should I Save It?
        • Tax Credit vs Tax Deduction
        • Understanding Effective Tax Rate
        • Understanding Marginal Tax Rate
      • Life Events >
        • Life Events: A New Birth
        • Life Events: Marriage
        • Life Events: Divorce
    • Articles >
      • Accounting & Bookkeeping >
        • How to Get the Most Out of Your Accounting Fees
        • The 10 Biggest Money Leaks in Your Accounting System
      • Business Factors >
        • IRS Rules for Classifying Workers
        • Checklist for a Healthy Cash Flow
        • 12 Ways to Improve Your Business Profits
        • 10 Step Annual Business Check-Up
      • Tax Topics >
        • Tax Guide for Self-Employeds
        • 15 Things Every Tax Payer Should Know
        • Disaster Casualty Losses
        • Travel & Entertainment Deductions
        • Tax Guide - A Deduction Checklist
        • What You Should Know About Tax Audits
    • Newsletters >
      • Newsletters - Monthly Editions >
        • Newsletter - Monthly Edition
      • Newsletters - Quarterly Editions >
        • Newsletter - 2019 Fall/Winter
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    • How To's >
      • How To - Dext
      • How To - BILL
  • Blog
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