Tips Archives - Edgewater CPA Group

What You Need to Know about the BOI

January 17, 2024 | Business Development

As a business owner, staying abreast of new information and reports relevant to your industry can be a challenge. One such report recently released is the BOI or Business Ownership Information report. As of January 1, 2024, registered businesses like Limited Liability Companies and Corporations must file this report with the Financial Crimes Enforcement Network (FinCEN). We realize you might have questions, so here’s what your friendly accounting experts at Edgewater CPA Group want you to know.

The Importance of Bookkeeping for Small Businesses

June 1, 2023 | Bookkeeping Services

Owning a small business is an exciting and fulfilling journey, but it also requires a lot of hard work and attention to detail. One of the most crucial tasks that small business owners should always prioritize is bookkeeping. Bookkeeping may sound like an intimidating task, but it is simply the recording, storing, and organizing of financial transactions. Edgewater CPA Group explains further why you don’t want to skip bookkeeping for small businesses.

IRS Collections Process – What Is It?

January 25, 2023 | Accounting Services

In any IRS Collection case, there are certain notices the IRS sends out at each stage of the process. If a taxpayer doesn’t pay the tax in full when the tax return is filed, that taxpayer will receive a bill for the amount owed. This starts the collection process, and it will continue until the tax liability is satisfied or the government is not longer able to collect the tax debt. So what are the notices the IRS must send out? I’m glad you asked. CP501 NoticeThe first notice in the collection process is a CP501 Notice. This is the friendliest notice from the IRS. It will indicate the taxpayer has a balance due on one of his or her tax accounts. Once a taxpayer has filed the tax return, the taxpayer has 10 days to pay the tax. It not, then a CP501 Notice will automatically be generated and sent to … Continued

How to Succeed as a Small Business

June 1, 2022 | Accounting Services

Small businesses are the backbone of the American economy. They provide jobs and support local communities. However, starting and running a small business can be challenging. There are many things to consider, from marketing and sales to operations and finance. Edgewater CPA Group‘s clients are always hearing ways their small businesses can fail, so, we wanted to look at ways to succeed. Follow these tips, and you will be well on your way to building a successful company!

4 Ways to Save On Small Business Taxes

May 15, 2022 | Business Tax Strategy

As a small business owner, you’re probably always looking for ways to save money. One of the best ways to do this is by reducing your tax bill. Many tax deductions and credits are available to small businesses, and Edgewater CPA Group can help you navigate it all. So, let’s discuss five of the best ways to save on your small business taxes.

How to Manage Small Business Finances

May 1, 2022 | Business Development

As a small business owner, you have to wear many hats. One of those hats is of the finance manager. It can be challenging to keep track of all the financial aspects of your business, but it is essential to do so if you want your business to succeed. Edgewater CPA Group is here to help, and we’ll discuss some tips for managing your small business finances. We will cover everything from creating a budget to tracking expenses and revenue.

5 Ways to Remove Distractions and Focus On Your Business

February 21, 2022 | Bookkeeping Services

Being a business owner is tough, especially in today’s environment. Wage pressures, staffing shortages, and supply chain issues represent just a few of the challenges you face daily. Sometimes, you find yourself putting out fires all day, going home exhausted, and then realizing you didn’t accomplish anything substantial. Would you like to refocus, reduce the noise, and focus on your business? In this post, Edgewater CPA Group provides five ways to do just that.

5 Ways to Protect Against Inflation

February 7, 2022 | Carmel

Are you seeing your energy, gas, and grocery prices increase? When more demand than supply occurs, prices rise, and we call this inflation. Some say the question is whether or not inflation is transitory (temporary). At Edgewater CPA Group, we want you to stay calm and be prepared no matter what happens. Therefore, we put together this list of five things you can do to protect yourself against inflation.

New Years Resolution: Better Financial Management

January 9, 2022 | Accounting Services

Are you a New Year’s resolution kind of person? It may not surprise you to learn that one of the most common resolutions is better financial management. Whether or not you’re the resolution type, any time is a good time for better money management. In this post, Edgewater CPA Group provides tips and tricks to help you achieve your financial goals.