Accounting Tips

What are the New Overtime Rules for My Employees?

Change is Coming! Yes, the day after the election that is all we are hearing, but these new payroll overtime rules are changing on 12/01/2016. You will now need to pay more of your employees overtime, if they work over 40 hours a week.

The biggest change is the threshold for paying overtime on any white collar employee has increased from a minimum salary requirement of $455 per week to $913 per week.  That means effective Dec 1, 2016 anyone earning less than $47,476 is generally...

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How Do I Stop my Employees from Stealing?

One of the most common types of fraud comes from expense reimbursement schemes.

 

Have you ever heard a story about an employee turning in receipts for a dinner with their wife, instead of a client? What about turning in a travel receipt twice?

 

This might sound benign or like small potatoes, but over months or even years, these fraudulent expenses can really add up!  In fact, according to a 2016 report by the ACFE, these incidents account for 14% of all...

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Eger CPA can help with Payroll Services

Help! My business is growing, and I don't know how to pay my new employee!

If your business is a corporation, or you have employees for your LLC, you will need to handle "Payroll." There is a lot more to payroll, than just writing a paycheck. Your business will need to be registered with all of the state and federal agencies that will be accepting payroll taxes and unemployment insurance, pay all the required taxes on time, and file payroll tax returns on a quarterly basis. This can be a lot to...

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Last Call for April 15 Tax Deadline!

Last Call for April 15 Tax Deadline! If you would like to get your taxes filed before the deadline, we need to receive your tax information no later than March 28. Let us know if you have any questions, or if you would like help filing an extension. Happy Spring!

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How Well is YOUR Business Performing?

If someone asked you to grade your company, could you do it?  Of course we would all WANT to give ourselves an “A,” but would that be accurate?  Successful business owners know the importance of keeping a keen eye on their company, regardless of its size or industry, but do they always have the right tools to dig into their finances to really know where they stand?

If you were looking to sell your home, you would expect your Realtor to do their homework.  During your meetings they should...

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Do I have Employees or Subcontractors?

What is the difference between a subcontractor and employee in terms of my business?

The difference between the two has to do with who is responsible for paying employment-related taxes. As an owner that has an employee working for them, they are responsible for the withholding and employment-related taxes for that employee. If your worker is a subcontractor, he/she is responsible for keeping their own records and paying their own income and self-employment taxes.

How...

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Going Paperless

Going paperless is becoming more and more popular and now easier than ever to achieve. Whether you own a business or not, the paperless movement is both beneficial and cheaper in time and money. If you have a business, start going paperless with the accounting that you do. This function touches all the rest of the business and can help lead the way with the rest of the areas within your business. There are currently many different vendors out there that will help you make the transition for little...

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Top 10 Most Confusing Accounting Terms and Their Definitions

#1 Balance Sheet vs. Income Statement

One of the more confusing aspects of accounting is getting the statements correct. The balance sheet is a statement of a company’s financial position at a “snapshot in time” including assets, liabilities, and the equity of a company. The income statement is also known as the profit and loss statement because it takes total revenues minus expenses during a given period.

#2 Depreciation

Depreciation is a method of allocating...

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Charitable Donations

With the giving holiday season coming up around the corner, being as prepared as possible to make donations can help you when tax time comes around. Documentation is key when you are making donations. When making a cash or any monetary donations, keep a written record of the transaction. It must include the date, the amount, and the name of the organization on it. If you are giving items, make sure the documentation is there as well. Take photos of the items and record them at their market value....

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