Accounting Forward

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Accounting Forward

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02/08/2022

Big Announcement!

Accounting Forward believes in the future of innovating technology and therefore will now be accepting Bitcoin and Ethereum as payment!

Following the lead of our peer KPMG, Accounting Forward has also made the decision to hold Bitcoin and Ethereum on their Corporate Balance sheet as a way to protect the wealth and purchasing power of its shareholder.

We are excited to be participating and leading the way of innovation and technology in the ever expanding digital age.

05/24/2021

We’re Hiring!

Accounting Forward is hiring a part time virtual bookkeeper with the option of future full time work. If you have 2 years of bookkeeping experience and skilled in QuickBooks Online, send an email to the email listed in the bio with your background and why you’d be interested.

We are interviewing this week!

02/15/2021

"Motivation gets you going and habit gets you there." –Zig Ziglar

02/08/2021

“Control your cash, stick to your core business, and know your numbers.” – Marcus Lemonis

02/01/2021

“Goals are good for setting a direction, but systems are best for making progress.” ― James Clear, Atomic Habits

01/22/2021

We have some amazing clients!

Huge shout out to for sending over some of their premium sunglasses to me and my wife for Christmas! Blown away by their generosity!

Please go check them out and pick up a few things!

01/19/2021

TRAVEL DEDUCTION⁠
Owners are permitted to deduct reasonable costs for travel that are ordinary and necessary in the course of their business. ⁠
⁠
Types of trips that usually qualify fall into three different types of categories. ⁠
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1. TRAVELING FOR NEW BUSINESS⁠
This includes traveling to scout new locations, explore potential M&A opportunities or to acquire new investment property is all deductible business travel. ⁠
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2. TRAVELING FOR CONFERENCES AND SEMINARS. ⁠
Travel expenses to attend conferences and seminars is usually deductible, and vacations can often be tacked onto these trips. However, non-business and non-conference days are not deductible. ⁠
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3. ANYTHING RELATED TO BOARD MEETINGS⁠
Board meetings in resort locations can be deductible as long as the taxpayer can demonstrate a clear business purpose and a reason for why the meeting can’t be held at the business primary location. ⁠
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Travel costs for spouses and children who accompany someone on a business trip are typically not deductible. However, if they are involved in the business and have a business purpose for attending, the travel may be deductible. ⁠
⁠ ⁠
*Tax rules change over time and vary based on your industry, location and a variety of factors. Consult your CPA or tax advisor for best practices tailored to you.*⁠

01/15/2021

[NEW] Biden to Propose $1.9 Trillion Covid-19 Package⁠
⁠
New COVID package he plans on urging Congress to approve once he gets into office. This has not yet been confirmed but was received in a form of an email. ⁠
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Here is the breakdown of what may be in this package: ⁠
⁠
Individuals⁠
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• Direct payments “emergency relief payments” of $1,400, on top of the $600 approved in December⁠
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• $400 per week in supplementary unemployment benefits through September⁠
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• Expanded food banks assistance⁠
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• Expanded child tax credits to $3,000/year per child, fully refundable⁠
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• Expanded medical and family leave (14 weeks)⁠
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• Expansion of Earned Income Tax Credit⁠
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Small Businesses⁠
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• Raising the minimum wage to $15 an hour⁠
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• $25 billion for childcare providers⁠
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• $50B Increase in Disaster Grant and Loan Programs⁠
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Other⁠
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• $350 billion for state and local governments⁠
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• $130 billion to help schools reopen⁠
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• $160 billion in funding for a national program of vaccination, testing and other coronavirus containment efforts⁠
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• $30 billion for rental and small-landlord support⁠
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There is not yet an official source on this as President-Elect Biden is planning to propose this stimulus bill.⁠
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Stay tuned!

01/14/2021

How much should you pay yourself?⁠
⁠
Setting up an intentional compensation plan has immense value!⁠
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This is a priority that is often overlooked.⁠
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Salary? Owners Draw? Amount? Schedule? There are options out there depending on your goals. ⁠
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Book an appointment and let’s discuss!

01/12/2021

The Self Employed Health Insurance Premium Credit was created by The Affordable Care Act to encourage and benefit small employers who provide health coverage for their employees. ⁠
It is also known as The Small Business Health Care Tax Credit. ⁠
⁠
According to the IRS - "The amount of the credit you receive works on a sliding scale. The smaller the employer, the bigger the credit. ⁠
For example, if you pay $50,000 a year toward employees’ health care premiums ,and if you qualify for a $10,000 credit each year, you can save $20,000 over the course of two years.⁠
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You can benefit from the credit this year or in previous years. If you didn’t claim it on your tax return, there’s still time to file an amended return. Refund limitations may apply.⁠"⁠
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⁠Book an appointment to discuss if you qualify! ⁠
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⁠*Tax rules change over time and vary based on your industry, location and a variety of factors. Consult your CPA or tax advisor for best practices tailored to you.*⁠

01/11/2021

“Self-confidence is an internal game. You do not need external accolades… External admiration in order to build self-confidence. It’s all done internally and you control this by beginning today to keep the promises you make to yourself.” – Ed Mylett

Address

Edina, MN

Website

http://accountingfwd.com/

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