Skyward Tax & Accounting

12/25/2021

Wishing you all a safe, joyous, and cheerful Christmas and New Year!

Team Skyward!

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10/20/2021

Thanks to its low tax structure, the Sunshine State is a popular hub for businesses.

Have you been planning to set up a business in Florida too?

5 easy steps for new business formation:

Choose your business structure - Opt for a DBA (Doing Business As), LLC, sole proprietorship, or a Corporation.

Decide on a business name - Choose a suitable name for your company that highlights your business specialization.

Register your company - File your business formation documents and get an Employer Identification Number from the IRS.

Complete banking & credit card formalities - Open a separate business bank account to track your income and expenses. Get a business credit card that can help you manage your credit history effectively.

Get permits and licenses - Many countries in Florida require you to have a general Florida business license. You may also be required to take an industry-specific license for conducting business.

Connect with our team to discuss these steps at length today.

10/06/2021

Efficient and consistent categorization of finances every week helps maintain accurate transaction records and avoid errors.

With the appropriate organization of your business income and expenditures, it becomes more convenient to generate financial forecasts and direct efforts towards achieving business profitability.

At Skyward, we have an expert and dedicated team that can help you stay on top of your bookkeeping tasks.

Get in touch with us TODAY!

10/04/2021

Efficient management of accounts receivable helps alleviate bad debt and generate cash inflow.

Assessing accounts receivable is indispensable for gaining a clear idea of a company's liquidity and financial health.

Switch to automated invoicing systems that can send timely invoices and forward reminders to customers to clear their dues on time.

Get in touch with and let our team enhance your payment collection processes to boost cash flow.

https://www.skywardtax.com/

09/30/2021

Outsourcing and tax services save you from the time and cost of hiring processes and optimizes business productivity.

Also, most of the outsourced professionals are well-versed with cloud and automation technologies that can accelerate your business workflow

Be it day-to-day transaction coding, individual & corporate tax preparation, payroll, or monthly financial reporting, our highly qualified accounting and tax professionals have got you all covered!

Having collaborated with small businesses and individuals nationwide for over 22 years, we take pride in efficiently meeting our client's unique financial and tax requirements.

Connect with us and let our team manage your financial tasks while you stay focused on core business operations, growth, and expansion.

09/28/2021

Proper tax planning simplifies complex financial processes and alleviates tax liabilities. It helps you gain an overview of your financial health and build strategies to maximize your business savings.

Top tips for efficient planning:

1. Use a tax calendar - Helps keep a close tab on important tax dates and deadlines. You can utilize the desktop calendar tool on the IRS website to track the tax events closely related to your business. This way, you can always top your tax filing and other tax-related tasks.

2. Appoint experts - Tax professionals are abreast with all IRS updates and tax code changes. Seeking their assistance can help avoid tax audits and accelerate business workflow.

3. Maintain financial documents - Includes the maintenance of income statements, balance sheets, profit & loss statements, and others. These documents can help you support the claims made in your tax return.

Schedule a call with our tax experts at Skyward to implement the best tax plan for your business.

09/24/2021

Efficient processing is crucial for generating salaries for employees accurately and on time.

Master payroll processing with these basic steps:

1. Collect employee data - Ask your employees to complete the W-4 form that includes the employees' personal information, social security number, and other relevant details.

2. Select a payroll system - You can either choose a manual payroll system or advanced payroll software that can automate your payroll tasks.

3. Craft a payroll policy - It should include pay dates, length of the pay period, the process of salary generation, deductions and withholdings, and the benefits they have to offer.

4. Report taxes - Submit tax filing to the IRS in case of federal tax withholdings. For state tax, you need to report it to the State Department of Revenue.

At Skyward, we have a reliable team of experts who can meet the all unique payroll processing requirements of your business.

Connect with us now. https://www.skywardtax.com/

09/23/2021

GAAP stands for Generally Accepted Accounting Principles and is recognized as a set of accounting rules and procedures issued by the Financial Accounting Standards Board (FASB).

Be it revenue recognition or balance sheet classification, covers it all.

GAAP's main objective is to make sure that all your financial statements are consistent and comparable. GAAP accounting helps you communicate your financial results to both investors and other stakeholders. Moreover, it makes the financial reporting process more transparent.

Have you leveraged GAAP principles to track your financial performance yet?

Get in touch with our team to achieve the perfect GAAP compliance for your business.

https://www.skywardtax.com/

09/20/2021

A Limited Liability Company is a type of structure that has the aspects of both partnerships and corporations.

Simple steps to form an LLC in Florida:

1. Decide your LLC's name - Make sure to choose a name that is different from the names of other businesses already filed with the Florida Division of Corporations. Your company's name must include the words 'Limited Company', Limited Liability Company, 'Ltd.Co.', 'LC', or 'LLC."

2. Hire a registered agent - Select individuals or corporations that are authorized to conduct business in Florida. They should have a permanent address in the state. The registered agent is required to accept all legal documents from the State of Florida on your behalf.

3. File the Articles of Organization - Submit the LLC Articles of Organization to the Florida Division of Corporations. You would be required to forward information such as your LLC's purpose, place of operation, list of company's managers and members, and others.

4. Get an EIN - For a company with two or more members, it is essential to obtain an Employer Identification Number from the IRS.

Are you or your known ones planning to start an LLC in Florida?
Share the post in your circle to spread this useful piece of information!

09/17/2021

Lately, IRS announced special per-diem rates for ordinary and necessary business expenses incurred while traveling away from home.

The new rates are effective from October 1, 2021, and are slightly higher when compared to last year.

As for travel to the high-cost locality, the per-diem rates are $296 while $202 for localities within the continental United States.

Read here to dig into the details: https://www.journalofaccountancy.com/news/2021/sep/irs-updates-business-travel-per-diem-rates.html

The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.

09/13/2021

Fintech stands for financial technology and can be described as the integration of advanced technologies in the financial processes of any business.

Fintech developments lead to accelerated automation of various accounting tasks like invoice management, credit control, generating financial statements, and comprehensive analysis of financial data.

Innovative fintech tools are cost-effective, secure, and enhance your business productivity.

At Skyward, we believe in utilizing the latest digital and practices for streamlining your financial workflow and boosting growth.

Connect with us to learn more. https://www.skywardtax.com/