Dynamic Risk Consulting LLC

05/22/2022

As a full-time accountant, I see small business owners struggling to track their expenses when they make them. At year-end when they need to file taxes, they struggle remembering everything they spend money on. The purpose of those trackers is to have it handy and write down the expenses you make as

05/22/2022

05/01/2022

What Happens When You Pay Yourself in a Small Business. You take cash out of business. How do you record it? Is it a business expense?

04/27/2022

Cash vs. Accrual Accounting: What does it mean and why does it matter? For Dummies. Explained in basic English so anyone can understand it.

04/21/2022

Business Letterhead Templates: Etsy: https://www.etsy.com/JDaltoPhotography/listing/1219453319/letterhead-template-business-letterhead?utm_source=Copy&utm_medium=ListingManager&utm_campaign=Share&utm_term=so.lmsm&share_time=1650567253091

04/21/2022

The letterhead Bundle includes 6 Templates that can be used as: Letterhead Template, Company Letterhead Template, Letterhead Business, Letterhead Bundle, Business Letterhead, Professional Letterhead Edit and customize those business letterhead templates to add consistency and professionalism to your

01/25/2022

Check out our first Checklist for Accountants and Bookkeepers who are new to QuickBooks Online.

It includes the first 4 most critical and basic tasks any user of QuickBooks should learn and perform!!!

https://dynamicriskconsult.gumroad.com/l/mjebv

12/25/2021

https://facebook.com/events/s/11-free-15-minutes-consultatio/182497894042255/

12/18/2021

https://www.marketwatch.com/story/attention-business-owners-and-gig-workers-here-are-the-new-standard-mileage-rates-from-the-irs-11639768011?utm_source=facebook&utm_medium=news_tab

The new standard mileage rates for business-related driving come at a time of high inflation and increased travel

12/13/2021

“The 2021 IRS Criminal Investigation annual report shows the agency completed more than 2,500 criminal investigations, including more than $10 billion from tax fraud and financial crimes. These top-tier fraud fighters convicted almost 90 percent of the perpetrators in these cases.”

https://www.accountingweb.com/practice/practice-excellence/emerging-fraud-risks-to-put-on-your-radar-for-2022

12/13/2021

Business Expenses: What is and is not deductible

What is a and is it ? Generally, a business expense is any money spent to be in business (e.g. rent, gas, supplies, software, employees, contractors etc.) The below article from the explains: What you can ; how much, and when you can deduct.

The question, my work-from-home small business owners ask is: Can I expense my , , , , etc. as I am working from home? Below is what allows:
"If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. To qualify to claim expenses for the business use of your home, you must meet both of the following tests.
1. The business part of your home must be used exclusively and regularly for your trade or business.
2. The business part of your home must be:
Your principal place of business;
3. A place where you meet or deal with patients, clients, or customers in the normal course of your trade or business; or
4. A separate structure (not attached to your home) used in connection with your trade or business."

https://www.irs.gov/publications/p535

12/08/2021

Top 3 Mistakes Small Business Owners Make and My Comments
1. Not saving - Is this new news to you? :)
2. Doing it yourself - I admire those who can do their own and run a .
3. Forgetting to track - I am guilty of this one as well. 😎 No one is perfect...
There are a few more "mistakes" in the below article, if the above 3 did not resonate with you. ...........................................................................................................................................
https://www.moneythumb.com/blog/top-ten-accounting-mistakes-small-business-owners-make/