I am an experienced U.S. degreed accounting professional and CPA candidate. Reducing income tax starts with accurate financial statements prepared with current tax laws in mind. Unreconciled business bank and credit card accounts can leave out income and expense transactions leading to an over or under statement of busness net income. Financial decisions can be made successfully by determining after tax profitability. Important in 2024, all foreign and domestic for profit entites that are formed and registered in the United States (U.S.) are required to file a Beneficial Owner Informaton (BOI) Report unless exempt. Newly formed business will need to file the BOI Report within thrity (30) days. Most existing small businesses will need to file the BOI Report by December 31, 2024. Clean vehicle sellers and dealers should register with Engery Credits Onine. Bonus Depreciation for Federal income taxes is 80% in 2023. The Inflation Reduction Act enacted for 2022 increases the tax credit for solar installions, included are tax credits for installations of engery efficient windows, doors, water heaters, furances, air-conditioners, and an electric vehicle tax credit increase of $7,500 to $4,000 for purchases of particular models in 2023. Buyers of clean engery vehicles will receive a Time of Sale Report from the dealership to file with their tax returns starting in 2023. Quarterly United States (U.S.) estimated Federal income tax deposits are due by the 15th of the following month. The American Rescure Plan Act of 2021 changed the filing requirement for Forms 1099-K for payment card and third-party network transactions (TPSOs). There is a requirement for Credit Card Payment Facilators to send Form 1099-K to payees who have payment card transactions of $600 or more in 2023. The mileage rate for vehicle business use has been increased to 65.5 cents per mile for the last six (6) months of 2023. The Qualified Business Deduction (QBI) is a twenty percent (20%) deduction for qualified taxable income less any net capital gain for the tax year. The QBI 20% deduction is available through 2025. Bonus depreciation is available through 2026 with a reduced rate each year. The (IRS) requires Schedules K2 and K3 reporting beginning in tax year 2021 for U.S. partnerships, foreign individuals, and S-Corporations with items of international tax relevance. The sales tax laws are continuing to change. Some state sales tax laws requires Online providers to collect and remit state sales tax if remote sales in the state are $100,000 or more. Most other states have similar laws for remote sellers and marketplace facilitators. International tax payers may have Tax Treaties with the U.S..
I have over ten (10) years of experience in bookkeeping, GAAP accounting, Federal and state tax filings, and business support. I have real estate, renewable energy, e-commerce, service, medical, and tech industry experience. I offer intelligent business support, excellent problem solving, and leadership skills. I have successful Upwork virtual work experience.
I have QuickBooks Online, QuickBooks Online conversion, and clean-up experience. I use Excel reporting and analysis. Best results are obtained by applying best practices, current Generally Accepted Accounting Principles (GAAP), and U.S. tax law.
Converting your business accounting to a cloud based accounting software, like QuickBooks Online is a smart decision because of the quick access to financial data worldwide, robust reporting, and easy account maintenance. Technological advances have eliminated the importance of location making virtual business partnerships efficient and effective.
Net present value, ROI, capital budgeting, and other capital investing models and analysis support executive decision making. A periodic examination of financial ratios for business such as Asset Turnover, Return on Assets, and Return on Equity can show relative success, cost savings, and a company's operating effectiveness. The goal is a larger return on equity for sustainability.
Accounts Receivable Management
Accounts Payable Management