I am an experienced U.S. degreed accounting professional and CPA candidate. Financial decisions can be made successfully by determining accurate profitability. Reducing income tax starts with accurate financial statements prepared with current tax laws in mind. Unreconciled accounting records can leave out income and expense transactions leading to an over or under statement of business net income. Important in 2024, all for-profit entites that are formed and registered in the U.S. are required to file a Beneficial Owner Informaton (BOI) Report to U.S. Treasury by December 31, 2024. Newly formed businesses in 2024 must file the BOI Report within thrity (30) days. Penalities can be severe for not filing a required BOI Report. If your company took an Employee Retention Credit (ERC) be sure that you have proof that you qualified for the credit. The Internal Revenue Service (I.R.S.) is reviewing the ERCs that were taken believing that most may be incorrect. The Work Opportunity Credit and Empowerment Zone Credit are available for 2023 and 2024 tax filings. Section 179 allows 100% depreciation for business equipment in 2024 for to $1M. 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 requirements 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 67 cents per mile for 2024. 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. The (I.R.S.) 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. 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.. Over time I see businesses grow that I work with.
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.
Financial Accounting
