How to Prep for the Upcoming Tax Season
When tax season rolls around, life can become hectic. To make the process a little smoother, here are some things you can do to prepare as a small business owner. If you need assistance with [...]
Most Common Problems with Payroll Taxes
Businesses of all sizes may have issues when it comes to payroll taxes. The Internal Revenue Service (IRS) is generally not forgiving – leaving businesses on edge when tax season comes around. Still, by understanding [...]
Leave Estate Planning to the Professionals
Estate planning is a critical step in planning your financial future. Without it, you could be opening up your estate to hefty taxes. Multiple heirs or a large estate tends to complicate matters, so everything [...]
Student Loan Forgiveness and Taxes
The question on every graduate’s mind is whether they will need to pay taxes on their student loan forgiveness. The one-time student loan forgiveness will forgive $10k for most borrowers earning under $125,000 annually or [...]
The Inflation Reduction Act and Its Implications for the 2023 Tax Season
Although the 2023 tax season seems like it is far away, it is fast approaching. April 2023 will be here before you know it, so understanding revisions to the tax code now will leave you [...]
IRS Audit Representation: Have the Experts on Your Side
It’s hard to imagine the feeling of dread that is experienced when you open a letter from the IRS stating that you are to be audited. IRS audits are long and drawn out because you [...]
Accounting Services for Small Businesses
Running a small business is the equivalent of working two full-time jobs. Nobody knows your business better than you do, so it is hard to turn over the reigns on certain aspects, such as financials, [...]
Use Bookkeeping Services to Save Money
Small businesses grow over time, which means that your bookkeeping needs must evolve. While you may have started by keeping track of your business finances on your own, you may be in a position where [...]
Summer Tax Deadlines
The 2021 tax season is at an end for many Americans, because April 18th marked the last day to file a 2021 tax return and pay any taxes due. April 18th also marked the due [...]
Small Business Audit Services
Receiving a letter from the IRS stating that your business will be audited is enough to make anyone’s head hurt and your blood pressure rise. After all, about 1 in 100 small businesses are audited [...]
Tax Preparation for Small Businesses
Tax laws change annually which makes it difficult for the average person to keep up with them. Although it may be tempting to file your business taxes yourself, you may be harming your business by [...]
Personal Finances
Personal financial planning is essential in today’s complex economic environment. Creating a personal budget, creating a saving plan and account, setting up tax planning, and addressing debts through the establishment of a debt management plan [...]
New Year Tax Tips
The New Year is upon us and tax season is beginning. While it’s is true that most money-saving options to defer income or accelerate deductions become much more limited after December 31, there are still [...]
Spending Season
Every year on December 25, a large, bearded man flies around the world in his sled pulled by nine magical reindeer to deliver toys and treats to children everywhere. This magical man goes house to [...]
Bookkeeping
Owning and operating your own small business requires a willingness and ability to wear multiple hats. There are always numerous things going on at once and they all require your expertise. It can quickly become [...]
Avoidable Mistakes
Moving from employee to small business owner is one of the more difficult tasks one can undertake. There are many things that new business owners can easily overlook or be unprepared for. There is a [...]
Telecommunication and You
Commuting to and from work is not always the best part of the day. With traffic, accidents, road work, and crazy drivers, commuting can be very frustrating and can produce a lot of stress and [...]
Recovering from a Pandemic
The coronavirus changed the way that a lot of business is done. Unfortunately, there were a number of businesses that did not survive. The world we live in today, with the pandemic still present, is [...]
What is Right for You?
What does a tax consultant do? This is the first question that needs to be asked when looking for someone to help you maximize your financial gains. If you do not know what a tax [...]
The Biden Tax Proposal and You
It is time to see how President Biden’s proposed tax plans will affect you and your family. When President Biden took office, he laid out his plan to fund expanded education, child care, paid leave [...]
Planning Your Future
The world is a volatile place right now. As we start trying to get back to some form of Post COVID normalcy, it seems like everything is touch and go at the moment. What does [...]
COVID 19 and Your Taxes
2020 was a year that many would, understandably, prefer to put behind them. The Coronavirus Pandemic has changed our world in ways that it may never recover from, so the only thing to do is [...]
Quick QuickBooks
It is that time of year – April 15 is right around the corner and it is time to get the necessary inventory, payroll, invoice, and tax filing information together for the accounting department. Small [...]
Make the Most of Your Stimulus Check
The new stimulus package for small business and non-profits is coming soon. While this may be a financial relief to your small business, it is very important that you keep an eye on the fine [...]
Financial New Year’s Resolutions
One of the most rewarding opportunities that we face from one year to the next is the chance to create new habits that will benefit our lives. Yes, I am talking about making New Year’s [...]
A QuickBooks Primer for New Customers
It is not uncommon for financial consulting groups to provide QuickBooks in their breadth of services. If you are new to the world of business and just beginning to find your way through the wealth [...]
Profitable Strategies for 2021
A wise money manager pays attention to their finances on a daily basis – even if they utilize the services of a financial advisor or consulting group. At the same time, it is a good [...]
Suggestions for Increasing Personal Financial Security
The term ‘adulting’ means to adopt habits to help you create and maintain a long-term lifestyle of your choosing while acting responsibly as an ‘adult’. One of the most important actions you can take to [...]
Financial planning is essential for business success
It takes more than good luck to achieve business success: financial planning is the key. It is common to set goals that we want to achieve in the short, medium, and long term. That happens [...]
Why do you need financial intelligence to be successful in business?
To be a successful investor, it takes a lot more than good luck. […]
Retirement and Tax Planning
When planning your retirement income, it is important to remember to factor investment gains and expenses when deciding what type of investment vehicles you want to buy. Sometimes an attractive investment appears to be tax [...]
Personal Financial Planning
Personal financial planning is essential in today’s complex economic environment. Creating a personal budget, setting up tax planning, creating a savings plan and account, and addressing debts through the establishment of a debt management plan [...]
The Basics of Non-Profit Organization Taxes
Non-profit – or NPO or Not-for-Profit (or charity) – organizations are institutions or foundations that dedicate their efforts to and advocate for a particular social cause. According to recent figures there are over a million [...]
Benefits of a Professional Tax Preparer
No matter how many times the tax laws for homeowners and businesses have been simplified, it’s obvious that in a nation of 350 million people with tens of thousands of small, medium and large businesses [...]
Strategy Consulting in a New Decade
With each new decade ushered in, the ability to maneuver the increasingly sophisticated financial terrain becomes ever more challenging. Even half a century ago, startups required nothing more than a garage and some moxie. Now, [...]
A Primer on Financial Statements
Financial statements are the lifeblood of a company. They outline the fiscal health of a business by showing the income taken in and laid out (income statements and cash flow), the outcomes of this activity [...]
New Year’s Resolutions for the Small Business
There are few things that inspire resolve to do ‘better’ in your personal and professional life than the start of a new year. Often, one of the most important commitments is to achieve financial security [...]
What a Small Business Consulting Firm can do for You
There are many examples of entrepreneurs who came up with a great idea and pursued it to success. While focus and good old-fashioned hard work may seem to be all that you would need to [...]
End-of-the-Year Smart Money Moves
Before you immerse yourself fully in the spirit of the holidays, take some time to review your finances and ensure you can enjoy this time worry-free. Here are a few suggestions that should make your [...]
Why Hiring An Accountant For Your Business Is A Good Idea
It might be tempting to try and save money by not hiring an accountant for your business, but having an experienced accountant on your side can keep you a step ahead of the competition. The [...]
Financial Education Begins in Childhood
A basic financial education will give your kids the best chance at a successful and prosperous life. Getting your kids on the path to fiscal responsibility is important, and teaching them how to manage their [...]
Avoiding A Tax Audit
While there’s no way to guarantee that you’ll never be faced with an IRS audit, hiring the tax experts at ORT Consulting can make this unpleasant event less of a possibility. […]
Questions You Should Ask Your Business Consultant
If you are a small or medium-sized business owner you are busy 24 hours a day, 7 days a week and 365 days a year. Business owners eat, drink and breath their company because it [...]
A Primer on Financial Reporting
While business consultants are generally experts in all aspects of accounting, tax services and more, we know that many small and medium-sized business owners are often not as well-versed in the range of financial reports [...]
Business Accounting
If you are a business owner, you don’t need reminding that the accounting end of the business is one of the most important – and one of the most tedious – responsibilities. It is vital [...]
About Financial Services
Financial services companies perform a variety of important roles. They support their clients through financial and investment advising based on their expertise and training. They may also manage, exchange or hold money on behalf of [...]
Tax Time and Financial Services
Americans look at April 15 with disdain at this time of year. But with a bit of explanation you may come to understand the value of an annual review of your taxes with the [...]
ORT Consulting
One of the greatest challenges in life is to keep your financial house in order. It requires attention to detail and focus – both encumbering a large amount of time that you believe might be [...]
Self-Employment Taxes for First Quarter 2019
There are few things more rewarding and satisfying than being your own boss. As an entrepreneur you are able to shape your future in ways that are not possible while in the employment of others. [...]
Get Your Finances In Order for 2019
The end of 2018 is just around the corner. You may not want to think about next year so soon, but getting your finances in order will start off your New Year right. Here are [...]
Lower Your Taxes and Boost Your Investments
No one likes to pay high taxes and if you play your financial cards right, you can reduce what you owe each year. There are a few basic steps almost everyone can take to reduce [...]
Give Yourself A Gift – Lower Your Tax Liability
The tax laws passed in 2017 could save you plenty of money if you know what to do now. There’s a way for everyone to save, so read on for some of the best ideas [...]
Budgeting for the Holidays
You’ve worked hard all year keeping your budget on track. Don’t derail it when the holidays roll around. Retailers make the most money of the year during the December holidays, but that doesn’t mean you [...]
What to Look for in a CPA
Are you an entrepreneur? A small, mid-size or large business owner? No matter where you settle on the continuum of conducting business, you are likely going to need a certified public accountant. There are only [...]
Paying Taxes as a Freelancer
The number of businesses who hire freelancers is growing every year. Generally speaking, it’s a win-win for both parties. Employers reduce the cost of benefits, pay for services only when needed, and can select from [...]
What The Fiscal Year-end Means For Your Business
The fiscal year-end is the conclusion of a 12-month accounting cycle. A fiscal year can be the same as a calendar year, from January to December, or it can begin and end at any time, [...]
Surviving A Tax Audit
You've filed your income tax with the IRS and breathed a sigh of relief; then you're notified that you're being audited. If the IRS taps you for an audit, don't panic. While you don't have [...]
Put Your Tax Refund To Work For You
As tax time rolls around, many people look forward to getting a tax refund. Their first thought is often, “how can we spend it?” This year consider saving your refund instead of spending it. Over [...]
Three Steps To Make Filing Your Taxes Easier
Every April 15th, the tax man comes knocking. If you’re like many Americans, it’s also the time for stress as you rush around trying to find misplaced receipts and pay stubs. Start now and stop [...]
How To Get Your Clients To Pay On Time
The cash flow is the lifeblood of any business; it gives business owners the means to buy the goods they sell and pay their employees. For many small businesses, uncertain cash flow can hold them [...]
Productivity Hacks For Small Business Owners
Business owners and managers need to be efficient to make the most of every opportunity that comes their way. Here are some hacks that small business owners should consider to boost their productivity: Take Advantage [...]
Tips For Better Cash Flow Management
without a reliable process for tracking and collecting payments will eventually find it difficult to turn their revenues and profits into cash flow. One in four businesses fail because of interruptions to cash flow. Don’t [...]
Common Small Business Accounting Mistakes To Avoid
With widely available accounting tools, it is now easier than ever to keep an accurate record of where your company’s money is going. However, there are still possibilities of committing errors and accounting mistakes. While [...]
Keeping Your Small Business Finances In Order
Keeping your business finances in order is crucial because it can help you project your business’ growth, determine how your earnings and expenses stack up, and make informed decisions. Managing finances, however, can be difficult [...]
Is Canceled Debt Taxable?
Basically, even cancelled or “forgiven debt” from a lender is still taxable income, according to the IRS. As such, it must be included as income on your tax return. Debts which you are personally responsible [...]
Elder Care and Support
As your family members get older they may need some help with day-to-day tasks. One of those tasks may be helping with their finances. Even ordinarily tasks, such as balancing a checkbook or paying bills [...]
What the “GAAP” Does
If a company releases its financial statements to the public, it is required to follow Generally Accepted Accounting Principles, called GAAP, in the preparation of those statements. “GAAP” consists of three important sets of rules: [...]
What an Accountant Does
“An Accountant counts money!” says Mr. Joe Average; and he’s not wrong. But accountants do a lot more than just “crunch numbers”. Accountants deal with a wide range of finance-related chores that involve figures and [...]
Social Responsibility in Accounting
Money is a great motivator, which is why financial reports exist. Financial reports must contain truthful and unbiased information, and accountants must create unbiased and accurate financial reports for those who deal with finance in [...]
Bridging the GAAP
Financial reporting means balance sheets, profit and loss statements, financial notes, and disclosures, and it has its own language. It’s the language used to communicate information about the financial condition of a company, be it [...]
Basic Principles of Accounting
These basic principles form the basis which modern accounting is based. The best-known of these principles are as follows: The Accrual Principle: The concept that accounting transactions should be recorded in the periods when they [...]
Accounting Principles
Accounting principles are the rules and guidelines that companies must follow when reporting financial data. American accounting principles are defined as Generally Accepted Accounting Principles (GAAP). Companies must regularly file financial statements according to GAAP [...]
Accounting for Dummies
Businesses get the money; Accountants keep the books. Accountants keep businesses, governments and “not-for-profits” groups working by following systematic methods of recording their financial activity. […]
Accounting as a Career
Public accounting offers a varied career path. The duties of an account will depend on the size of the firm , and is generally a “partnership” In a small firm, one may work on business [...]