Robinson Accounting & Tax, LLC

To address a business risk, there are five common strategies. They are risk avoidance, risk reduction, risk sharing, risk transfer, and risk acceptance and retention. When choosing the best strategy to work for you, consider combining multiple strategies. Have more questions about risk management? Our team is dedicated to help you. Contact us today at (708) 937-9366

Regardless of whether you’re a start-up company or a well-established enterprise, smart business planning is essential. Great tax planning ensures you are compliant with tax laws as well as maximizes your financial benefits while simultaneously minimizing liabilities. https://bit.ly/4ebn5cy

A company's financial statement preparation is governed by its accounting policies. Accounting principles are a set of guidelines that a business should follow. Nevertheless, the framework is quite adaptable and the business' management team can select particular practices that improve the company's financial reporting. A company's specific rules are crucial because accounting standards can be lax. Examining a company's accounting practices may determine whether the business is aggressive or conservative when reporting profits. ??: (708) 937-9366

Remember to check the estimated timelines of your charitable donations to ensure the transfers are complete before the end of the year! If you want to take advantage of the deduction this year but are unsure of which charity you want to support, consider a donor-advised fund (DAF) as tax deductions are immediate, but payouts from the DAF can be made later based on your suggestions. Have questions on your year-end tax planning? Look no further! We're here to assist you every step of the way. Call (708) 937-9366 today!

The first step to becoming a successful business owner is ensuring you have a properly written and effective business plan. Because it outlines your business’ financial goals and details how you’ll achieve them, this roadmap is essential in organizing your vision and operations. Not sure how to start? This step-by-step guide is helpful as we walk you through the process! ??For all your questions on how to set up your business accounting, look no further. Contact us today at (708) 937-9366! https://bit.ly/3okjvUe

A Donor-Advised Fund offers you flexibility in tax benefits through charitable giving as part of your estate plan. Not only does it provide you with a lasting legacy, but it also can provide you with an immediate tax deduction. https://bit.ly/4cTBnOF

To be successful, a risk management plan must meet legal, contractual, internal, social and ethical goals. There are three steps to follow in order to achieve these goals. They are: 1) risk identification; 2) risk analysis and assessment; and 3) risk mitigation and monitoring. Risk identification means finding and documenting risks to the organization. Risk analysis and assessment requires determining the probability of a risk and the potential outcomes. Risk mitigation involves developing methods and finding options to reduce the harm that can occur. Need help with your business? We've got you covered. Contact us today at (708) 937-9366

For tax purposes, the IRS has two main forms for reporting income paid to workers: Form W-2 and Form 1099. Each January, employers issue W-2s to their employees and file them with the IRS. W-2s include information such as total pay for the previous year, total taxes withheld, retirement plan contributions and certain other payroll deductions. 1099s are issued to nonemployee workers paid $600+ and show the total amount paid to the contractor during the previous year as well as taxes withheld, if any. Whichever forms you receive, the information is necessary to file your 1040 income tax return. Have questions? Schedule an appointment with us today at (708) 937-9366.

Wondering how to succeed in business? CONSISTENCY! In order to create long-term positive habits that increase your money-making ability, you need to do what is necessary on a daily basis. Customers value consistency. Prioritizing this helps to create a satisfied customer base every time! Let us handle your business accounting so you can focus on what you do best – running your business! Contact us today at (708) 937-9366 to get started.

“I own a business, but I’m late on filing taxes. What should I do?” While being behind on payments and taxes can lead to penalties, there are some steps you can take to navigate the process and ensure that your business stays on track with tax obligations. https://bit.ly/3xk4I5w