The Wesley Peachtree Group, CPAs

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Not sure when to stop claiming your young adult children as dependents on your tax returns? Don’t worry – you’re not alone! Many people also share this question and it’s important to note that this decision can significantly impact both yours and your children’s tax benefits and credits or deductions. https://bit.ly/47kp2RW

Defining your business strategy through annual planning determines your business’ trajectory. Strategizing ensures that your goals are aligned and all operations have a clear vision. A useful method in identifying how your company matches with your competition long-term is using the SWOT (strengths, weaknesses, opportunities, and threats) analysis tool. For more entrepreneurial tips and tricks, contact us at 404-874-0555.

Surprise! There are some additional items that the IRS will tax you for besides income. If you've received proceeds from a life insurnae policy or have a scholarship that covers anything outside of the classroom, a portion of them may be taxable. We've included 10 items that may be taxable depending on your circumstances. Comment below which surprised you the most and call us today at 404-874-0555 if you need any help determining which is taxable in your situation.

There's no sure way to predict an IRS audit, but these 19 audit red flags could increase your chances of drawing unwanted attention from them. Need an accountant? Why wait? Call us today at 404-874-0555 to schedule a consultation! https://bit.ly/3anzb2V

For single parent households, managing finances is usually at the top of the list of unique challenges to navigate. With these specific tax-planning strategies for single parents, your tax savings can be maximized and even financial burdens alleviated. https://bit.ly/3VKpkgq

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. ??: 404-874-0555

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 404-874-0555

Your company's assets, liabilities, and owner equity are displayed on your balance sheet. In essence, it is a comparison of your assets and liabilities. Keep in mind, liabilities are what your business owes, and assets are what your business owns. Equity represents the ownership interest in the company and is calculated by subtracting the liabilities from the assets of your company. Contact us at 404-874-0555.

VAT, standing for value-added tax, plays a large role in several countries’ tax systems. It is important to consider when a business is looking to conduct and manage financial affairs abroad as it is employed by over 160 countries worldwide. To best navigate the VAT landscape, learn the principles of tax credits and VAT refunds. https://bit.ly/4atdflg