At Imperial Acquisitions we provide many great services to our clients, in previous posts we have given you tips on ways you can apply various deductions on filings during tax season. Well in this post we are going to delve into some accounting tips for small businesses. So listed below are a few tips that should help you get your books in order: Keep Everything You should keep everything that is related to your small business, that means bank statements, receipts, bills, invoices, etc. Especially initially when you first begin the business it is essential that you keep and file these documents because when it comes to these documents its safer to err on the side of caution. Separate Business from Personal This should be rule number 1a, tied for the tip posted above. Mixing business with personal assets is a financial disaster waiting to happen. Please I beg you for your sake and/or your accountants well being. But all jokes aside it just makes things a lot easier when it comes to managing and keeping accurate books when you keep the two separate.  Avoid the stress by maintaining separate credit and checking accounts for your business and Select accounting software I suggest that you choose an accounting software package that’s easy use and works for you. A couple of the more popular programs out there are QuickBooks, Sage 50 and Bookkeeper. There are also free online accounting programs although they may have some limits. Get professional input It’s always a good idea to have a professional accountant give you input  on your accounting system. Whether that's initial set up or recommending products and services that would best suit your business; not to mention you can get a tax deduction on this service. ...read more

Being a single parent is challenging yet very task; a nonstop balancing act if you will. Now add the task of trying to navigate the complicated tax filing process, this has the potential to be a very stressful time for mom or dad. So in an attempt to alleviate some of the tensions tax filing season may cause we have listed some deductions for single parents that may apply to you: Child Care Credit: If someone else cared for your child so that you could either work or look for work, you may be eligible for Child and Dependent Care Expenses. However to be able to qualify for this deduction there are few requirements, your child must be under 13. Secondly, the person taking care of your child can̢۪t be the child's other parent or anyone who can claimyouas a dependent. Lastly, you must have earned an income during the year. Head of Household: Filing for this status has two benefits for single parents. Firstly, you'll pay fewer taxes overall; and secondly, you'll also be able to claim a higher standard deduction. In order to qualify for this you must have provided more than 50% of the financial support needed to maintain your household and your children lived with you for more than half the year. Dependent Exemption: Single parents who file as Head of Household for 2012 will be able to claim an exemption of $3,800 for themselves and each qualifying child. This means that for each exemption, $3,800 of your income would not be taxed. Keep in mind, though, that only one parent can claim each child as a dependent for tax purposes. ...read more

Come in and let us help! ...read more