Month: July 2022

Audit can be a scary word, especially if you’ve never dealt with the IRS in that capacity before. But audits can happen anytime, and they can be somewhat common when you have a small business where tax-keeping procedures may not be as straightforward as in other situations. Audits can be completely random, but they also often occur because of a red flag. It’s best to do everything possible to avoid any red flags in your tax documents but also be prepared in case an audit does happen.

Practice good record-keeping

An audit is done to ensure that your business is complying with all legalities and that you are operating under the proper regulations related to your industry. It’s important to keep good records of all business transactions. This includes expense receipts, payroll information, records of income and statements from all financial institutions where you have business accounts. Most audits simply require you to send the IRS documentation, but in-person audits do also happen on occasion. Keeping your records organized can greatly lessen the stress if you’re asked to provide additional documentation.

Seek advice from professionals

Even if you feel comfortable completing your business-related tax documents, it doesn’t hurt to seek advice from a professional. You may want to do a consultation every few years with a business-minded accountant who can help you find any issues that may need to be corrected. Some professional services can come with audit protection, which could help you immensely if you ever did have to undergo an IRS audit.

Don’t panic

Small business audits are not common, but they do happen. If you receive a letter from the IRS, don’t panic. If you don’t understand exactly what they are requesting, seek help from an expert. Keep copies of everything you receive along with a copy of the documents you send them. In most cases, audits must be done within three years so it’s important to keep your tax information from each year for at least three years, although some recommend you keep the information for up to seven years.

Audits are never fun, but with good record keeping, you can be prepared. Keep your business-related financial records for the recommended time based on your situation. If you do have to go through an audit, ask for help from a professional if you need it.

Cloud storage is not a new concept. It has been around for years, and businesses and individuals have used it for storing information since the concept started. But to those unfamiliar with cloud storage, the benefits of using it may not be obvious. There are also some downsides to consider when you’re trying to decide where to store your important files.

What is cloud storage?

When you use cloud storage, you can upload your files to a cloud-based server, which means essentially that your files are stored online. This makes it easy to access your information anywhere as long as you have internet access. Most cloud-based servers can be accessed from any internet-capable device, which means if you have your cellphone and internet access, you can get to your files from anywhere. Cloud storage can be used for personal and professional files.
Using cloud storage in a professional capacity allows others to access relevant files from their devices. This makes it easy to share files between colleagues. It can save a lot of time and effort since you don’t have to keep up with files stored on your devices and you don’t have to send them to others since you can allow authorized users to access the files as needed.

The downsides of using cloud-based storage

One of the main issues with cloud-based storage is that you may not be able to access your files in situations where you don’t have internet access. In case of an internet outage or network issue, you wouldn’t be able to find your cloud-based files, which could be problematic in many situations. Some cloud-based services require you to pay to use the service, especially if you’re storing a lot of files. Lastly, security can be a concern, especially when it comes to sensitive information.

Cloud storage is a great option for many. You can store a larger number of files without taking up space on your personal devices. It works well for personal and professional use. If you’re aware of the perks and the limitations of cloud storage, you can choose the best way to store your personal or professional files.

It may seem like summer just started, but many stores are already displaying back to school supplies. Kids probably don’t want to think about going back to school yet, but parents can benefit from thinking ahead and buying supplies as they go on sale. Back to school shopping can be expensive, and the costs can increase as kids get older. However, by shopping early and taking advantage of sales and promotions, you can save a lot of money on everything your kids need to head back to the classroom this fall.

Shop early

Supply chain issues are nothing new, and it’s possible that we may see some empty shelves or lack of variety when it comes to school supplies. If you know what your kids need for school, it’s helpful to make a list and shop for those things early. Sales can start as soon as stores get supplies in stock. Most stores rotate sales each week, so you can buy items at their cheapest point and stock up slowly with everything your kids need to have on hand.

Be aware of promotions and sales

Office supply stores and other retailers have great discounts in the weeks leading up to common school start dates, usually from late July through August. You may have to visit a few different stores to get what you need, but most school supplies will go on sale during this time. Some states also offer a tax-free weekend where you can buy clothes, shoes and electronics needed for school, and avoiding sales tax is very helpful when you’re buying a lot of supplies. You can also find some basic supplies at discount stores and dollar stores, but it’s important to compare those products based on quality and/or quantity of the packages in comparison to those at other retailers.

School shopping can be a chore, especially if you have a long list of items to get or you have multiple kids to shop for. You can end up spending a lot of money if you don’t plan head and shop around. Be sure to make a list of everything your kids need for school and start your shopping with a plan. Take advantage of promotions and sales to get the most out of your money.

Summer is here and you may have kids who are already bored and looking for things to do. While many families like to take a summer vacation, with the increase in gas prices and inflation leading to many other necessities costing much more than normal, a long family vacation may not be possible. Fortunately, there are plenty of cheap things you can do that will make the kids happy and provide some summer fun.

Explore your hometown

Even if you’ve lived in the same area for many years, there may be things you haven’t yet discovered. One of the best ways to find undiscovered gems in your area is to do a quick search on a travel site. You may find attractions and activities that you weren’t aware of. Plus, you can save a lot on gas by not traveling far.

Free outdoor fun

During the summer, many organizations hold festivals and free outdoor events, and a most of these are family friendly. Look into local concerts, food festivals or summer camps. Consider packing a picnic to take with you to a local park or lake. Hiking or biking on local trails is not only a great workout but also free in most places.

Other ideas

Check your library’s summer calendar. Many hold camps and other events for children throughout the summer. Some parks suspend admission fees during the summer months, and they may have some programs for kids to enjoy. Farmer’s markets are fun for all ages. You can check out local produce and let the kids pick up some fresh peaches or berries. Pay special attention around to the time leading up to summer holidays as many towns and organizations may hold themed events for special occasions and even for back-to-school.

With the higher cost of gas, many families are choosing to forgo a summer vacation. There are plenty of other ways to spend your time, and many summer activities are cheap or free. Check into local activities in your area and try to find new places to explore so you don’t have to spend a lot of money on gas or a lot of time traveling to your destination.