Accounting, Taxes, and Fraud....Oh my!

By
Education & Training with KLSM CPA Firm, PLLC

Starting a business can be exciting, challenging, rewarding and stressful. Knowing how to protect your business in matters of accounting, tax and fraud can significantly contribute to your business success. Here are a few tips to consider:

  • Accounting Matters 
    • Invest in an accounting system such as QuickBooks to assist you with maintaining good records. 
    • Maintain receipts
    • Track your business mileage either manually or using an App such as MileIQ.
  • Tax Matters
    • If you are using a home office ensure that it is an area used exclusively for business and IRS compliant. Your office space should not include a TV, bed, surf equipment or any other type of storage.
    • Setup an IRS compliant accountable plan to save money on payroll taxes when reimbursing employees for qualified business expenses.
  • Fraud Perspective
    • Review your business bank statements, on a weekly basis, to promptly identify unusual or fraudulent transactions.
    • Implement segregation of duties among financial processes

 

Join KLSM CPA Firm, as we partner with the Small Business Expo to offer a FREE webinar on November 7, 2019 entitled, Protecting Your Business: An Accounting, Tax and Fraud Perspective. During this webinar we will cover the topics above and much more to help you protect your business. Don't wait until, the webinar is sold out...Register Today

 

KLSM CPA Firm PLLC empowers individuals and small businesses by providing accounting and tax solutions for financial success. We assist our clients with tax resolution matters such as Texas sales tax, payroll and income tax issues in Houston, TX, San Antonio TX, and elsewhere.

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Rainmaker
1,560,334
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Good point about keeping your surfboards in the office... unless you use them for a board meeting.

Oct 16, 2019 08:59 PM #1
Rainmaker
3,186,425
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Krystin.

Exactly why I have a CPA.  I send her all the receipts, mileage etc.  In return she tells me when and how much I owe.  Simple for me

Oct 17, 2019 02:16 AM #2
Rainmaker
933,438
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Great post as a heads up to all of us to realize we areruning a business and need to be aware of what is going on financially all the time.

Oct 17, 2019 05:11 AM #3
Rainmaker
969,938
Bob Ratliff
Robert Ratliff Realty - San Antonio, TX
"Sold with Bob"

Starting a business can be scary but you have outlined some great tips and must DOS to own a successful business.

Oct 17, 2019 05:20 AM #4
Rainmaker
5,816,574
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your professional experience and your advice.

Oct 17, 2019 11:13 AM #5
Rainmaker
3,431,786
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and great information about a home office.  I know I hear pros and cons and I do not write mine off.

 

Oct 18, 2019 09:24 AM #6
Rainmaker
5,816,574
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Friday afternoon. Have a nice evening and a very special weekend.

Oct 18, 2019 01:10 PM #7
Rainmaker
1,372,970
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Smart advice. We have a particular set of skills, and managing taxes and accounting aren't them.

Oct 20, 2019 05:13 AM #8
Rainmaker
4,338,003
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Krystin, great post with lots of valuable information.   I have a CPA do my taxes, and never write off my home office.

Nov 13, 2019 07:00 AM #9
Rainmaker
3,364,258
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Loved the Title my accountant is great I offer things to write down and he asks " are you running a bordello?" and I say now, than the response is "no you can not claim that" as far as the home office yes and my portion no one enters since it is my home office:)Endre

Nov 18, 2019 10:25 PM #10
Ambassador
2,223,946
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

All of these are great tips for ensuring compliance for tax filing.

Jan 17, 2020 07:57 PM #11
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Rainmaker
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Krystin Mitchell, CPA CFE

Strategic Accounting & Tax Solutions
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