Maureen Miller, CPA, MBA

FACEBOOK FRIENDS AND ACQUAINTANCES!!! Are any of you small business owners? Are you having trouble paying your workers?... Have you had to lay workers off? I have just finished reading the 880 page "HR 748 Federal Stimulus Bill" that passed the house on 3/27/20. OK maybe i skimmed it. I AM READY TO HELP! I am helping small businesses (and sole proprietorships as well) apply for Federal Loans that, if you keep your employees on payroll, WILL BE FORGIVEN AND TURNED INTO GRANTS. I am providing this service on a DONATION/GIFT BASIS!!! Reach out. [email protected] Be well. xx

Same. As. It. Ever. Wuz. . #holdthevisiontrusttheprocess #frequencymatters #vibratehigher

INCREASED ACTIVITY ON THIS PAGE? Do folks need a good accountant? [email protected]... Don't wade through a global pandemic without a good accountant.

"Demystifying Taxes!" Once you know the secrets to how taxes work (or DON'T work) your annual tax preparation will not be NEARLY as daunting. Come to my seminar on SUNDAY, March 8th from 5:30p to 7:30p.... Impact Hub - Oakland $70 - $100 sliding fee. https://www.paperlesspost.com/go/p0raK1zF2P9Pp4uJkQWZ

SO PROUD OF OUR BROTHER @rondyoga and the yoga he shared today with the students of Dewey Academy. . Time spent investing in our youth ALWAYS pays dividends. . #blacktoyoga ... #blackmenteachyoga# #thechildrenareourfuture See more

Accounting Tip of the Day: The Accounting formula you *need to know*: ASSETS - LIABILITIES = EQUITY Equity is the residual value of a company after its liabilities (what it owes) are deducted from its assets (what it owns) - bottom line: what a business is worth. The components of equity are: owner contributions, owner draws, retained earnings and common stock. (Common stock is stock that the public may invest in, typically for large, publicly owned businesses like Google or Apple. Retained earnings are the profits that a company keeps in its business.

Accounting tip of the day: The accounting formula you *need to know*: ASSETS - LIABILITIES = EQUITY Liabilities are items a company owes. On the balance sheet they are broken down into 2 categories: current and long-term. Current liabilities include: accounts payable, wages payable, deferred revenue. Long term liabilities include: loans and bonds. ... Next up: Equity...stay tuned for our simple break down of this difficult concept!

Accounting tip of the day: The accounting formula you *need to know*: ASSETS - LIABILITIES = EQUITY Assets are items that a company owns. On the balance sheet, assets are broken down into three categories: current, long-term, and intangibles. Examples of current assets are: cash, accounts receivable and prepaid expenses. Examples of long-term assets are: Property, Plant & Equipment, deposits, and long-term investments. Examples of intangible assets are: trademarks, goodwill, ...and patents. Next up: Liabilities...so stay tuned!

LOOKING FOR A NEW ACCOUNTING SOFTWARE PACKAGE? Here are three main points to consider in your decision-making process: 1. INTEGRATION - Does the software easily integrate data from other programs and websites, such as importing data from Excel or importing bank transactions from an online portal?... 2. EASE OF USE - If you are not an accountant or bookkeeper, how easy is the software to understand and navigate? Does the software make logical sense to you? Can you find data, such as vendor invoices you have previously entered, or do you need to do a lot of digging around to find what you need? 3. FINANCIAL STATEMENTS - Does the software package produce easy to read financial statements, i.e. Income Statement and Balance Sheet? These statements are an integral part of understanding how well your business is doing, and will help you make business decisions that are grounded in real data - YOUR data.

"YOUR CONTRIBUTION IS TAX DEDUCTIBLE"! ...but can you USE that deduction on your taxes? When you make a donation to a charitable organization, one of the biggest ways that charities entice you to donate to them (besides your giving nature of course!) is that your contribution is deductible on your tax return. ... This is true; contributions ARE deductible, but ONLY IF YOU ITEMIZE YOUR DEDUCTIONS. If you don't itemize your deductions (and most of us renters do not), then a contribution will not be deductible on your tax return. Stay tuned for the next "ACCOUNTING TIP OF THE DAY" on the differences between the STANDARD deduction and ITEMIZED deductions. I know i know...you can't wait. :)

ACCOUNTING TIP OF THE DAY: Self-employment tax: if your small business is organized as a sole proprietorship, you will be subject to "Self Employment tax". This is IN ADDITION to federal and state INCOME taxes. Think of self employment taxes as the FICA (social security) you would be paying as an EMPLOYEE, EXCEPT that as a self employed person, you are paying BOTH the employee and employer share of FICA, which is a full 15%. This does NOT include income taxes. ... If you do not pay your self employment taxes on a quarterly basis (which is always a good idea) remember to set this money aside so that, come tax time, you aren't left with a big fat debt to the IRS. They are not very kind with their interest and penalty fees. for more information, [email protected]

ACCOUNTING TIP OF THE DAY: Thinking about starting a new business? Most small business will fail within the FIRST TWO YEARS as a result of lack of financial skills and planning. Do you know what you don't know? DON’T START A NEW BUSINESS WITHOUT A GOOD ACCOUNTANT.