What financial records should I keep?

SJG Tax Alpharetta

Good financial records lay the foundation for mapping business progress, preparing statements, identifying key income sources, tracking deductible expenses, keeping track of property, preparing your tax returns, and supporting the items you report on tax returns. One of the questions we get most often is how long to keep financial documents. Generally, the length of time you should keep a document depends on the action, expense or event the document records.  … [Read more...]

July 2015 Newsletter

Three steps toward securing financial health As a small business owner, you probably spend almost as much time planning and managing your financial priorities as you do on your business. You have daily, weekly, monthly and quarterly to-do lists. Knowing what to prioritize and how to keep everything working smoothly takes solid planning - and reliable support. Record Retention Sustaining smooth, useful financials starts with knowing what records you should keep and how long you should retain them. The right information helps you to do things like map your business progress, understand your best sources of income and deductions, and remain on top of your business and personal taxes. In general, determining how long you should keep a record is based on the action, expense of event that the document records. This is one of the questions we answer most frequently at S.J. Gorowitz Accounting & Tax Services, P.C. As we approach tax deadlines, now is a great time to make sure your … [Read more...]

What you Need to Make Your Accounting Invisible

alpharetta accounting cloud technology

If you’re like most small business owners, you probably end your day with a to-do list that’s as long as it was at the start of the day. With operations, sales, inventory, employees, bookkeeping, customer support…keeping everything working smoothly on a daily basis takes a whack-a-mole approach. Then add to it things like long-term strategy or taxes, and that to-do list starts to require a superhuman level of attention. Fortunately, powerful new technologies are helping to give small businesses like yours the tools necessary to streamline many of your tasks. Because most of these solutions are cloud based, they work behind the scenes and across accounts. And they operate securely, thanks to things like password protection and 256-bit AES encryption, allowing every important member of your team – including your CPA and tax advisor – to work on vital financial data in real time from wherever they are without any delay or delivery gap. With your accounting technology running safely … [Read more...]

Enrolling for Medicare: A Primer

SJ Gorowitz Morgan Stanley Medicare Primer

The complexity of Medicare and the myriad options enrollees face can be daunting. Here are some pointers on how to go about enrolling for Medicare, and suggestions on different alternatives such as working with a Medicare advisor. As any American over 65 knows, signing up for Medicare is not simple. There are four different parts, each with different options that can have widely divergent effects on costs and coverage. Enrollees may also wish to supplement their Medicare with private coverage. If you are approaching that landmark birthday, consider the following pointers to guide you through the enrollment process. Start by determining whether you’ll continue to have group coverage through an employer or association. This is an especially important first step for anyone who continues to work past age 65 or who can be covered by a spouse who continues to work. While not all private group plans allow people to keep their coverage after age 65, those that do could help give you … [Read more...]