Do you know where all of the money in your business bank account came from and where it’s going? How much income you’re missing from unpaid invoices? How much money you have set aside for quarterly taxes? What you can afford to invest in now and what you need to save for? When your financials are up to date, you can find the answers to these questions anytime. In this article, we’ll take a look at the nuts and bolts of some critical bookkeeping and accounting practices I recommend to most business owners.
It may seem like tax season is a long way off, but when you think about what’s coming in the next few months—the Q4 rush to use up yearly budgets, the busy-ness of holiday season and then you’ll want to hit the ground running in the new year—there won’t be much time to sort through a backlog of accounting! Waiting until January will put you months behind, getting a clear picture of your business finances now will not only help you make better decisions for the rest of the year, it will also give you the time and the data you need to plan your tax strategy with confidence.
We love getting to know our clients on a personal and professional level so we thought it’d be fun to give you all a peek into the lives of the hardworking women behind Monarch CPA. Get to know Amy, Shannon, Ella, Jessica and Katie!
If you have made tiny humans, you may have received some extra stimulus money from the government over the last year. And you may have heard that the American Rescue Plan Act (ARPA) includes even more support for families with children in the form of advance payouts on the 2021 Child Tax Credit (CTC). But there’s a big catch—before you book that trip to Disney, make sure you’re not going to have to pay it back. Read on for a breakdown of what we know right now and what the credit may mean for you.
Life (and owning a business) can get expensive really quick! Knowing which personal and business expenses are tax-deductible can potentially save you thousands of dollars on taxes each year. Read on to learn about eight tax-deductible purchases most folks forget about when preparing their taxes.
April is Stress Awareness Month and after the most stressful year in decades, so many are still feeling the emotional, physical and financial weight of this pandemic. If you are experiencing constant stress, anxiety and worry about your financial situation, please know, you are not alone. The financial burden of the COVID-19 pandemic has impacted countless American families, and we are sensitive to that. If you’re looking for small ways to help reduce your financial stress during this time, read further to get some ideas that might work for your life.
Believe it or not, your accountant should care just as much about your values, goals and any major life changes as they do about your income and taxes. At Monarch CPA, we want to make sure we’re helping you make the most informed decisions for your life.
The year 2020 was a rollercoaster and tax season is proving to be similar in nature. Learn more about the changes to 2020 tax laws and the most recent March updates.
To achieve financial freedom first embrace your money story and change how you view your financial future. At Monarch CPA we offer financial coaching to help you identify your goals and learn sound financial management. Serving Northern Virginia, Maryland and DC.
Monarch CPA offers accounting services as well as financial coaching services. We empower business owners through financial literacy so they can run a financially anchored business. Located in Northern Virginia and Maryland, Monarch CPA operates throughout the Virginia, Maryland, and Washington, DC area but serves clients nationwide as well.