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ConsultingAccounting & BookkeepingAdvanced AnalyticsBookkeepingBusiness ComplianceBusiness FinanceDental Practice ManagementE-commerceFinanceFinance & AccountingQoEDecember 12, 2024

Navigating LLC ownership change: A Guide to Avoiding Tax Liabilities

When it comes to buying and selling ownership in a Limited Liability Company (LLC), the process can be complex, especially when tax liabilities come into play. If you’re in the middle of negotiating a buyout and onboarding a new partner, careful planning is essential to ensure the transaction is fair, compliant, and optimized for taxes....

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Accounting & BookkeepingBookkeepingFractional CFODecember 10, 2024

2025 Top Accounting Platforms for Small Business

What Accounting Software Is Best for Small Businesses? Exploring Top Accounting Platforms Are you a small business owner wondering, “What accounting software is best for small businesses?” Choosing the right accounting platform is essential for managing your financial health effectively. Accounting platforms are software tools that help businesses manage their financial records seamlessly. These platforms...

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Accounting & BookkeepingAdvanced AnalyticsBookkeepingBusinessBusiness FinanceBusiness InsightsQoEDecember 7, 2024

How do Taxes Hurt Small Businesses? A Call for Reform in the Beauty Industry

Small businesses are the backbone of the American economy, driving innovation, fostering community growth, and employing nearly half of the nation’s workforce. Among these enterprises, hair salons and barbershops play a significant role in providing essential services and creating local jobs. However, despite their contributions, these small businesses face challenges that hinder their growth—chief among...

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Accounting & BookkeepingFinance & AccountingFinance & BusinessDecember 4, 2024

Unlocking Hidden Wealth: 2025 Tax Secrets for Selling Inherited Property in Florida

Inheriting property can significantly impact your financial situation, and understanding the tax implications is crucial for effective financial planning. This article delves into the tax considerations when selling inherited property in Florida, focusing on a scenario involving a mother and her nephew. Stepped-Up Basis: A Key Concept When you inherit property, you typically receive a...

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BookkeepingAccounting & BookkeepingBusinessDecember 3, 2024

How to Choose a Memphis Bookkeeping Service

Choosing the right Memphis bookkeeping service is a critical decision for any business. Whether you’re a small startup or an established company, having accurate and well-maintained financial records helps you manage cash flow, stay compliant with tax laws, and plan for the future. A professional bookkeeping service can save you time, reduce stress, and allow...

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BookkeepingFinance & BusinessFractional CFODecember 1, 2024

Bookkeeping Software That Syncs with Amazon for Business Owners

Business owners often face challenges in managing their Amazon purchases, especially when relying on manual entry into their bookkeeping software. The good news is that bookkeeping software like QuickBooks Online, Xero, and FreshBooks offer solutions to automate tracking of your Amazon purchases. Through integration with your Amazon Business account, these accounting software platforms can automatically import transactions, helping you categorize expenses accurately and efficiently.

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Accounting & BookkeepingBookkeepingBusinessQoENovember 26, 2024

Understanding Taxes on Cryptocurrency: A 2024-2025 Guide with Real-World Examples

As we venture into 2024 and prepare for 2025, understanding how taxes on cryptocurrency work is more important than ever. The IRS continues to treat cryptocurrency as property, meaning crypto transactions are subject to specific tax rules. This guide breaks down key aspects of cryptocurrency taxation and provides real-world examples to help you navigate taxes...

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BookkeepingNovember 24, 2024

How to set up a simple bookkeeping system in excel

Setting up a simple bookkeeping system is crucial for small businesses, freelancers, and even individuals managing their personal finances. Let’s explore various approaches to create an efficient and easy-to-use bookkeeping system, with a focus on Excel-based solutions, filing systems, and other simple methods. How to Set Up a Simple Bookkeeping System in Excel Microsoft Excel...

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BookkeepingFinanceFractional CFONovember 21, 2024

How to Do Bookkeeping for Independent Contractors? 3 Easy Practices to Get Started

Keeping your finances in check is one of the most important aspects of being an independent contractor. Proper bookkeeping for contractors helps you stay organized, simplifies tax preparation, and enables better decision-making. Here’s everything you need to know to stay on top of your financial records and ensure your business thrives. Understanding Bookkeeping for Independent...

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Advanced AnalyticsAccounting & BookkeepingBookkeepingBusinessBusiness FinanceBusiness InsightsNovember 19, 2024

The Ultimate Guide to Setting Powerful Financial Goals for Your Small Business in 2025

As we approach the dawn of 2025, it’s time for small business owners to think beyond mere resolutions and set their sights on transformative financial goals. At CentsIQ, we believe that the key to small business success lies in strategic planning, smart financial management, and a dash of entrepreneurial spirit. This comprehensive guide will walk...

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FinanceBusinessBusiness FinanceBusiness InsightsFinance & InvestmentFractional CFONovember 17, 2024

How to Prepare a Classified Balance Sheet: A Step-by-Step Guide

Understanding the Classified Balance Sheet A classified balance sheet is a financial statement that provides a structured overview of a company’s financial position at a specific point in time. It organizes assets, liabilities, and equity into distinct categories, offering a more detailed and informative presentation compared to a general balance sheet The fundamental components of...

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BookkeepingFinanceFractional CFONovember 17, 2024

Understanding LLC Distributions and Intercompany Transactions: A Guide for Business Owners

As a business owner or entrepreneur exploring acquisition opportunities (ETA), managing LLC distributions and intercompany transactions can be intricate. This guide breaks down how to handle fund transfers between LLCs, focusing on a scenario where funds are moved from one LLC to purchase an asset under another LLC. We’ll examine the pros and cons of...

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BookkeepingFractional CFONovember 14, 2024

How To Connect Bills and Invoices in Quickbooks Online: 3 Methods and 3 Advanced Techniques

Fed up with manually matching invoices to supplier bills in QuickBooks Online? You’re not the only one! Many business owners and bookkeepers know just how tedious this task can be. But don’t worry—We canshow you how to connect bills and invoices in quickbooks online, step-by-step. This guide will transform your bookkeeping process and save you...

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CentsIQ is a premier bookkeeping and financial services provider. We serve businesses in Seattle, Bellevue, Redmond, Kirkland, Renton, Kent, Maple Valley, Covington, Portland, Memphis and beyond. Our expert team offers tailored solutions including bookkeeping, fractional CFO support, advanced analytics, and quality of earnings assessments. Let us handle your finances so you can focus on growing your business.

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