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Carl Schrader from Schrader Accounting joined us as a guest speaker offering up “What Kind of Tax Accountant do you Need and other 2020 Tax Topics” and boy was there a lot of information.

Carl provided us a great presentation that answered some questions about the types of CPA or tax accountant you might need, what the differences were for businesses (and sole proprietors) and resources to ensure you have the tools and people you need to get your financial direction set straight!  Carl is an active member and often gives us little tidbits to support conversation and business needs!

  • As always, Natalie Root has great questions, and applying funds was a question I think we all wondered about. “If the client is billed in 2019, but pays in 2020, where do those funds go in the books?”  Of course, we all have different tax situations, but a rule of thumb, in a cash-based business, is that the funds land in the year they are collected. There are situations in which this changes (and two pair of books are handled, for example, in sales of products, there may be a rule for FLORIDA that differs from the IRS’s expectations!) Thank goodness we know a great accountant!
  • Carl also offered a list of resources and tools to help you with your books. Certainly, Quickbooks is a key player for businesses with products, sales, and employees. However, for independents who are service-based, there were a few recommendations for invoicing, billing and tracking. I personally have used Freshbooks for nearly 12 years – and it works well for small businesses like mine.
  • We learned that Carl’s dream job is to lock horns with the IRS in tax situations, but he sticks to supporting his client’s needs, answering questions to keep you away from the IRS, and does due diligence in keeping informed. 

If you would like to see the presentation, click here