• Home
  • Our Services
    • Tax Planning & Tax Prep
    • Accounting & Bookkeeping
    • Payroll Services
    • Small Business Seminars
    • Management Consulting
    • Business Development
  • Quickbooks Services
  • About
    • About Us
    • Our Founder
    • Our Owner
    • Our Team
    • Privacy Policy
    • Terms Of Use
    • Ethics Statement
  • Contact
  • Blog
Pathways Consulting
  • Home
  • Our Services
    • Tax Planning & Tax Prep
    • Accounting & Bookkeeping
    • Payroll Services
    • Small Business Seminars
    • Management Consulting
    • Business Development
  • Quickbooks Services
  • About
    • About Us
    • Our Founder
    • Our Owner
    • Our Team
    • Privacy Policy
    • Terms Of Use
    • Ethics Statement
  • Contact
  • Blog

Our News and Events

Spread the word and show your #rednoseday spirit

5/26/2017

0 Comments

 
Picture
Picture
All parents want the best for their babies. Thanks to a grant from the Red Nose Day Fund in 2016, Save the Children is making it possible for moms in some of the poorest neighborhoods in Nairobi, Kenya, to care for their preterm babies, and also giving American parents living in poverty across Arkansas, Louisiana, Mississippi, North Dakota and Nebraska a chance to provide their children early learning opportunities that help them succeed in school and life.
By establishing Kangaroo Mother Care (KMC) units in urban hospitals in Nairobi and training the hospital midwives in KMC, Save the Children is helping new mothers like Emma – who delivered her baby more than two months early. KMC is the practice of providing skin-to-skin contact between mother and baby, exclusive breast-feeding, and early discharge from the hospital, along with continued follow-up care in postnatal visits.
When Emma delivered her first child, she was 38 years old. Emma and her husband were absolutely committed to the KMC experience as the best possible chance for their son, Victor, to start life as a healthy baby.
By strengthening its Early Steps to School Success and Head Start programs in more than 20 counties in 5 states across America, Save the Children is supporting moms like Michaela – a teen mother who, before her son Liam’s birth, was anxious about her baby’s future, as well as her own.
But through Save the Children’s Early Head Start programs in northwestern Arkansas, Michaela is able to give -7-month-old Liam the chance to develop essential early learning and social skills, while affording her the time to further her own education and career aspirations as an early-childhood educator.
Click here to show your support for #rednoseday!!
0 Comments

10 Red Flags That Could Earn Your Small Business an Audit

5/17/2017

0 Comments

 
 If you receive a letter from the IRS remember that this does not mean they are automatically going to audit you. They could be looking for clarification or additional information. Once you receive a formal audit figure out what part of your returns is being audited. Only provide the specific information that the IRS requests to prevent broadening the audit. Make sure you are polite and quick to respond. With that being said, here are 10 red flags for the IRS that are in no particular order.
  1. Claiming Business Deductions for Personal Expenses: Keep detailed books on exactly what is business related and what is personal. Higher than average deductions can also be a red flag for the IRS to audit you.
  2. Math Errors: Having math errors can cause the IRS to look more closely at your return. Make sure your receipts add up to your 1099-K.
  3. Claiming Fair Market Value for Real Estate: Claiming incorrect fair market value on your real estate can pique the interest of the IRS. Especially if you claim lower than normal fair market value.
  4. A Sole Proprietorship with a Net Loss: Since there is commingling of funds in a sole proprietorship it is unlikely to have multiple years of net loss. The IRS tends not to audit startups in their first year. Though having the majority of your first 5 years in the red will throw some red flags.
  5. Cash Transactions: Since banks will turn into the IRS your credit card transactions the IRS has a hidden algorithm to determine about how much cash sales your business should have had.
  6. You’re Self Employed or Work Exclusively in Your Own Business
  7. Claiming 100% Business Use of a Vehicle: If you plan to claim the vehicle for business use keep detailed mile logs of when and where the car was used for business means.
  8. Shifting Income to Tax Exempt Organizations: Donating large amounts of money to charities to avoid taxes is considered tax abuse.
  9. Consistent Late Filing: Consistently filing and paying your taxes late will draw unwanted attention from the IRS. If you will not be able to make a deadline always file for an extension.
  10. Taking an Early Payout from Your 401K or IRA: The IRS finds that almost 40% of people who take early payouts file their returns incorrectly. If you take an early payout from your Roth, expect that you may be audited.
0 Comments

Tips for Small Business Accounting

5/3/2017

3 Comments

 
Picture
When you start your own business, it is common to make mistakes especially when it comes to accounting. Skipping small accounting tasks seems like it would save time, but it ends up costing time and sometimes even money in the future. It is better to get into a habit of taking care of accounting tasks early so they become less of an ordeal towards the end of the fiscal year. The focus should be clean, clear, and accurate accounting that will make your life easier. So, here are a few tips to help with your small business accounting.
    Separate your business funds from your personal funds. Even if your business consists of only you. Create a separate account for the business and the business only. This not only allows you to make your reconciliations and end of the year deductions easier, it also lets you keep close accounting of your cash flow.
    Many accounting professionals that work with small business owners will tell you that often they see the business owner not applying payments to open receivable accounts. It seems almost too simple to point out but it is easy to forget. Leaving receivable accounts open can cause major headaches down the road.
Reconcile all your accounts as soon as the statement is available. This process will be much easier now since the rest of your records should be accurate. Not reconciling accounts can reduce the amount of deductions you will receive.
    Understand the tools and functions of your accounting software. Whether you are using QuickBooks or another software, understanding exactly what it can do and its limitations are important to making good use of your time.
    Read the entirety of Terms of Credit agreements. Reading long terms can be monotonous at first but It can save you money in interest and other fees.
    When first starting out it is easy to keep track of the small books you will be keeping. It is important to set up in a way that you can grow and scale without exponentially raising the amount of work you must put in to maintaining your books. You can set up automation in some online cloud based accounting that will allow your business to scale without you having to maintain all the accounting records by hand.
    Use this tips for your benefit to learn from the mistakes that others have made in the past. Professionals are always ready to help with high level expert advice for small business owners.

3 Comments

    Author

    The Pathways Team

    Archives

    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    January 2015
    August 2014

    Categories

    All
    2019 Taxes
    2020
    2020 Taxes
    401(k)
    Accountant
    Accounting
    Artificial Intelligence
    Black Friday
    Blog
    Blogging
    Bookkeeping
    Budget
    Business Blog
    Business Consultant In Charleston
    Business Consulting Summerville Sc
    Business Management Consulting Summerville Sc
    Business Management Summerville Sc
    Business Services And Management Consulting
    Business Services Summerville Sc
    CARES Act
    CDC
    Coronavirus
    COVID 19
    COVID-19
    Cyber Monday
    Dave Ramsey
    Emergency Fund
    Employee Retention Credit
    Estimated Quarterly Taxes
    FAQs
    File Your Taxes
    Filing Taxes In Summerville
    Fishbowl Inventory
    Growth Of Quickbooks
    IRA
    It Consultant Charleston Sc
    It Consulting Charleston Sc
    Management Services Summerville Sc
    Online Jobs
    Online Safety
    Online Sales Tax
    Online Shopping
    Pandemic
    Pathways Consulting
    Payroll Accountants Charleston Sc
    Payroll Accountants Summerville Sc
    Pay Taxes
    Pos Quickbooks Integration Charleston Sc
    Pros And Cons
    Quarterly Taxes
    Quickbooks
    Quickbooks Basics And Beyond
    Remote Work
    Retirement
    Retirement Plan
    Safe Spending
    Sales Tax
    Saving Money
    Selling Online
    Significacnt Other
    Small Business Accounting Service Charleston
    Small Business Bookkeeping Service Charleston
    Small Business Bookkeeping Services Charleston
    Small Business Info
    Small Business Payroll
    Small Business Seminars Summerville Sc
    Smart Spending
    Starting A Business
    Stimulus Check
    Stimulus Check Fraud
    Stimulus Check Scam
    Summerville Sc Tax Services
    Tax Accountant Summerville Sc
    Tax Documents
    Taxes
    Taxes And Accounting In Summerville Sc
    Taxes And Accounting Summerville Sc
    Tax Extension
    Tax Extension 2019
    Tax Planning
    Tax Prepares
    Tax Prep Summerville Sc
    Tax Season
    Tax Services Summerville Sc
    Tax Wrtie-Offs
    WHO
    Work From Home Tax Write-off
    Working From Home
    Work Online

    RSS Feed

Picture
(843) 261-9293
105 South Cedar St. Suite E
Summerville, SC 29483
9:00am- 5:00pm, Monday- Friday​
Site designed by Creative Consulting
Site powered by MadeSimply
  • Home
  • Our Services
    • Tax Planning & Tax Prep
    • Accounting & Bookkeeping
    • Payroll Services
    • Small Business Seminars
    • Management Consulting
    • Business Development
  • Quickbooks Services
  • About
    • About Us
    • Our Founder
    • Our Owner
    • Our Team
    • Privacy Policy
    • Terms Of Use
    • Ethics Statement
  • Contact
  • Blog