Mis Centavos

Tu contadora, your accountant, your guide to creating, managing, growing your small business and bottom line.

La Importancia de los Formularios W-2 y W-3: Plazos y Reglas Cruciales para Empresarios | Mis Centavos con Anita Monrroy 02/02/2024

Preparación Anticipada: Claves para una Temporada de Impuestos Exitosa 01/23/2024

Finanzas de Fin de Año: Consejos Expertos para Preparar tu Cartera 12/04/2023

Circular 230 - Sección 10.34 Explicada: Guía Esencial para Preparadores de Impuestos y Dueños de Oficinas Tributarias 11/27/2023

Circular 230 - Sección 10.34 Explicada: Guía Esencial para Preparadores de Impuestos y Dueños de Oficinas Tributarias Notas del Programa para "Circular 230 - Sección 10.34 Explicada: Guía Esencial para Preparadores de Impuestos y Dueños de Oficinas Tributarias" Bienvenidos al último episodio de "Mis Centavos", donde profundizamos en la Sección 10.34 de la Circular 230 del IRS, una normativa crucial para todos los profesionales del sector tributario. En este episodio, cubrimos: Introducción a la Circular 230: Explicamos qué es y por qué es fundamental para los preparadores de impuestos y los dueños de oficinas tributarias. Desglose detallado de la Sección 10.34: Analizamos cada parte de esta sección y su impacto en la práctica diaria de los profesionales de impuestos. Consejos para la Aplicación Práctica: Ofrecemos recomendaciones sobre cómo aplicar estas normas en situaciones reales con clientes. Casos de Incumplimiento y Consecuencias: Discutimos las implicaciones de no seguir estas directrices y cómo evitar errores comunes. Preguntas y Respuestas: Respondemos a algunas de las preguntas más frecuentes relacionadas con la Circular 230 y la Sección 10.34. Recursos Adicionales: Enlace a la Circular 230 completa: Publicación 947: Conéctate con nosotros: Facebook: https://www.facebook.com/miscentavos/ Instagram: Sitio web: Agradecimientos: Un especial agradecimiento a nuestros expertos invitados y a todos ustedes, nuestros oyentes, por su apoyo continuo y sus valiosas preguntas. ¡No te pierdas nuestro próximo episodio de "Mis Centavos" para más consejos y estrategias en el mundo de la contabilidad y la fiscalidad! Descargo de responsabilidad: La información proporcionada en este episodio es solo para fines informativos y no pretende sustituir el asesoramiento profesional legal, contable o financiero. Si tiene alguna pregunta legal sobre este episodio o los temas tratados, o cualquier otro asunto legal, debe consultar con un abogado o profesional fiscal en su jurisdicción (es decir, donde vive). /episode/index/show/b65643e9-9086-4650-811c-f4a34245d3a1/id/28795013

La Importancia de la Diligencia Debida según la Circular 230 del IRS: Guía para Preparadores de Impuestos y Dueños de Oficinas Tributarias 11/20/2023

Un nuevo enfoque en preparadores de impuestos y propietarios de pequeñas empresas 09/25/2023

Mis Centavos Podcast Update: A New Focus on Tax Preparers and Small Business Owners with Anita Monrroy 08/29/2023

Your Dreams in Action: Financing Your Business 08/21/2023

Building a Solid Financial Future 08/14/2023

Raising the Red Flags: Navigating the Pitfalls on Your Entrepreneurial Journey 07/10/2023

The Art of Negotiation: Managing Suppliers 07/04/2023

Choosing Your Financial Assistant: Accounting Software 06/26/2023

Paving Your Own Way: How to Make a Business Budget 06/19/2023

The Soap Opera of Your Money: The Cash Flow Statement 06/12/2023

Your Financial Selfie: Understanding the Balance Sheet 06/05/2023

Profit and Loss Statement Overview [Episode 5] 05/29/2023

Profit and Loss Statement Overview [Episode 5] Hello, welcome to the Mis Centavos Podcast! This is episode 5. I'm your host, Anita Monrroy, today I will recap the previous episode on the importance of a Chart of Accounts, and we're going to start talking about the Profit and Loss Statement - what it is and how it can help small business owners like yourself. First of all, let's recap why having a Chart of Accounts is crucial for any business. As small business owners, keeping a clear record of our financial transactions is key to success. The Chart of Accounts helps us categorize and track all those movements, from assets to liabilities and everything in between. A Chart of Accounts consists of several categories that help categorize and track your business's financial activities. These categories include Assets, Liabilities, Equity, Income, and Expenses. Let us break it down further. What falls under the Assets category? Assets represent what you own as a business. It can include things like bank accounts such as Checking and Savings accounts. It also includes physical assets like Cars & Trucks, Machinery, and Equipment. And let's not forget about Accounts Receivable, which is the money owed to your business by customers. Now, let's move on to the Liabilities category. What does it cover? Liabilities accounts represent what you owe to others. This can include Accounts Payable, which is the money owed to suppliers or vendors. It also includes Bank Loans, credit card balances, or any other outstanding debts your business has. Next, let's talk about Equity. What does that entail? Equity accounts reflect your residual value in the business. It includes things like Capital Stock, which represents the initial investment you made into the business. And if you have additional investments made by shareholders, those are categorized as Common Stock or Preferred Stock. Now, let's dive into the Profit & Loss Statement. What is it and why is it important? A Profit and Loss Statement, or P&L for short, is a fancy report that shows your business's income, expenses, and whether you made or lost money in a particular time frame, like a month or a year. Think of it as a report card for your business's financial health! Why is a P&L Statement so important for small business owners like us? Well, it helps you keep an eye on your business's money situation. By looking at your P&L Statement often, you can figure out if you're making enough money to keep your business going or if you need to make some changes. So how do we read a Profit and Loss Statement? Basically, there are four sections to a P&L Statement. The first section is your revenue, which is how much money you made from selling your stuff or providing your services. The second section of a Profit & Loss Statement is often referred to as "Cost of Goods Sold" or COGS. This section represents the direct costs associated with producing or delivering the goods or services that a business sells. It includes the expenses directly tied to the production process, such as the cost of raw materials, labor, and overhead expenses directly incurred in creating the product. For businesses that sell physical products, the Cost of Goods Sold includes expenses like the cost of purchasing inventory, manufacturing costs, and any freight or shipping charges. It reflects the costs directly involved in producing the goods that were sold during the specified period. For service-based businesses, the Cost of Goods Sold can be a bit different. It may include expenses related to delivering the services, such as labor costs for employees providing the services, subcontractor fees, or any direct costs associated with delivering the service. By deducting the Cost of Goods Sold from the total revenue, businesses can calculate their Gross Profit. This figure represents the difference between the revenue generated from sales and the direct costs of producing those goods or services. The third section is your expenses, which is all the money you spent to run your business, like paying rent, utilities, and salaries. And the last section is the net income or loss, which tells you whether you made money or lost money overall. Each section helps us keep track of our finances. Your revenue section shows you how much money you made, and the expenses section shows you where your money is going. So, if you're spending more money than you're making, that is not good news! But if your expenses are less than your revenue, then you're in the green. Now let’s discuss some tips for small business owners to make the most of their Profit and Loss Statement One important thing to keep in mind is to separate your personal and business expenses. This means not using your business debit or credit card to pay for your personal pizza delivery or your Netflix subscription. It's also important to keep accurate records of all your transactions. Now let’s talk about common mistakes to avoid….. A big mistake is not including all your expenses or not keeping track of your income and expenses accurately. That can really mess up your P&L Statement, so make sure you are staying consistent with your record-keeping. Establishing good accounting habits or systems is key to maintaining your businesses financial health. Well, that's all the time we have for today. Thank you so much for tuning in, and we hope this episode gave you a better idea of what a Profit and Loss Statement is and how it can help your business. Be sure to subscribe to our podcast for more tips. Para mas find me on , or on Instagram or on my website Until next time, hasta pronto! /episode/index/show/b65643e9-9086-4650-811c-f4a34245d3a1/id/26978541

Small Business Basics-How to create a Chart of Accounts [Episode 4] 05/22/2023

Small Business Basics-How to create a Chart of Accounts [Episode 4] Hello and welcome to the Mis Centavos Podcast, this is episode 4. I'm your host, Anita Monrroy, and today we're going to talk about how to create a Chart of Accounts for a new small business owner. I will cover everything from what a Chart of Accounts is, and why it's essential, to how you can create your own. As an entrepreneur or small business owner, it can be challenging to keep track of all your financial transactions, but with a Chart of Accounts, it can be much easier. So, let's get started! First things first, what exactly is a Chart of Accounts? A Chart of Accounts is a list of all the accounts used by a business to classify and record financial transactions. It is a system that categorizes all of a business's financial transactions into specific accounts or sometimes I call them buckets. Each account or bucket is assigned a unique number, and these numbers help in identifying and tracking the financial activities of your business. Why is a Chart of Accounts essential for small business owners? A Chart of Accounts is essential because it helps small business owners to keep track of their financial transactions and monitor their business's financial health. By using a Chart of Accounts, small business owners can easily categorize and track their expenses, income, and other financial activities. This information can then be used to prepare financial statements, such as balance sheets, income statements, and cash flow statements. How can you, a small business owner, create a Chart of Accounts? Creating a Chart of Accounts is not complicated. Here are few simple steps that a small business owner can follow: Step 1: Identify the accounts or you need to track - These accounts include assets, liabilities, equity, income, and expenses. For example, under assets, you might have accounts like cash, accounts receivable, inventory, and equipment. Step 2: Decide on the numbering system - The numbering system helps to keep the Chart of Accounts organized. You can use a four-digit numbering system where the first two digits represent the account type, and the last two digits represent the account number. Step 3: Group similar accounts together - Grouping similar accounts together makes it easier to navigate the Chart of Accounts. For example, you might group all the accounts related to income under the income section. Step 4: Assign account numbers - After grouping similar accounts together, assign account numbers to each account. Remember to use the numbering system you decided on in Step 2. Step 5: Review and refine - Once you've created your Chart of Accounts, review it to make sure that it covers all the necessary accounts. Refine the list by adding or removing accounts as needed. This is straightforward! The common mistakes that small business owners make when creating a Chart of Accounts include: Not organizing accounts logically Not assigning unique numbers to each account Not reviewing and refining the Chart of Accounts often My final tip for small business owners creating a Chart of Accounts is, to keep it simple. Your Chart of Accounts should be easy to understand and use. Also, be sure to document your Chart of Accounts so that everyone in your small business understands how to use it. Thank you for listening to this episode of the Mis Centavos Podcast. I hope you enjoyed our discussion on creating a Chart of Accounts for a small business. Remember, a well-organized Chart of Accounts can help you stay on top of your financial transactions and ensure the success of your business. If you have any questions or would like to continue the conversation, you can find me on Facebook, or on Instagram @miscentavos or on my website miscentavos.com. The links can be found in the show notes. Don't forget to subscribe to the podcast to receive more valuable tips and insights for your small business. Together, we can navigate the world of finances and achieve our entrepreneurial dreams. Thank you once again for tuning in. I’m your host, Anita Monrroy, tu contadora, your accountant, your guide to creating, managing, growing your small business and bottom line. Until next time, Hasta Pronto! For more guidance and support, ! Follow me on + www.miscentavos.com /episode/index/show/b65643e9-9086-4650-811c-f4a34245d3a1/id/26908503

How to apply for an EIN? [Episode 3] 05/15/2023

How to apply for an EIN? [Episode 3] Welcome to this tutorial on how to apply for an EIN, or Employer Identification Number. An EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your business for tax purposes. In this episode, we will guide you through the process of applying for an EIN, step by step. STEP 1: DETERMINE YOUR ELIGIBILITY Before you begin the application process, it is important to determine if you are eligible for an EIN. An EIN is required if you are starting a business, hiring employees, opening a bank account for your business, or if your business is a partnership, LLC, or corporation. If you are not sure if you need an EIN, check the IRS website or consult with a tax professional. STEP 2: GATHER YOUR INFORMATION To apply for an EIN, you will need to have certain information ready. This includes your business name and address, the legal structure of your business, the name and social security number of the business owner, and the reason why you are applying for an EIN. STEP 3: APPLY ONLINE The quickest and easiest way to apply for an EIN is to do it online through the IRS website. Go to IRS.gov and search for "EIN application." Click on the link for the online application, which is called the "EIN Assistant." Follow the prompts and answer all of the questions. Be sure to double-check your information for accuracy before submitting your application. If you prefer to apply by fax or mail, you can download the appropriate form from the IRS website. The form for a business entity is called Form SS-4. Fill out the form and send it to the appropriate fax or mailing address, which can also be found on the IRS website. STEP 4: RECEIVE YOUR EIN Once your application is processed, you will receive your EIN from the IRS. This usually takes a few days if you apply online, and up to four weeks if you apply by fax or mail. Make sure to keep your EIN in a safe place, as you will need it for tax purposes. Congratulations, you have successfully applied for an EIN! Remember that an EIN is a critical part of running a business, and it is important to keep your information up to date with the IRS. If you have any questions or concerns, consult with a tax professional or visit the for more information. For more guidance and support, ! Follow me on + Facebook page www.miscentavos.com /episode/index/show/b65643e9-9086-4650-811c-f4a34245d3a1/id/26797356

Small Business Finance Basics [Episode 2] 05/10/2023

Mis Centavos Podcast Trailer [Episode 1] 05/07/2023

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