Davison & Associates, CPAs

In colonial America, bookkeepers used waste books as part of the traditional bookkeeping method. It consisted of a daily diary of every transaction made in chronological order. It was intended for temporary use only and once the information in it was transferred to an account journal, the waste book was unneeded. Fortunately, today we no longer need waste books thanks to double-entry accounting! Let us help you with your books by giving us a call at (248) 643-0026.

Some might think that doing your own taxes saves you more money. However, the reality is that if you miss a single detail or add in an incorrect item, it may affect your returns and cost you more in the long run. Yes, you can amend in the future, but will you be able to spot-check what needs to be changed when you're not a pro? Save time and let professionals like us handle it for you from the beginning! Contact us at (248) 643-0026.

There's a lot to consider when you start planning for retirement. One of the best ways to begin is to write down all of your concerns. If you’re stuck, we’ve listed some commonly asked retirement questions below. If you need more personalized assistance, look no further. We'll work with you to plan a financially secure retirement. Call (248) 643-0026 to set up your appointment today!

Bookkeeping and accounting – what’s the difference anyway? While often used interchangeably, they are actually pretty different and what makes them distinct from the other may surprise you!

Bookkeeping vs. Accounting: Understanding the Difference | www.financialhotspot.com In the world of finance and business, bookkeeping and accounting are sometimes used interchangeably, but they serve distinct purposes and involve different tasks. Understanding the difference between bookkeeping and accounting is essential for effective financial management and decision-making. In t...

Set reminders for the important tax dates regarding payroll taxes, estimated quarterly taxes, and when you need to initiate payroll for each pay period. We'll help you make sense of cents, contact us at (248) 643-0026.

Have you ever wanted to open up your own business but are afraid that it might be a difficult process? Have no fear! These success tips are great places to start and keep at the forefront of your mind when building your startup company. Need assistance with getting your business finances in order? Call us at (248) 643-0026 – we can help!

5 Realistic Tips to Build a Successful Startup | Startup Grind Startup Grind is a startup community in 120 countries delivering education, connections, and opportunities to help startups and scaleups grow.

An examination audit is what people are really scared of, but less than 1% of Americans are audited in a given tax year. A face-to-face examination can take place in your home, your workplace, your lawyer's office, or at an IRS office. When the audit is completed, the auditor will determine what's required to rectify the situation. If you disagree with their assessment, there's an appeals process. Contact us at (248) 643-0026 today.

For self-employed business owners, claiming a home office tax deduction is an advantageous strategy; however, the IRS sets very specific requirements in order to be eligible to qualify for the deduction. Having a detailed record-keeping process is essential in ensuring a smooth home office deduction claim.

Who Can Claim a Home Office Tax Deduction? | www.financialhotspot.com As a self-employed business owner, the prospect of claiming a home office tax deduction can significantly impact your bottom line. Understanding the criteria for eligibility is crucial for optimizing this deduction and reducing your taxable income. In this blog post, we'll explore who can claim a ho...

Tax scams are designed to look official, and AI is often used to improve their quality and design making their schemes more difficult to detect. Only open or approve something if you expect it and know what it is. If you accidentally open a page or a document, a scammer can easily add malware to your device, monitor your activity, and steal your personal information. Report any suspicious and unsolicited emails to the IRS. Have questions about a message’s legitimacy? Call us at (248) 643-0026 today.

We are committed to your success and provide a comprehensive range of business consulting services to assist you in making strategic decisions. The days of manual business processes are over; we help you make better judgments on-the-spot which lead to profitable business ventures. Get real answers from a business consultant! Give us a call at (248) 643-0026.

Have you ever thought about setting up a private family foundation? Through philanthropy and effective management, this can help your family leave a significant impact on society and important causes that are close to your heart for years to come.

Cementing Your Legacy with a Private Family Foundation | www.financialhotspot.com Establishing a private family foundation is a powerful way to create a lasting legacy while making a positive impact on society. By leveraging philanthropy, strategic giving, and effective management, families can leave a meaningful imprint on causes they care about for generations to come. In this....

If you call the IRS about your account, be aware that you will have to verify your identity. Be cautious about accepting help with your account from anyone outside of the agency’s authentication process. Be wary of anyone asking for personal information - such as birthdates, addresses, Social Security numbers, photo identification, bank information, or credit and debit details – out of context. The IRS will never ask you for these.

We can’t exercise once a quarter and expect to be in great shape. Just like fitness, effective bookkeeping requires our attention and energy on a regular basis. Ideally, you should log expenses and payments received as they occur. If not applicable for you, set aside 20-60 minutes once a week to record transactions and review financial statements. Books behind? Get caught up by contacting us at (248) 643-0026 to discuss how we can help you!

The inheritance you leave your family can set the tone of your loved ones’ financial situation for generations to come. When planning your estate and administering a trust, there are complexities you must navigate through to ensure that your wishes are carried out as you intend. Careful planning and understanding your goals are key to a successful inheritance and legacy.

Leaving an Inheritance: Important Considerations | www.financialhotspot.com Leaving behind an inheritance is more than just a financial transaction; it's a legacy that can profoundly impact the lives of your loved ones for generations to come. Whether you're planning your estate or navigating the complexities of administering a trust, there are several crucial consideration...

As business consultants, we will work alongside our accountants to create financial predictions and budgets for you. Together as a team, we will set reasonable financial objectives, manage resources wisely, and compare actual results to the budget. Give us a call to get started today at (248) 643-0026.

Accounting entails collecting data and information, whereas being a consultant allows us to go a step further. We do a thorough analysis of your businesses trends and offer insightful recommendations regarding a particular problem and the sum of your company. Have questions? We have the answers! Talk to us at (248) 643-0026.

2024 is the year of taking your business to the next level. We are here as your consultant to guide you along this path. Running a business is hard, but data shouldn’t be. Contact us at (248) 643-0026.

Believe it or not, accounting can significantly affect the trajectory of your business. Through understanding your financial health, you can make more informed decisions that help you to budget and forecast your investments to ensure a successful future for your company.

How Your Accounting Should Inform Business Decisions | www.financialhotspot.com In the complex maze of running a business, making informed decisions is paramount. Every move you make impacts your company's bottom line, and navigating the financial landscape requires a keen understanding of your numbers. This is where accounting steps in as your guiding light, offering valuable....

Alternative public offerings are a mixture of reverse mergers with a private investment of public equity. It permits businesses to an initial public offering. Stop being your own accountant. Talk to us today at (248) 643-0026 about how our comprehensive service can benefit your business!

Your business isn't bookkeeping, but it is ours. Let us take care of it for you! Contact us today at (248) 643-0026.

When starting your business, you'll have to choose one of two different accounting methods: cash or accrual. Cash-based accounting is typically used for small, first-time businesses where sales and expenses are recorded only at the time of payment. Accrual accounting is more complicated to cash-based accounting. Sales or expenses are recorded when they're incurred, even though the payments will begin at a later date. The accrual method encompasses a longer-term view of the business across multiple periods, and it’s the standard among larger companies and financial institutions. Take a moment to determine what you think will be fit your business, and if you need additional help with your businesses accounting - don't hesitate to call us today at (248) 643-0026!

Life gets stressful, but we're here to make your bookkeeping a breeze. Contact us today at (248) 643-0026 for more information about our services.

Each takes a different approach to budgeting, but all share the common goal of helping you reach your financial goals. Guidance to navigate through life's challenges towards financial success is just a call away! Contact us at (248) 643-0026.

You have worked hard to get to where you are in your business. That is why choosing the right consultant is highly important! Don’t wait until you find a major error to reach out. By planning ahead, we can assist with financial forecasting and strategic management. Call us today at (248) 643-0026.

Working in a foreign country comes with its own set of challenges and tax implications. Before jet-setting across the globe, there are some important factors you should consider regarding your international tax responsibilities.

6 Things to Know Before Applying to Work in a Foreign Country | www.financialhotspot.com Embarking on a journey to work in a foreign country is an exciting and rewarding opportunity, but it comes with its own set of challenges and considerations, especially when it comes to international tax implications. Before you pack your bags and head overseas for work, here are several important t...

Putting money in alternative investment funds provides a variety of compelling reasons. These funds frequently show the possibility for higher returns compared to traditional investments, owing to their display of unique and less correlated markets. We'll save you hours of confusion and stress - you can count on that! Contact us today at (248) 643-0026 for more information about our services.

1. Estate Taxes are Only Effective if the Estate Has a Greater Value than the Threshold.

2. Not All Estates are Subject to Federal Estate Taxes

3. The Normal Rate Paid for Estate Taxes is 18%

4. Asset Transfers to Living Spouses are Spared from the Estate Tax

5. Estate Taxes Are Different from Inheritance Taxes.

To schedule a consultation, contact us at (248) 643-0026.

A business’s cash flow indicates liquidity—how much money there is to immediately pay expenses, and having consistent cash flow is a key sign of a successful business. Small business owners can create a cash flow statement to gauge the timing of money coming in vs. going out. Some ways to improve cash flow include: building in margin of error in cash flow projections, creating cash reserves for when flow fluctuates, and adjusting customer or supplier payment terms. Looking for assistance with your business accounting? Give us a call today at (248) 643-0026