My name is Noel B. Lorenzana. I’m a Registered CPA, licensed in Illinois with over 25 years of real-world experience. I have a wealth of experience on taxes, business and technology, that I would like to share with you. I enjoy helping small business owners modernize their accounting, and use technology to maximize their business profits.
Leveraging the right tools and strategies can make a massive difference in how efficiently you run your company. Tech-savvy business owners are saving money and time, while also allowing themselves more flexibility and solving problems that would have been very hard to address a decade ago. Sadly, those who are hesitant to take advantage of technology will miss out and may find it difficult to compete.
The goal of my blog is to show you how current technology and internet-based applications can help you grow without compromising the quality of your business. These tools can help you access a wealth of data about your business, and the ability to easily and quickly share that data with your team. You can then leverage that information into proactive decisions. If you follow this advice, I strongly believe your overall life will improve and your business is about to take a leap forward.
The goal of this book is to show you how current technology and internet-based applications can help you grow your business without compromising quality.
You will learn about:
• Going Paperless, Apps, and Cloud-Based Accounting
• How to Modernize your Accounting System
• Security Practices for Online Accounting
• Creating Leverage by Outsourcing
• Accounting Concepts that Make Sense
• How to Audit-Proof Your Business
• Finding a Tech-Savvy Accountant
• Understanding Financial Statements
• And More
A lot of people go into tax season thinking about this simple question: should I have my taxes done or save money by doing it myself? It’s always good to be thinking and weighing the options, but for many people doing their own taxes does not equate to saving money. Here’s why. The cost of a tax return Exactly how much does it cost to have your taxes done for …
Do Your Really Save Money by Doing Your Own Taxes? Read More »
There’s nothing quite like paying income taxes. The anticipation is almost like waiting for Christmas… Well, okay, not QUITE like that. Few people look forward to paying taxes, but there are some things you can do to make it easier. These tips will both reduce the stress of preparation and hopefully allow you to reduce what you owe. Get it together The biggest and most daunting step of getting ready …
Tax season can be a stressful time as we think about paying our taxes. Reducing the taxes you owe may be easier than you think and it’s about more than saving money. It can help you to be more giving, provide for your children’s education, run a thriving business, and set yourself up for a better future. Here are 5 of the best ways to save on your taxes in …
Can you believe 2019 is winding down already? If you want to make the most of your taxes this year, here are three things you can do before the year ends (and one even after the year is over.) Maximizing Retirement Contributions One of the best things you can do to reduce your taxes is to contribute to a tax advantaged retirement plan. As the year comes to a close, …
In the world of tech, there are thousands of tools you can use to make your life easier and there are a few that are a perfect fit for the jobs you need to do. These are the tools of your trade. Then there are software applications like QuickBooks Online. QBO is more than a tool; it’s a toolbelt. In addition to being one of the most powerful…
You may remember a lot of speculation and talk about a new simplified tax form that fits on a postcard. Like much of the recent Tax Cuts and Jobs Act that inspired the new Form 1040, the details are still being worked out. The IRS has released draft versions of the new forms for comment but they may still change before tax time. Based on what we’ve seen of the …
How Will the New Postcard Form 1040 Affect Your Taxes? Read More »
While some taxpayers play the game of questionable tax deductions, many more hesitate to take perfectly legitimate tax breaks because they don’t understand the tax code and are afraid it will trigger an audit. As long as you’ve kept good records and followed IRS guidelines, the possibility of an audit…
Whether you do your own books, have a bookkeeper on staff, or have an outside professional handle it for you, there is always a chance of errors. Data entry errors, missed entries, misclassification, or even a technical problem with your software can cause problems. (Case in point, QuickBooks Online has had a few such errors lately, resulting in duplicate entries that need to be excluded or deleted.) By themselves, these …
If you’ve been keeping an eye on the new Tax Cuts and Jobs Act, you probably know about the 20 percent deduction of qualified business income (Sec. 199A) for pass-through entities. Here is a brief summary, just in case you did not. Most C Corporations are getting a tax rate reduction…