Enjoy the Christmas and New Year’s holidays while they last because the new tax season will begin immediately afterward. Small business owners have to face numerous tax deadlines throughout each tax year or risk paying severe penalties and fees. The Internal Revenue System (IRS) doesn’t play around when it comes to getting their tax money.…
Details
Businesses must maintain accurate and reliable financial records for many reasons, such as payroll, taxes, profit/loss data, etc. Small business owners shouldn’t attempt to maintain these records independently because it can be difficult and time-consuming. That is why you should use an accountant and bookkeeper to maintain your company’s financial records. Do you know the…
Details
When you start a business for the first time, you may wonder which classification you should use for your new business. The choices are usually a Sole Proprietorship, a Limited Liability Company (LLC), or an S-Corporation. For instance, if you want your company to be a corporation with shareholders, you would choose an S-Corporation because…
Details
Are you a small business owner looking for ways to save money on your business tax return? One way to reduce the amount of taxes owed is to claim a tax deduction on all electronic devices purchased for your business, such as smartphones, computers, and tablets. Virtually all electronic devices and technologies are tax deductible,…
Details
Every small business owner should maintain their bookkeeping because it helps track the total profits and losses of their company. In addition, bookkeeping can organize your financial information and make it easier to survive a tax audit from the Internal Revenue Service. Bookkeeping Terminology Bookkeeping concerns all aspects of your company’s operations. Before introducing bookkeeping…
Details
What is a Profit and Loss Statement? Every new business begins with a few brilliant ideas. But you cannot create a successful business unless you flesh out your ideas in a business plan and then turn those ideas into action. From there, you can continue to develop new ideas to keep the business growing strong…
Details
Year-end is coming up faster than you think since it is already the middle of October! I have three tips for you to be thinking about as you plan for your year end. These are things you can be doing right now to prepare your finances for year-end. #1 Get Your Bookkeeping Up to Date…
Details
April 18 came and went and hopefully, it wasn’t a painful (tax) day for you. Believe it or not, it’s never too early to start thinking about next year. If filing your taxes was a headache and a hassle in 2022, here are a few tips to get you prepared for April 15, 2023. Putting…
Details
Tax season is just around the corner now, which means it’s time for you to start thinking about finding some tax savings that could be critical to improving your bottom line. The truth is, any time of year that you start thinking about ways to save on taxes is a good time, although it’s better…
Details
Managing your finances is one of the most important business functions your company can have, and it’s no exaggeration to say that money management can literally make or break your business. At the same time, financial management is one of the biggest challenges facing a business owner, and it’s one that you simply must get…
Details