The Wayfair Case In 1992, the Supreme Court, in a case referred to as “Quill,” ruled that the lack of substantial physical presence in a state is sufficient grounds to exempt a business from having to collect and remit sales or sellers use taxes to a state. This precedent protected small business from “burdensome” administrative […]
Tax and Accounting
Exploring the Ethical Dilemmas of Corporate Gift Giving
During the last holiday season, The Ladders published an article citing research on the motivational benefits of gift giving in the workplace. A survey by the Advertising Specialty Institute showed that 42% of employers gave gifts to their employees. When you are looking for ways to motivate your staff, you should show appreciation and reward […]
Best Tax Practices to Start Now
With 2019 going by at breakneck speed, now might be a good time to consider some new tax practices that can benefit your business both in the near and long term. Here are some best tax practices to start practicing now that will allow you to grow your enterprise and add to your business success. […]
How to Prepare a Cash Flow Statement
We don’t need to tell you that cash is the lifeblood of any business—or that tracking the cash that flows in and out of your company is key to understanding your overall financial health. Consider the #1 reason why small businesses fail: poor cash flow. Many a profitable business has failed because it simply ran […]
How Timekeeping and Payroll Work Together and Why It Matters
Anyone running a business knows that hiring and paying employees—which we lump together into the category of labor costs—are some of the largest kinds of business expenses. From scheduling and tracking hours to approving and importing those hours into payroll, even the process of managing timekeeping can be unwieldy. Your ability to record and track […]
SMB Bookkeeping: What to Do and When
Managing finances is a top priority for small and midsized business owners. Bookkeeping is a large part of that. Some bookkeeping tasks need to be done only once per year. Others require your attention more often—daily, weekly, or monthly. Here’s a guide to what bookkeeping tasks you need to do and when to do them. […]
IRS Highlights Credits and Deductions for Small Businesses
During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the important contributions of America’s entrepreneurs and small business owners. Reviewing […]
Income Tax vs. Payroll Tax: The Difference for US Payroll
Not all taxes are created equal—in terms of responsibilities, at least. When we see the words “income tax,” we may immediately associate them with our personal taxes we file each year. Or we even think of income taxes for businesses. But what really are payroll taxes? And are they really that different from the income taxes businesses […]
Businesses Should Review Depreciation Deductions Rules
Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible property includes: Buildings Machinery […]
Should All Businesses Produce a Cash Flow Statement?
When you’re running a business, cash flow is extremely important. All businesses have the same goal: to have more money coming in than there is going out. A positive cash flow enables your business to not only continue operating, but to expand and become successful. Managing your cash flow therefore becomes extremely important. If you […]
