As a business owner, you know first-hand that taxes can take a big chunk out of your pocket. No matter how small your business is or how large you grow, you’ll always be on the hook for some kind of taxes. However, the tax code is such that there is always room for strategic tax […]
Tax and Accounting
How Do You Handle Your Cash Reserves?
Here comes some advice for all of us to use in business or in our personal lives. But to understand it, we need to delve into the short-and long-term sources and uses of cash. Good cash strategies to remember It is tempting to use available cash in good times to build the business and in […]
Don’t Miss Out on These 6 Tax Deductions for Solopreneurs
The bad news about being a solopreneur is you don’t have an accounting or bookkeeping department to track your expenses, income, and other financial details. You have to do it all yourself, even if you hire an accountant to do your tax prep at the end of the year. The good news is solopreneurship puts you in […]
Is Your Car a Small Business Tax Deduction?
There’s a lot to keep track of when you’re starting your small business. Sometimes half the battle is keeping track of your expenses so that you can write off business costs on your taxes. But have you ever considered that every mile you put on your car driving to and from client lunches, purchasing supplies, and dropping […]
IRS Rules on Deducting Business Expenses
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or […]
How the New 2020 IRS W-4 Form Affects Small Business Employers and Employees
Outside of fun festivities—and the fact that it’s the beginning of an entirely new decade—most people are excited for 2020. A new year means new beginnings, new goals and, in the case of the Internal Revenue Service (IRS), new tax paperwork. If you haven’t heard, the IRS has given Form W-4 a major facelift. After two […]
Why the New Year is the Best Time to Switch or Start Using Payroll Software
As you reach the final months of any year, there’s the holiday period. (Insert any number of appropriately timed seasonal cliches here.) However, there’s also the process of closing the books on one year of business finances and planning to smooth out any kinks in the year ahead. For many small businesses, payroll is one […]
Why Small Businesses Should Pay Attention to Quarterly Tax Payments
There are a lot of awesome things that go along with owning a business. For example, personal fulfillment, passion—and, of course, making money. But what goes hand in hand with making money? Paying taxes. Filing business taxes can be complex, daunting, and nerve wracking. After all, everyone makes mistakes. So if you own a small […]
How to Start a Home-Based Bookkeeping Business with No Prior Experience
When it comes to work-from-home opportunities, there’s plenty of attention paid to things like affiliate marketing and e-commerce. That makes good sense since those have been reliable ways to earn money for a long time now. They also have fairly low barriers to entry and just about anyone can get started in those fields with […]
5 Ways to Incorporate QuickBooks into Your Accounting Processes
With over 42 million users and counting, QuickBooks is one of the top accounting software platforms in the world. Though there are many reasons why this software product is so popular today, one of the most common is it’s easy to use and understand interface. QuickBooks can also be described as an automated comprehensive bookkeeping […]
