Tax and Accounting
Americans Abroad on Self-Employment Taxes on Foreign Income
How does self-employment tax work for those Americans, who live abroad, travel the world and work for themselves? Well, you still have to pay US taxes on foreign income if you are a freelancer, independent…
How Long Should I Keep My Tax Records?
Now that you are filing away your business or personal tax records for the year, you may be wondering just how long you need to keep those records. After all, your filing cabinets and storage…
Tax Reform Ideas to Reflect How Small Businesses Operate in the Modern World
The Tax Cuts and Jobs Act brought several improvements for small businesses, most notably, favorable accounting methods such as use of the cash method and not having to deal with the Unicap rules. The AICPA Tax…
Payroll Tax vs. Income Tax: How They Work for Canadian Payroll
Payroll tax and income tax. These two short, simple words are the source of so many payroll questions (and confusion). It’s really no wonder because as laypeople, we hear or read “income tax”—we think personal…
Common Bookkeeping Mistakes and How to Avoid Them
Bookkeeping can be the bane of many a business owner. But it doesn’t have to be the onerous chore it’s often made out to be. Avoiding bookkeeping mistakes can keep your business successful and headed…
Bookkeeping vs. Accounting
Accurate and complete financial records are essential to the success of any business. Bookkeeping and accounting are two processes business owners rely on to track and understand their finances. Actually, the line between bookkeeping and…
What is the Schedule K-1 Tax Form for Businesses?
Are you a partner in a business? Do you receive distributions from an S corporation? If you answered “yes” to either of these questions, then the business entity you participate in should have provided you…
3 Financial Statements Companies Need to Understand
There are three financial statements that every company needs to understand, review and produce, on an annual basis, at a minimum. These consist of the Profit and Loss statement (P&L), Balance Sheet (BASH) and the…
Why Did I Receive a Payroll Tax Notice?
Letters from the IRS are never fun. What makes it worse is not knowing why you got one in the first place. When it comes to payroll tax payments and potential fees, you want to…
The Truth About SaaS and Economic Nexus: 5 Myths Exposed
There are a lot of misconceptions when it comes to SaaS and economic nexus, especially following last year’s Wayfair decision. Although these technology companies generally aren’t selling a tangible product across state lines, many state online sales tax…
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