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Tax and Accounting

Readers Ask: Overhead vs. Cash?

| Ruth King
The bottom of your P&L shows profit—not cash. Remember that profits are not cash. Only the interest payment for loans is covered in overhead. There are also some non-cash expenses such as depreciation in overhead.

The Best Practices for Modern Accounting

| StartInvoicing.com
Accounting for a business is more complicated than just subtracting your expenses from your revenue. There are so many things to consider and monitor, which makes it a necessity for business owners to take advantage of all of the modern best practices for accounting.

Start Now to Save on Small Business Tax Preparation for 2014

| 1800Accountant
Although it seems that tax season just ended, it is important to prepare for the future. Tax preparation is something every business owner should constantly keep in mind, and the 2014 tax season will approach quickly.

Don’t Miss These Small Business Tax Deductions

| Rick Gossett

For any small business, it is critical to be aware of available tax deductions in order maximize profit. Surprisingly, many businesses fail to realize some of the deductions that apply to their business. Here is a list of tax deductions shared by the US Small Business Administration that you should be aware of as a small business owner.

Lower Your Business Taxes with an LLC, or Too Good to be True?

| Bill Wortman

Many entrepreneurs decide to form an LLC in order to protect their personal assets from seizure by a bank or lender, but there are several tax advantages that incentivize LLC formation as well.

Estimated Tax Payments for Small Business Owners

| Bill Wortman

As a small business owner, you follow a different set of tax rules than your employees. Making estimated tax payments throughout the year is required and should be handled in a way that’s not particularly burdensome.

Writing Off Automobile Expenses 101

| Outright

Now that you have started your business, you’ve heard you can write off automobile expenses. So are you ready to buy that luxury sports car and write off the costs of driving around town and run errands?

Businesses Should Prepare for Internet Tax Law

| 1800Accountant

The U.S. Senate has passed the Marketplace Fairness Act of 2013, and it is currently under consideration in the House of Representatives. Most analysts feel confident that some version of the law will pass although it isn’t yet clear what changes might be made.

5 Tax Issues That Cause IRS Trouble for 1099 Workers

| 1800Accountant
Are you a freelancer or independent contractor who receives a Form 1099 instead of a W-2 form at the end of the year? If so, then you should be aware of the five tax issues that are the most likely to cause IRS trouble for anyone subject to 1099 reporting of wages or income.

Accounting Tips for Seasonal Small Businesses

| 1800Accountant

Do you run a seasonal small business—one where the bulk of your revenue comes in a few months or even weeks? If you do, chances are you are all too aware of the intense nature of the season—a time when you can’t possibly keep up with the workload. One of the first things that slides during a crush of activity for many small seasonal businesses is accounting.

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