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 boxes can only hold so much stuff, right? The IRS offers some specific guidance on this subject. Here’s a look […]
Records
How to Create a Compelling Annual Report
An annual report is a compilation of a company’s financial reports for the year ended. The report is a requirement for any public corporation listed with the Securities Exchange Commission. Other than that, all stakeholders need to see the annual reports to determine the performance of the said company. What is Included in an Annual […]
Business Deductions for Meal, Vehicle, and Travel Expenses: Document, Document, Document!
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. An Important Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or […]
Are You Ready for Digital Bookkeeping?
If you’re still using paper to track your business payments and receipts, you may want to reconsider. Paper records and supporting documentation can be easily stolen or misplaced. They may even be accidentally ruined, as by a spilled cup of coffee or a water leak in the building. Enter the world of digital bookkeeping. What’s […]
6 Tax Tips for New Small Business Owners
Did you just start your own lawn service or construction company? Launching a business is one of the most exciting things you can do, but you must be prepared for a whole new set of tax laws and requirements for small business owners. These tips can help you remain compliant with all tax authorities and […]
What to Pay Attention to in the Franchise Disclosure Document
When buying a franchise, the franchise disclosure document is one of the most important elements of the process, so it’s important to know what to expect and what to look for. What It Is The Federal Trade Commission requires all franchisors to provide this document and include 23 specific elements about the franchise, its officers, and franchisees. It’s this document that […]
Company Conscience: Telling Right from Wrong in the Corporate World
In the corporate world, it can be difficult to do the right thing as opposed to what may be the more profitable option. However, ethical dealings with your people, customers, and other companies can actually prove to be more profitable in the long run. How do you tell right from wrong in the corporate world? […]
How Long Should You Keep Your Records?
As tax time approaches, we’ll find ourselves gathering paperwork and typing in the numbers. Once sent, it’s likely we’ll stash them away amongst stacks of taxes from years and years ago. And some years, we look at that stack and think, it’s time to clean up. Before you busy yourself with the paper shredder, it’s […]
Top 7 Reasons Your Small Business Should Go Paperless
Ten thousand pages: that is how much paper the average office worker uses every year. This number is staggering, considering it amounts to millions of tons of paper waste throughout the U.S. every year. These statistics come at a grave cost to the environment, not to mention a considerable financial cost to small-business owners. Paperless […]
What Small Business Owners Need to Know About Balance Sheets
The most effective way for small business owners to be sure that they are aware of their company’s financial status is to have an accurate balance sheet that reflects the most current information available. By keeping this information up to date every quarter, you can help yourself avoid a lot of problems and surprises down […]
