What is an LLC? Is an LLC a business entity? A Limited Liability Company can be a great way to grow a small business. It offers limited liability, something that can be helpful to its members. While this type of business organization can offer a lot of benefits, like limited liability protection, there are some […]
If you’re a freelancer, you’re used to doing everything yourself. While clients can be a challenge at times, you run your work by yourself and never have to rely on anyone else. Of course, doing everything by yourself can become a problem when tax season comes around, and you have to work on your return. […]
I cannot emphasize enough the advantages that effective bookkeeping brings to small business owners. By diligently tracking your company’s financial activities, you’ll gain insight into profits or losses and maintain a well-organized record of transactions. Solid bookkeeping practices also prove invaluable during a potential IRS audit. To successfully navigate the world of bookkeeping, it’s essential […]
Bookkeeping is an essential part of small business operations. It plays a significant role in keeping your small business finances organized and is especially helpful come tax time. Bookkeeping has benefits for beginners, but learning the basics of bookkeeping may help you save time and money. Here are the basics of bookkeeping for beginners, which […]
A new year has begun, and small businesses are ready to boost their sales after enduring a period of instability stemming from the pandemic. Now is the time to set smart goals that will help grow your small business. If you started your business last year or you’re starting one this year, growth is most […]
Rideshare driving is one of the most popular industries today. It’s a convenient way for many people to make a living, all while dictating their own schedules. Rideshare drivers are self-employed individuals, like other workers in the gig economy, and therefore must pay their own taxes. While rideshare services like Lyft and Uber provide tax […]
Every small business has to deal with taxes, but not every company and business owner handles them equally well. Many business owners barely get by, turning in tax returns at the last minute and praying to avoid an audit. And that’s understandable! Tax law is almost endlessly complex, and specific requirements change all the time. […]
As a rideshare driver, you are considered self-employed and treated as a business by the IRS. However, this may change if local or state laws require Uber or Lyft to employ drivers directly. Tax obligations can be incredibly complicated for Uber and Lyft drivers. You don’t have an employer handling many tax compliance concerns for […]
Debits and credits are an important part of organized bookkeeping. The two concepts work together so that bookkeepers can better manage their financial transactions. If you’re not accurately tracking your debits and credits, your accounting could get extremely messy and chaotic. Some differences between the two can affect how your small business conducts its bookkeeping. […]
It’s perhaps inherently obvious that running a small business involves risk. Every business faces risks associated with changing economic conditions, competition, or other market forces, but oftentimes, these risks can have irreparable effects on a small-sized organization. No matter how much preparation, education, and experience small business owners have in their respective fields, internal and […]
