More and more professionals are leaving the comfort of W-2 employment to strike out on their own, typically to found a small business or to become self-employed freelancers or independent contractors. Between 2020 and 2023, full-time freelancers grew by 90%, while part-timers grew by 130%, with over 60 million professionals now describing themselves as freelancers. […]
Accounting is a massive and diverse field. Accounting services can include everything from bookkeeping and tax preparation to auditing and business plan development. No single path or training is required to become an accountant, either. However, there are some grounding rules and principles that all accountants rely on in all that chaos. And there has […]
If you’ve ever wondered how far back the IRS can audit you, you’re not alone. Many small business owners are unfamiliar with the IRS audit statute of limitations and assume they must retain decades of tax documents just to be safe. However, once you better understand the tax audit time limit, you can spend less […]
An accountant is an indispensable part of operating a small business. Accountants provide financial services to owners and entrepreneurs, including tax advisory, state and federal compliance, and more, all to minimize a business’s overall tax burden. Whether you’re an experienced owner or just starting, this blog provides a high-level overview of what accountants do, their […]
Hiring an accountant for your small business saves money and gives you an edge over your competition. Your accountant achieves this by doing your taxes, advising you throughout the year on important business decisions, and contributing to a potential audit defense by ensuring their work is accessible and error-free. Many small businesses, particularly first-time owners, […]
Operating a small business is a challenging but thrilling endeavor, with many businesses barely staying afloat. In such a tight budgetary environment, where every dollar is pivotal, mastering small business taxes is essential. There are many deductions exclusive to businesses that can help lessen your income tax burden. If you neglect claiming these benefits you’re […]
What is Small Business Saturday? Small Business Saturday is part of a trio of events that kick off the holiday shopping season. It’s meant to encourage consumers to take a break from the Walmarts and Amazons of the world and embrace the businesses that make up the backbone of their communities. Small Business Saturday always […]
If you dread tax season every year, you’re not alone. It’s easy to wait until the last minute to prepare and file your small business tax return and figure out your small business tax deductions. No one likes the idea of losing money, and the complex record-keeping and paperwork required can make the whole process […]
How Do Small Businesses Prepare Taxes? Wondering how to prepare business taxes? The tax preparation process is generally the same for each small business type. You’ll need to determine which forms from the IRS you’ll need to file, be aware of the deadlines for your business type, gather your business expenses and income, and send […]
No business can survive without bookkeeping, but few small business owners get excited about doing it. Instead, it’s one of those secondary considerations many entrepreneurs assume they’ll have to pick up along the way. And for many business owners, it continues to be an afterthought. You started your business because you had an idea and […]
