Accounting, Bookkeeping & Tax Blog

Your small business resource for accounting, bookkeeping, and taxes from our experts.
rideshare-driver-tax-deductions

Uber and Lyft: Top 8 Tax Deductions for Rideshare Drivers

All Lyft and Uber drivers must file their tax returns as independent, self-employed individuals, which means each driver represents themselves as their own small business! This approach can make tax preparation and reporting business income more difficult, but it also gives drivers extra opportunities for tax deductions. If you’re curious about tax deductions for Uber […]

florida-small-business-tax

What to Know About Small Business Taxes in Florida

Florida is one of the most business-friendly states in the country. While its economy and industries attract small businesses, it is also a tax-friendly state for small businesses. If you want to start a small business in Florida, you’ll want to know about taxes. Here’s what you should know about small business taxes in Florida. […]

nyc-sbs-partnership

1-800Accountant Partners with NYC Small Business Services

1-800Accountant has recently partnered with New York City’s Small Business Services (SBS) team. The partnership between the virtual accounting firm and the SBS team will provide SBS clients with a free tax clinic along with 30-minute virtual consultations.  SBS clients interested in utilizing the services of 1-800Accountant will speak with one of our expert tax […]

tax-credit-vs-tax-deduction

Tax Credit vs. Tax Deduction: What’s the Real Difference?

The difference between tax credits and tax deductions is something that can often be misunderstood. Their purposes have a similar end result, and both can play a significant role when you file taxes (namely, to save you money as a taxpayer), which makes knowing their differences crucial. Here are the fundamental differences between tax credits […]

state-tax-id

Everything You Need to Know About State Tax ID Numbers

What is a State Tax ID Number? A state tax ID number (also referred to as a state EIN, a state employer ID, or a state tax registration) is the unique number the state will assign to a business entity or organization. The state tax ID is associated with the state in which the business […]

accounting-basics-small-businesses

Financial Accounting Basics for Small Businesses

As a small business owner, you should never overlook your accounting needs. Learning the financial accounting basics is essential, regardless of industry or entity type.  There are accounting basics and terms which are helpful to know as your small business develops and can help you understand the most critical financial concepts. Here are the financial […]

having-a-509a-status

What is a 509(a) Tax Status?

What does it mean to have a 509(a) status in the United States? What provision does the law offer, and which government agency grants this distinction and oversees them? Organizations that are classified as 501(c)(3) tax exemption status are further classified by the government as one of five types under section 509(a) of the Internal […]

problem-with-petty-cash

The Problem with Petty Cash

A cup of coffee, a quick supply run while on-site at a project, a thank you lunch for your team —  all expenses paid for out of your petty cash stash. It seems much easier to use cash for those small expenses. However, petty cash is fraught with problems that can wreak havoc within your […]

inherited-iras-beneficiaries

Inherited IRAs: What Beneficiaries Need to Know About Their Tax Options

When a loved one or relative passes away, they may leave behind an inherited IRA. As the beneficiary, you may be the recipient of either an inherited Roth IRA or an inherited traditional IRA. Different timelines can affect beneficiaries. Beneficiaries also have rules for handling an inherited Roth IRA or an inherited traditional IRA. Here […]