Accounting, Bookkeeping & Tax Blog

Your small business resource for accounting, bookkeeping, and taxes from our experts.
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3 Reasons You Need an Accountant for Self-Employment

Unless you’re a licensed CPA or have a deep understanding of tax laws and practices, it’s a good idea to hire a professional during tax season. An accountant for self-employment ensures your taxes are filed properly. They will also advise you on deductions and other tax benefits for which you are eligible.  As a self-employed […]

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IRS’s Dirty Dozen Tax Scams to Avoid in 2022

Every year the IRS releases a list of “Dirty Dozen” tax scams for taxpayers to avoid. The list brings awareness to taxpayers, tax professionals, and financial institutions about new developments in the world of tax administration.  These tax scams can occur at any time in the year; however, the IRS notices a surge during filing […]

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Owner’s Draw vs. Salary: What’s the Difference?

As a small business owner, you need to make decisions all the time. One of the most important decisions you’ll make is how and how much you’ll pay yourself. The law orders that you follow certain guidelines when it comes to compensation and income tax. However, you can exercise your own discretion in other matters, […]

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What You Need to Know About Basic Accounting for a Partnership

The basics of accounting for a partnership business are similar to accounting for a sole proprietor. However, there are some key differences that are worth knowing when it comes to crunching the numbers.  A partnership differs from a sole proprietor in that a partnership is a collection of multiple sole proprietors. For multiple sole proprietors […]

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Small Business Accounting: Cash vs. Accrual

When it comes to running a small business, understanding the advantages and disadvantages of cash vs. accrual budgeting can be extraordinarily helpful. Both methods have their strengths and weaknesses; It comes down to what works best within the context of a particular organization. Sometimes organizations don’t have much choice in deciding on the accounting method […]

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How to Pay Yourself as a Small Business Owner

Generating revenue is likely one of your company’s top goals. Part of that includes paying yourself as the business owner. However, the process doesn’t need to be overly complicated. Here’s how to make sure you get compensated for the time and effort you spend running your company. Owner’s Draw vs. Salary There are two ways […]

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15 Free or Inexpensive Marketing Tools for Every Business and Budget

Effective marketing is crucial for virtually every business. With the abundance of inexpensive marketing tools available on the internet, it’s now easier than ever for companies to handle their own marketing campaigns without hiring an expensive external firm or purchasing costly equipment or software.  However, there are some services you may want to consider investing […]

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The Great Resignation: The Future of Accounting

You might be searching for a new accountant next tax season if your current one follows the trend of others in the wake of the Great Resignation. While the COVID-19 pandemic has certainly exacerbated the trend of people leaving their jobs, the Harvard Business Review cites data from the Bureau of Labor Statistics (BLS) which […]