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 […]
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 […]
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 […]
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, […]
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 […]
Marketing plays a pivotal role in the success of virtually every business. In today’s digital age, a wealth of inexpensive marketing tools are easily accessible. This allows you to manage your own marketing campaigns without enlisting expensive external agencies or acquiring costly equipment and software. As you explore these cost-effective marketing tools, it’s important to […]
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 […]
