1-800Accountant Blog

inflation-reduction-act

Inflation Reduction Act: Supersized IRS May Lead to Headaches for Small Business Owners

What Is the Inflation Reduction Act?  After another round of intense negotiations, Congress passed an ambitious $739 billion spending bill to address numerous issues within health care, taxes, and climate. The Inflation Reduction Act represents a major victory for President Biden’s administration.  The Senate passed the Inflation Reduction Act through the budget reconciliation process, requiring […]

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GoDaddy Bookkeeping Support Shuts Down, eBay Sellers Left Scrambling

Online Sellers Have Less Than 30 Days to Find a Bookkeeping Alternative GoDaddy bookkeeping clients recently received a surprising notice from the web hosting company: GoDaddy will permanently retire its online bookkeeping software. The news comes as quite a shock, especially to eBay sellers and other e-commerce business owners who have long depended on the […]

home-office-deduction-risks

Home Office Deduction: What Are the Risks?

If you meet the requirements to take a home office deduction, it might seem like a no-brainer to take it, right? Not so fast. While this deduction can certainly provide a lot of value to your bottom line come tax time, it’s not always in your best interest. There are many variables that you need […]

common-causes-irs-audits

4 Common Causes of IRS Audits

For small business owners and taxpayers, one of the most inconvenient things to happen is to receive a notice of an IRS audit. For many people, it’s not always clear right away why they were chosen for an audit. It can feel totally random and even a bit unfair.  The truth of the matter is […]

taxes-sole-proprietorships

How Are Sole Proprietorships Taxed?

It’s an understatement to say that small business owners, especially new ones, have a lot on their plates. From marketing and team supervision to managing payroll and bookkeeping, there’s a lot to take on! However, one of the most important things a small business owner does is ensure their taxes are paid on time every […]

irs-backlog-refund-delays

IRS Backlog May Lead to Major Delays – Here’s What to Know

If you’re still in waiting in the IRS backlog for them to process your tax return from last year, you’re not alone. Tens of millions of Americans are still waiting on their returns — some folks have been waiting for nearly a year!  Delayed processing means delayed refunds, which can cause a lot of headaches […]

what-is-bank-reconciliation

Bookkeeping 101: What is Bank Reconciliation?

Bank reconciliation is a useful tool for both external and internal financial records. It can assist you in significant ways to protect your finances. It can also help you determine whether there are errors in your transactions and, if so, how you can correct them. However, there are two things that you should know about […]