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 […]
If you’re a freelancer, you’re used to doing everything yourself. While clients can be a challenge at times, you run your work by yourself and never have to rely on anyone else. Of course, doing everything by yourself can become a problem when tax season comes around, and you have to work on your return. […]
I cannot emphasize enough the advantages that effective bookkeeping brings to small business owners. By diligently tracking your company’s financial activities, you’ll gain insight into profits or losses and maintain a well-organized record of transactions. Solid bookkeeping practices also prove invaluable during a potential IRS audit. To successfully navigate the world of bookkeeping, it’s essential […]
There are 5 stages of business growth that small business owners should be aware of. Each stage allows describes the progression and growth of your business and outlines what owners can expect. Each growth stage can offer insight into your business and its direction. There are also unique challenges that may arise in some steps, […]
Social media has come a long way since the early days of poking friends on Facebook and 140-character limits on Twitter. Social media was simply a fun way to communicate with friends and family or follow a favorite celebrity. However, a social media presence is no longer an option but a necessity. With these five […]
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, […]
You can’t take anything for granted when you own a small business. If you fail to grow, you’ll fall behind. The market is constantly changing and you won’t expand by sitting on your hands. To grow your small business, you need a thoughtful and strategic plan. Of course, growing your business isn’t a simple task. […]
While hiding one’s head in the sand can feel better than actually dealing with the problem of tax debt after an IRS Audit, it needs to be dealt with sooner rather than later. Especially if a taxpayer has plans to travel, needs to travel for work, or would like to be able to travel internationally […]
Starting a business can be equally exciting and stressful. Before you can get your business up and running, there’s much to consider regarding small business accounting and taxes. Ideally, a CPA (certified public accountant) tax accountant could handle everything from the initial EIN filing to business tax preparation on your behalf, so you can focus […]
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 […]
