Accounting, Bookkeeping & Tax Blog

Your small business resource for accounting, bookkeeping, and taxes from our experts.
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IRS Audit Letter: What Happens Next

Though the chances are slim, an Internal Revenue Service (IRS) audit can happen to any small business owner for any reason. Sometimes, they’re triggered by a common mistake or unusual reporting on your income tax return. Other times, they’re entirely random or connected to a related examination. While receiving an IRS audit notice isn’t pleasant, […]

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Things You Should Know About Rental Income and Taxes

Property management can be a lucrative profession, but it’s not without its challenges. Landlords must juggle several responsibilities, which include interviewing prospective tenants, managing a diversity of tenant-related issues, and maintaining property quality. With all of that to address, it’s understandable that income taxes and deductions for rental properties may not be top of mind […]

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End-of-Year Income Tax Checklist for the 2023 Tax Year

December is almost over, and that means the tax year is coming to a close. Wherever the numbers fall on December 31st, that’s what you have to deal with in April. That’s why it’s important to think ahead before you act, go through your income tax checklist, and prepare your business for year-end. That way, […]

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Top 8 Tax Deductions for Delivery Drivers

The popularity of on-demand delivery services has increased exponentially over the last few years. Companies like Uber Eats, DoorDash, Instacart, GrubHub, and Postmates are household names because their drivers consistently deliver!  Delivery drivers, typically classified as independent contractors, excel at spotting shortcuts and knowing their way around their cities. However, they might not be quite […]

accounts-payable

Bookkeeping 101: What Is Accounts Payable?

Accounts payable is central to bookkeeping and payment processes. It helps small business owners determine to whom they’ll pay debts, and it’s also helpful in noting the amounts on your balance sheet. Schedule My Free Call While you may think accounts payable only refer to short-term debt, you should know some valuable things. Continue reading […]

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A Guide to FinCEN BOI, Beneficial Ownership Information

Starting January 1, 2024, most US-based businesses must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This article will explain the FinCEN beneficial ownership information reporting requirements. Continue reading to learn about the purpose of the rules and their impact on your small business.  […]

generally-accepted-accounting-principles

What are the GAAP rules for accounts payable?

Accounting is a massive and diverse field. Accounting services can include everything from bookkeeping and tax preparation to auditing and business plan development. No single path or training is required to become an accountant, either. However, there are some grounding rules and principles that all accountants rely on in all that chaos. And there has […]

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Do You Need an Accountant for Your LLC?

You’ve had that Eureka moment and founded a small business to realize that vision. You’ve even made it official by forming as a limited liability company business entity, commonly known as an LLC. Congratulations! Now what? Now it’s time to consider taxes and whether your LLC needs an accountant. Because if you don’t, you could […]

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How to Calculate Quarterly Estimated Taxes in 2023

The 2020s may become the decade of the entrepreneur. More and more professionals are leaving the comfort of W-2 employment to strike out on their own, typically to find a small business or to become a self-employed freelancer or independent contractor. Between 2020 and 2023, full-time freelancers grew by 90%, while part-timers grew by 130%, […]