Bookkeeping often confuses many business owners. It is not typically associated with the idea of business operation. However, bookkeeping, recordkeeping, and their intricacies can yield significant benefits for small business owners. Here is what you should know about bookkeeping and recordkeeping, and why you may consider implementing both into your small business. What Is Bookkeeping? […]
Rental income can be a lucrative industry for landlords. It is a fast-paced industry with many moving parts, such as interviewing potential tenants, managing current tenants, and maintaining property quality. Income tax and deduction for rental properties may not be the first thing on a landlord’s mind, but there are tax benefits that may be […]
An important choice that all business owners make is how to classify their business. There are a number of different business entities to choose from, such as Limited Liability Companies (LLCs), Sole Proprietorships, and S-Corporations. S-Corporations are a flexible option for an individual or shareholders to create a corporation. Its structure allows shareholders to avoid […]
If you own a small business or you’re otherwise self-employed, you have to take responsibility for yourself in many different ways. No one else is going to withhold taxes from your salary, so you have to make estimated tax payments for yourself. No company is going to put you on their group health insurance plan, […]
UPDATE – Saturday, April 25th, 2020 After several weeks of intense debate, the newest coronavirus bill – the 4th one to pass to date – passed both the Senate and House in landslide votes. The new bill provides $484 billion of additional funding to support businesses and essential services that are quickly running out of […]
There are many terms for providing a service as a small business – gigs, contracting, freelancing, and the trade industry just to name a few. Many people just starting their businesses are enthusiastic to develop their product, but unaware of some simple accounting practices for small businesses. These tips can save both time and money […]
Starting a new business can be exciting – and also daunting. There’s so much to think about right off the bat. What’s your niche? Are you opening a location, or all online? How will you structure your business? Beyond those initial steps of starting a business, there is another one that doesn’t always come to […]
There are a lot of awesome things that go along with owning a business. For example, personal fulfillment, passion – and, of course, making money. But what goes hand in hand with making money? Paying taxes. Filing business taxes can be complex, daunting, and nerve wracking. After all, everyone makes mistakes. So if you own […]
Learning to keep track of your books is important for any business owner. Sound financial information makes it possible for them to accurately maintain their books, file their taxes, and make business decisions. There is a lot of work that goes into maintaining your books and keeping track of your accounts. If you don’t organize […]
We live in the age of “big data,” when businesses are expected to do all sorts of number crunching calisthenics to analyze performance, predict results, and improve on success. The volume of data that financial reporting generates daily can overwhelm many small business owners and send them screaming for the nearest paper shredder. But amid […]