Running a business involves a lot of accounting. It’s an essential part of business operations. You do it every day, even if you’re not aware of it. Every time you record a transaction, prepare tax paperwork, or plan an expense, accounting is involved. You have to do some degree of accounting to run a business, […]
While most people don’t think of tax season as an exciting time to look forward to, it doesn’t have to be something you dread either. As with most things, you’ll be okay if you prepare ahead of time and know what you’re getting into. And while tax season itself and the deadlines it carries with […]
At times, it can be tough to keep up with the clock’s fast-moving hands and the constantly turning pages of a calendar. Things may be moving so fast in your life and business that you are caught totally unprepared when tax season comes around. The truth is that tax preparation is a year-long endeavor. Careful […]
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? […]
Property management 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 deductions 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 […]
