Accounting and bookkeeping are vital processes that small businesses use to ensure their financial information is accurate and complete. Bookkeepers and accountants work with financial data, and both professions require a basic knowledge of accounting practices. Because of this, small business owners might think they’re one and the same. Regardless of their similarities, the functions […]
When you have specific business goals that you want to achieve, it’s essential to have a strategy in place to ensure you save time and resources. This is true for all areas of a small business, from marketing and production to business tax planning. Being well-versed in business tax planning, income tax, and business income […]
Every small business owner needs an accountant for business taxes, tax preparation, and day-to-day operations. However, many small business owners believe that accountants are too expensive. So, what exactly is the cost of an accountant for a small business? The truth is that many variables go into assessing the cost. We’ll take a look at […]
You have a vision for helping others. Your non-profit can make a difference – if you can finish all the paperwork. You know you need to keep your receipts and records, but you’re slowly finding that bookkeeping is more complex than simply tracking expenses. Bookkeeping for non-profit organizations requires a specific skill set because the […]
Whether you’re a business owner or an independent contractor, you might feel overwhelmed by paperwork – especially during tax season. The multitude of types of 1099 tax forms adds to the complexities of tax compliance. You may encounter 1099 tax forms for multiple reasons. Examples include hiring (or working as) an independent contractor, earning interest […]
Taxes can be a headache, especially when you’re unsure of the technical rules. Section 179 allows taxpayers to take an immediate tax deduction for property placed in service during the year instead of deducting the cost over several years. This article will explain the Section 179 rules and help you understand how to take advantage […]
Independent contractors, freelancers, sole proprietors, self-employed individuals, and gig workers. No matter what you call it, earning an income from something other than a full-time job is booming in the United States. According to statistia.com, 73.3 million Americans call themselves freelancers, up from 57.3 million in 2017. While freelancing offers significant benefits not available for […]
You’re probably thinking to yourself, “Accounting is accounting, right? How many different types of accounting can there be?” Here’s a look at what accounting is, the different types of accounting, and why each type is essential in ensuring your business is profitable and growing. What is accounting? Accounting is the recording of an individual’s or […]
If you’re self-employed or own a small business, you already know getting paid isn’t as simple as collecting a bi-weekly paycheck. Did you also know you need to file a Schedule C tax form with your income tax return? Schedule C reports your self-employment income to the IRS. If you run a business or you’re […]
Recording your business’s revenue and expenses is easy, right? When you sell something, you record revenue. When you buy something, you log it as an expense. In theory, this should be easy to do. In reality, though, things can get extremely nuanced. In this article, we’ll explain the two different ways you can record a […]
