How to Start a Small Business: Step 8 – Finances and Funding
No matter how good the idea, your small business will need money to get started. How will you raise the funding you need?
Bookkeeping 101: A Crash Course in Record Keeping for Small Businesses
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? […]
5 Great Things to Know About Rental Income and Taxes
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 […]
How to Create a Simple Bookkeeping Spreadsheet for Your Business
Bookkeeping is a practical way to make sure that your business can track its budget. Every transaction that occurs will affect how your business allocates its finances. The use of a spreadsheet allows you to see all of your transactions in one place. There are a few things to consider, especially if you want to […]
Business Entity: What Is An S-Corp?
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 […]
Stimulus Scams: What You Need to Know
The CARES Act legislation in March offered stimulus payments to almost every U.S. citizen or resident under a certain income level. During a time of record unemployment, the bill came at a crucial time for those in need. Despite the severe need for economic relief, the size of the package and processing complications have led […]
Paycheck Protection Program: What Forms Do I Need to Apply?
Within the CARES Act is the Paycheck Protection Program (PPP) Loan, a $350 billion allocation of money to support small businesses. As of April 16th, 2020, the original funding for the PPP ran out. But as of the end of last week – April 23rd, 2020 – both the Senate and the House voted in […]
What’s the Difference Between an LLC and an LLP?
There’s only one letter difference, so how different can they be? When you’re deciding how to choose the right entity for your business, there are a few important acronyms to learn and differentiate. A Limited liability Company (LLC) is a legal entity under which you operate a business. With an LLC, you pick up the […]
Bookkeeping 101: How to Keep Good Financial Records
If there’s one thing that small business owners and entrepreneurs need to know right off the bat – it’s how to maintain their records. Sloppy financial records can spell disaster for small businesses. If you can’t keep up with your books, you’ll find yourself in trouble further down the line if you ever run into […]
Why Set Up a Bank Account for Your New Business?
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 […]