Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces whether they are large or small. These include things like hiring the right people, building a brand and so on. However, there are some that are unique to small businesses, …
Continue reading 5 Biggest Challenges Facing Your Small Business
In your everyday life, bad habits can cause problems. You might do things poorly or waste time. You might not do the best work that you can do. The same is true for your business’s bookkeeping. Your bad habits can cause bookkeeping problems. You will do bookkeeping poorly and possibly have financial issues. You need …
For many, paying employees cash seems like the easiest way to handle things. However, while it may seem easier, in the long run if you get caught by the IRS, it's going to be difficult to deal with. Although it is not illegal to pay employees and contractors in cash, there are a variety of …
Continue reading Getting Paid Under The Table: Is It Illegal to Pay Employees Cash?
When starting a small business, there are many things that you are going to have to consider and important decisions you’ll have to make in order to get your business up and running. One of these decisions that you won’t want to take lightly is choosing a legal structure. As a small business owner, there …
Continue reading How Do I Choose a Legal Structure for My Small Business?
As a business owner, you must have heard the term capital allowance. You have been wondering what it is and how you can enjoy it. Educate yourself on what a capital allowance is and why it’s so integral to so many businesses. What Is Capital Allowance?This is an expenditure that you can claim against your …
Continue reading What Is a Capital Allowance and Why Are They Important?
Learning how to grow your business isn’t just a worthy goal; growing your business is often a necessity for your business’s survival and your economic well-being. What can you do to get your business beyond the bare sustenance level? What can you do to turn it into the income-generating powerhouse you envision? Try one or …
Continue reading How to Grow Your Business into a Larger Business
We often see individual taxpayers and business owners caught by surprise with an unexpected large tax bill which they were never prepared for. This situation can result in significant stress and cash flow issues both on a personal and business level. There is often very little that can be done at the end of the …
Continue reading Why Tax Projections are Important for Your Small Business
Thanks to the huge range of accounting applications available for today’s small and medium-sized businesses, it’s easier than ever to keep an accurate record of where your business’s money is going. While accounting software has made bookkeeping and accounting easier for small businesses, it’s also made errors and accounting mistakes—from incorrectly categorizing a transaction to …
Continue reading The 8 Most Common Small Business Accounting Mistakes
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they'll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can …
1099 vs. W2 Employee1099 and W2s are the different tax forms used to deduct payroll taxes on different types of employees. 1099 employees are self-employed independent contractors. They receive pay in accord with the terms of their contract and get a 1099 form to report income on their tax return. A W2 employee receives a …
Continue reading 1099 vs. W2 Employee: Which Is Better for Your Business?
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