Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Many small businesses owners don't realize that a staggering 80 percent of U.S. businesses fail within the first 18 months. Typically, one of the main causes is poor financial management. Despite these dire consequences, many business owners go it alone when it comes to managing their money. A recent report found that 53 percent of …
Continue reading 5 Reasons Why Your Business Needs an Accountant
Freelancers and independent contractors will see changes to tax rates and deductions next year, with some mandates still in effect now. The Tax Cuts and Jobs Act was signed into law by President Trump in December, bringing significant changes to U.S. tax law. However, these changes will be rolled out at different times: While some, …
Continue reading 3 Ways the New Tax Law Will Impact Your Taxes … and When They Take Effect
Freelancers and independent contractors face unique challenges during tax season. Here are some quick tips to better manage the process and maximize your deductions. Tax season: Two words that can strike fear into the self-employed. Whether you did a few extra freelance gigs on the side or manage your own business, self-employment adds additional layers …
Business owners and employees who drive for business purposes can deduct expenses for the use of personal cars or company cars for business purposes. In both cases, the expenses must be documented (more on this below) and specifically business-related. Personal expenses and other expenses that are described below are not allowable business driving expenses. Before …
Continue reading Business Driving Expenses You Can – and Can't – Deduct
Small businesses are not immune to employee theft and fraud, and in some ways, may be more vulnerable than larger companies. The trusting, familial characteristics that make a small business a pleasant place to work, sometimes contribute to an environment conducive to fraud. According to the California Society of CPAs, the best way to prevent …
Continue reading Fraud Prevention Steps for Small Businesses
Maybe you’ve decided to start your own business (congrats), or maybe you’re already running one (also congrats). In either case, you need to make a budget. But where to start? A budget is the financial plan for your business. It’s the blueprint for how you achieve your goals and ultimately make your business thrive. It’s …
Struggling to find funding for your great idea? These tips will help you get started when looking for money to launch your business.Business ideas come easy to some, but what happens when you have a good idea but no money to get started? Countless entrepreneurs have run into funding challenges when looking to build a …
Continue reading 10 Ways to Get Money to Start a Small Business
At some point or another, you’re going to have to get down with accounting reports. Not the most exciting task, we know, but pretty important. But what kind of accounting reports should you be creating as a small business owner? Accounting reports are powerful documents that provide deep insight into your business’s performance. But unless …
Continue reading Three Accounting Reports You Should Be Keeping
In Rev. Proc. 2018-18, the IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act. It also issued inflation-adjusted amounts for many provisions that were unchanged by the Act, other than that the inflation adjustments now must …
Continue reading IRS issues new tax rate tables, inflation adjustments for 2018
You’ve hired your first employee. Now you need to make sure he or she gets paid. If you’re new to payroll, you might find yourself in some uncharted waters, navigating a sea of new terminology — pay periods, unemployment tax, something called Form 941. If you’re feeling overwhelmed, we’ve got you covered. Here’s a quick …
Continue reading The Five Payroll Basics Every Employer Should Know
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