Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Millions of small business owners and startup entrepreneurs are masters at creating great products and services, building effective teams and winning over customers. Many of them, however, would probably flunk basic bookkeeping. As the business owner, if you don’t understand the different types of “accounts” your bookkeeper uses to organize your finances, measuring the success …
Continue reading 10 Bookkeeping Basics You Can’t Afford to Ignore
Partnerships can be complex depending on the scope of business operations and the number of partners involved. To reduce the potential for complexities or conflicts among partners within this type of business structure, the creation of a partnership agreement is a necessity. A partnership agreement is the legal document that dictates the way a business is …
Continue reading Which terms should be included in a partnership agreement?
As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in Congress may or may not pass this year. If any of …
Does the thought of bookkeeping fill you with uncontainable excitement? Probably not. What about money in the bank to make your business ambitions a reality? Now we’re talking. It turns out that boring ol’ bookkeeping and business capital have more in common than you might think. You need cash to grow your business, but as …
Continue reading 7 Basic Bookkeeping Habits to Help You Secure Financing
The Occupational Safety and Health Administration (OSHA) is a government agency looking after health and safety standards for your small business. As a result, they can inspect you and hit you with citations. Recently the National Federation of Independent Business (NFIB) held a webinar called OSHA Essentials for Small Business. Elizabeth Milito Senior Executive Counsel, Legal Foundation, NFIB, …
Continue reading 10 Things About OSHA Small Businesses Must Know
Filing your taxes as a W-2 employee can be overwhelming. But when you’re self-employed, the labyrinth of paperwork and potential tax deductions creates a tax situation that’s enough to give even the most laid-back freelancer heartburn. Whether you’re filing your business taxes as a self-employed worker for the first time or the 20th, there are …
Continue reading The ultimate guide to tax deductions for the self-employed
The basics You’ll need to provide your accountant with these documents and records, regardless of what kind of business entity you operate: Your previous year’s federal, state, and/or local tax returns Provided you’ve filed them before, these will contain most of what your accountant will need to get things rolling, including: Your legal name, Social …
Continue reading Here’s Everything Your Accountant Needs to File Your Business Tax Returns
Business owners should not use a business bank account for personal use. It’s a bad practice that can lead to other issues, including legal, operational and tax problems. As the company grows, the problems will also grow. That is, if the company is able to grow. Many businesses operated in a fiscally-lax fashion don’t grow …
Continue reading Can You Use a Business Bank Account for Personal Use?
A bookkeeper can be one of the most important hires your organization ever makes. A good bookkeeper can keep you on the straight and narrow. A bad one can take you off the rails. There are key skills and attributes you should look for when hiring a bookkeeper; here are 10 of the most important: …
Continue reading 6 Tips for Hiring the Right Bookkeeper for Your Business
You should have a nice office — for many reasons. It can impact employee performance, contribute to customer or client satisfaction, and affect your profitability and ultimate business success. Setting up and maintaining your physical layout entails one-time and ongoing costs. Office Expense Deductions The tax rules on how to write-off office expense deductions can …
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