Save money and get ready for tax season with these year-end small business tax tips. Also read how to make cold calling a key part of your business development toolbox. As 2020 winds down, here are some ideas to consider to help manage your small business and prepare for filing your upcoming tax return. Identify …
Author: Velisa Bookkeeping Services LLC
Plan Your 2021 Retirement Contributions
With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions. As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial …
Four Tax Moves to Make Before 2020 Ends
As 2020 is coming to a close, here are four tax planning moves you should consider. Here are a few time-tested tax strategies to consider as we head towards the end of 2020: Maximize retirement plan contributions. You’ve heard this advice many times, because it’s one of the best strategies for saving tax dollars, especially when …
15 Year-End Tax Tips
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching. At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may …
Turn Your Home Office Into a Tax Deduction
Turn your home office into a tax deduction. Also read about common IRS surprises, how to use depreciation to manage your business's profit margin and ideas to help your kids with virtual learning. If you are working from home for the first time in 2020, you may be wondering if your home office is tax …
5 Reasons to Outsource Your Accounting
Here are five reasons to outsource an accountant for you small business: 1. Saves You Money Saving money is arguably the number one reason why you should outsource your small business accounting services. With outsourced accounting services, you don’t need to worry about renting extra office space to house the accounting department or purchasing accounting …
Age (not death!) and Taxes
Age does matter, when it comes to tax obligation One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze here is a chart that outlines key ages and …
Lower Your Taxes THIS YEAR!
Here are 6 ideas that most people can use While 2020 winds down, there is still time to reduce your tax burden. Here are six ideas that can save money for most of us. 1. Leverage pre-tax savings. Take advantage of opportunities to set aside income on a pre-tax basis. This includes; Participation in your employer's …
Great Cost Cutting Ideas for Small Businesses
Cutting business expenses is a necessity for all companies, but especially now with the uncertainty caused by the ongoing pandemic. Here are some ideas to help tighten your belt, outside of the tough personnel decisions. Credit card interest rates. Interest rates are at historic lows and all your debt facilities should be reflecting this new rate …
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Get Your Business In Shape With an Internal Audit
When you hear the word audit, what comes to mind? Sharp-eyed accounting nerds digging through business records and interrogating staff? Disruption of your routine at the busiest time of year? Although audits by external accounting firms can be time-consuming and sometimes difficult, firms often reap substantial benefits by identifying and correcting problems before outside auditors …
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