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 …
Category: Accounting
The ultimate guide to tax deductions for the self-employed
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 …
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Here’s Everything Your Accountant Needs to File Your Business Tax Returns
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 …
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Can You Use a Business Bank Account for Personal Use?
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 …
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15 Reasons Why Bookkeeping Is Important
Bookkeeping is important for helping you maintain accurate financial records. Yet still, many businesses fail to implement this integral process. Besides the fact you are required under law to maintain accurate books and records, doing so will save you frustration later on. In fact, “poor accounting” is one of the top reasons businesses fail. Without …
Top 12 Bookkeeping Best Practices for Achieving Business Success
Managing your personal finances does not require much work. You probably have at least one checking and savings account, a retirement account, a few investments, perhaps a few monthly payments and a file to save receipts for tax records. When it comes to bookkeeping and accounting for business purposes, however, there is a lot more …
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How to start your Accounting and Tax Year right
As a small business owner, you know that January signals you’re about to get knee-deep in your tax year: that means diving into 1099s, W2s, payroll taxes, sales taxes, reconciliations, and business taxes. You also schedule frequent visits to see your accountant. You may even dread “year-end wrap-up” conversations that make you want to run …
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8 ways Bookkeeper can help your business
Bookkeeping is one of the main accounting services. It ensures your taxes are done properly and your finances are in order in the event you’re audited. But maintaining your books isn’t something you should do solely as a tax-savings strategy. If done right, it can also prevent you from losing your sanity and help you …
5 Accounting Tasks All Small Business Owners Should Do
If you are a small business owner, you may think your accountant or bookkeeper is responsible for all book and financial related services. While their responsibility is to handle this, it doesn’t mean you are resolved from all responsibility. As a business owner, if you don’t understand your books, how can you grow your business? …
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Leasing vs. Buying for Small Business Owners: How Does it Help Your Accounting?
You’re probably at least generally familiar with the concept of leasing versus buying from car shopping. But on top of considering whether you want to rent or buy, you also need to think about which one is best for your accounting. Here’s what you need to know. Upfront Cash Flow You generally need more cash …
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