Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
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 …
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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 …
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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 …
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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 …
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If you have an accountant, chances are good that they’re making life a lot easier – but chances are also good that you’re not making the most out of your relationship. For instance, you know to go to your accountant to, say, file your taxes or get help with things such as making financial statements. …
Continue reading 5 Discussions you should have with your Small Business accountant
Small business owners face a number of challenges every day, and accounting is a big one. Here's how to stay on top of your finances as an entrepreneur. As a small business owner,you need to wear several hats. Your tasks will range from marketing your brand to hiring the right people to maintaining relationships with …
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Small business owners often fill multiple roles, but wearing too many hats can cause your business to suffer–especially when your bookkeeping does not get the attention it requires. Instead of trying to do everything yourself, it may be better and more cost effective to outsource your accounting needs to a professional. 11 Reasons to Hire …
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What Does a Bookkeeper Do? Bookkeepers ensure that all of a company’s expenses, income, and transactions are recorded in the company’s books and reconcile the company’s financial accounts, typically on a monthly basis. Bookkeepers might also help with financial statement and financial report preparation. Although bookkeeping can be in-house staff position, most businesses employ bookkeepers …
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Managing income and expenses accurately is an important aspect of running a business successfully. Unfortunately, many small businesses make mistakes in their books, without even realizing the impact those mistakes can have on their long-term viability. No system is foolproof, but whether you’re running your books through an accounting system like QuickBooks Online or Xero, …
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Business owners know that most of their expenses are deductible. But it might surprise you to learn how many leave money on the table by not claiming all allowable write-offs. Overlooked Business Deductions Here are the most commonly overlooked deductions. Carryovers Your tax activities in prior years sometimes yield deductions in the present. So check …
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