Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
You may have a great CPA, but if you wait to talk to him until your tax year is over, there's little he can do to lower your tax bill. To reduce your taxes, take these steps before the end of the year. Pay All Outstanding Payables If you use the cash-basis accounting method and …
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As small business owners, we’re resourceful and take pride in doing things ourselves. This resourcefulness is helpful when we start our business as we can minimize costs and run a tight ship. But as our business grows, so to do our responsibilities. With so many tasks and limited time in the day, A DIY approach …
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The phrase "keeping the books" refers to maintaining the general ledger, the main accounting record for your business if you use double-entry bookkeeping. It's the primary tool that allows you to keep track of all transactions and sort them into subcategories so you—and your accountant—can find a comprehensive, interlocking record of your business finances all …
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The difference between profit vs cash The difference between accrual basis vs cash basis How to recognizing the purchase of assets You didn’t get into business to be an accountant, so why do you need to know basic accounting concepts? For starters, understanding basic accounting concepts can help you make predictions about your company’s future …
Continue reading 3 Basic Accounting Concepts Every Small Business Owner Should Know
Of all the aspects of running a small business, accounting is one that is usually not well understood. With the wide range of options, tax regulations, and reporting standards, this area is its own field of expertise for a reason. Most small business owners hire bookkeepers and accountants (and rightly so) to manage this part …
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Although taxes are a fact of life, especially for a small business owner, there are ways to maximize your deductions so that more of your hard-earned money winds up in your pocket, and not with the IRS. The good news is that figuring out business tax deductions is pretty straightforward. However, because of important changes …
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Credit is essential for most businesses to grow, seize opportunities and fill in cash-flow gaps. In a recent Chase for Business survey of 2,600 business owners, aroun 70% reported that they use some form of financing. There's a range of credit options to choose from if you're a business owner. The trick is finding the …
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Tax season is approaching. But for many businesses, managing taxes can be a yearlong undertaking. In fact, there are many different types of deadlines you should be aware of throughout the year. 2019 Tax Calendar Here are the most important tax dates for businesses to know in 2019. 1099 Mailing Deadline January 31 If your …
Continue reading 14 Important Dates for Small Businesses in the 2019 Tax Calendar
It’s that time of year again: Tax Time. Preparing your taxes may seem like an annoying task that distracts you from running your business, but filing an accurate return can reduce the risk of paying fees and penalties down the road. What you need to complete this task is a checklist, which you’ll find below. …
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New tax rules are creating confusion Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, …
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