Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
If you are starting a business, it is essential that you familiarize yourself with all of the necessary tax forms that you will need to file with the IRS and the various taxes you will be required to pay. Every business is required to file a federal tax or information return. The type of business …
Accounting may not be your favorite topic, but it’s a necessary part of running a legal and functional business. You must report your business’s income and expenses, report payments to workers, and more. You might be wondering, What tax forms do I need for a small business? To get the ball rolling, here are a …
The answer to this question essentially boils down to whether someone who does work for you is self-employed or an employee. Here’s the difference: Self-employed independent contractors are paid in full for their services and are responsible for settling up with federal and state governments at tax time. The payor reports payments on IRS Form …
Continue reading What’s the difference between a 1099 and W-2?
Congress recently passed the “Tax Cuts and Jobs Act” which impacts both individuals and businesses. There are two important tax changes in 2018 that will impact every business owner in the United States. Corporate tax rates are now a flat 21% (permanent change) Pass through entities such as LLC’s get a 20% deduction (temporary change …
Continue reading 2 Important Tax Changes for Small Businesses in 2018
Many small businesses owners don't realize that a staggering 80 percent of U.S. businesses fail within the first 18 months. Typically, one of the main causes is poor financial management. Despite these dire consequences, many business owners go it alone when it comes to managing their money. A recent report found that 53 percent of …
Continue reading 5 Reasons Why Your Business Needs an Accountant
Small businesses are not immune to employee theft and fraud, and in some ways, may be more vulnerable than larger companies. The trusting, familial characteristics that make a small business a pleasant place to work, sometimes contribute to an environment conducive to fraud. According to the California Society of CPAs, the best way to prevent …
Continue reading Fraud Prevention Steps for Small Businesses
For the small business owner, bookkeeping is often seen as one of the necessary evils that we all must face. The tedious and mundane task of bookkeeping can often take up hours and hours of time. This is the primary reason that well over one-half of all small business owners do not keep their finances …
Continue reading 10 Common Bookkeeping Mistakes & How to Avoid Them
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