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Partnerships can be complex depending on the scope of business operations and the number of partners involved. To reduce the potential for complexities or conflicts among partners within this type of business structure, the creation of a partnership agreement is a necessity. A partnership agreement is the legal document that dictates the way a business is …
Continue reading Which terms should be included in a partnership agreement?
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 …
Continue reading Here’s Everything Your Accountant Needs to File Your Business Tax Returns
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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You should have a nice office — for many reasons. It can impact employee performance, contribute to customer or client satisfaction, and affect your profitability and ultimate business success. Setting up and maintaining your physical layout entails one-time and ongoing costs. Office Expense Deductions The tax rules on how to write-off office expense deductions can …
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 …
If you are thinking about starting a small business, you most likely already know what a business plan is and have heard that you need one. But do you truly understand the purpose of a business plan? Does it really matter if you have one for your small business? And how can you create a …
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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 …
Continue reading Top 12 Bookkeeping Best Practices for Achieving Business Success
Determining the type of company structure best for your small business can be a confusing exercise. Is an S Corporation advantageous for your small business? A little insight into the pros and cons of becoming an S Corporation may help in your decision-making process. S Corporation An S Corporation (Small Business Corporation) is a business …
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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 …
An accounting system is how a business plans its operating budget and tracks its expenditures and receivables, or income. An accounting system also may handle payroll, taxes and other business accounts, including workers' compensation, health-care coverage and other benefits. Functions of accounting can be handled in house or contracted out to a certified public accountant. …
Continue reading How Does a Small Business Fail With Lack of a Proper Accounting System?
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