When you run a business, there are certain reports you need to understand how to read. One of the most important reports is a profit and loss statement. This is sometimes also called a P & L statement. Basically, this statement shares lots of information you must know about your business. It is one of…
Are you currently a business owner? Or do you want to open your own business? Well, as a business owner, you must be prepared to tackle all of those tax-related issues. We are talking about employment taxes, self-employment taxes, and state business taxes. Oh, and let’s not forget about collecting sales tax! Getting started on…
As your small business grows, you will accumulate more financial transactions and documents. Don’t continue to manage your company’s books and recordkeeping independently because you’ll just stress yourself out. A responsible business owner understands the benefit and value of hiring a bookkeeper to maintain their company’s financial records for them. That way, the business owner…
Enjoy the Christmas and New Year’s holidays while they last because the new tax season will begin immediately afterward. Small business owners have to face numerous tax deadlines throughout each tax year or risk paying severe penalties and fees. The Internal Revenue System (IRS) doesn’t play around when it comes to getting their tax money.…
Businesses must maintain accurate and reliable financial records for many reasons, such as payroll, taxes, profit/loss data, etc. Small business owners shouldn’t attempt to maintain these records independently because it can be difficult and time-consuming. That is why you should use an accountant and bookkeeper to maintain your company’s financial records. Do you know the…
When you start a business for the first time, you may wonder which classification you should use for your new business. The choices are usually a Sole Proprietorship, a Limited Liability Company (LLC), or an S-Corporation. For instance, if you want your company to be a corporation with shareholders, you would choose an S-Corporation because…
Are you a small business owner looking for ways to save money on your business tax return? One way to reduce the amount of taxes owed is to claim a tax deduction on all electronic devices purchased for your business, such as smartphones, computers, and tablets. Virtually all electronic devices and technologies are tax deductible,…
Every small business owner should maintain their bookkeeping because it helps track the total profits and losses of their company. In addition, bookkeeping can organize your financial information and make it easier to survive a tax audit from the Internal Revenue Service. Bookkeeping Terminology Bookkeeping concerns all aspects of your company’s operations. Before introducing bookkeeping…
What is a Profit and Loss Statement? Every new business begins with a few brilliant ideas. But you cannot create a successful business unless you flesh out your ideas in a business plan and then turn those ideas into action. From there, you can continue to develop new ideas to keep the business growing strong…
Year-end is coming up faster than you think since it is already the middle of October! I have three tips for you to be thinking about as you plan for your year end. These are things you can be doing right now to prepare your finances for year-end. #1 Get Your Bookkeeping Up to Date…