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…
April 18 came and went and hopefully, it wasn’t a painful (tax) day for you. Believe it or not, it’s never too early to start thinking about next year. If filing your taxes was a headache and a hassle in 2022, here are a few tips to get you prepared for April 15, 2023. Putting…
Tax season is just around the corner now, which means it’s time for you to start thinking about finding some tax savings that could be critical to improving your bottom line. The truth is, any time of year that you start thinking about ways to save on taxes is a good time, although it’s better…
Managing your finances is one of the most important business functions your company can have, and it’s no exaggeration to say that money management can literally make or break your business. At the same time, financial management is one of the biggest challenges facing a business owner, and it’s one that you simply must get…
Tax season may be over, but we both know that quarterly taxes and the next tax season isn’t too far away. If you barely survived this tax season, or even if you lived through it, there are a few things you may want to know for the future. I have created a list of accounting…
There are quite a few business tax changes that will affect your taxes for 2021. Some of them you will have heard about, while others may have slipped under your radar. Don’t worry if you haven’t kept up to date with all of the most recent tax changes, because we have you covered! We spend…
It has been quite the busy year when it comes to tax changes. While everyone will have a tax change that affects them, as a small business owner, you need to be aware of a few different changes that will affect your business’s taxes. The bad news about these changes is you may have been…