Business owners have a myriad of things to worry about on a daily basis. Some things have a major impact on your business and some things don’t. Yet, they seemingly worry about them the same. Imagine the things they don’t know about yet can make a significant positive impact on their business. Even better than this, imagine having someone continually searching for things that you…
As a result of the signing and passing of the Tax Cuts and Jobs Act (TCJA) on December 22, 2017, for tax years 2018-2025; managing employee expenses will require a bit more work. This is because for tax years 2018-2025, unreimbursed employee expenses are no longer deductible, which means that if an employee incurs an out of pocket business expense, unless the business reimburses the…
Now that you’ve gotten your business off the ground, who is going to keep track of the financials? This is where a good, reliable, trustworthy bookkeeper comes in. A good bookkeeper will stay on top of the financials and hopefully keep you informed of the financial health of your business. If your business is not in good financial health, it is likely that you won’t…
When starting a business, one of the important decisions that you will be making is choosing a bank for your business bank account. Yes, you should have a business bank account. It is not wise to commingle personal funds and business funds. The IRS frowns on individuals who do this, and if you are ever audited, you might have a hard time proving which funds…
As a taxpayer, you likely know what a federal tax extension is. However, if you don’t know, a federal tax extension is an extended deadline to file your federal tax return. Note that an extension is for filing the paperwork only, not for paying any taxes that may be due. If you owe taxes, you need to pay those taxes by the due date (generally…
Accurately keeping track of income and expenses is vitally important when running a business and using the right accounting method is just as important. In general, businesses will use either the cash basis or the accrual basis method of accounting. To give you an idea of how using the cash basis or the accrual basis method of accounting will affect your business, we will provide…
As a business owner, one of your main objectives should be keeping your cost (overhead) low. One of the ways to accomplish this is to delegate smarter. What does delegate smarter mean? This means that you should assign certain tasks to certain qualified individuals with the goal of keeping your overhead low. What I am getting at here is this, reducing your accounting expenses by…
Unless you have the knowledge and the skills to keep track of your business financials, you should hire the services of a bookkeeper, an accountant, or both. Though a bookkeeper and an accountant fall under the same number crunching category, there is a difference in the duties performed, and in one way or another, it will pay off for you to know the difference. While…
