Are you trying to set small business goals but not sure how to go about doing it? With all of the responsibilities that are inherent in running a small business, it can be challenging to know what is needed to set the right goals. Yet, in order to make sure that your business succeeds, it is an important thing to do. If you want to find out more about what it takes to set the right small business goals, read…
Did you know that tax season is one of the number one ways businesses get into legal trouble? If you don’t file your business taxes in the correct manner, you might face fines or other penalties. Incorrect tax filings include not knowing what business expenses to deduct or incorrectly representing your business’s net income. So, preparing is a necessary step for every small business during tax season 2022. Below, we’ll get into the various steps you need to take to prepare…
In 2020, there were over 30 million small businesses open in the United States. If you’re one of those millions of shops trying to remain open, you know that accounting is a crucial part of that process. In that case, you might’ve looked at QuickBooks to organize your business’s finances. But is QuickBooks any good? Should you even consider using it for your business? That’s what we’re here to look at today. Read on to find out more about whether QuickBooks is…
Did you know that approximately 40% of mid-sized businesses in the US face penalties due to incorrect payroll filing? It’s an important job and one that has to be done correctly the first time. Your payroll can be taken care of by an individual or an in-house team. Alternatively, you can hand the responsibility off to the experts and outsource payroll. External companies that handle all or some of your payroll functions save you time and money. They ensure your…
Year-end tax tips can help save you a lot of headache next tax season. If you struggle with tax filing, you’re not alone. Every year, as many as 33% of Americans file their taxes late. Some just forget, others struggle to get things together in time because they left it to the last minute, and others are scrambling to make sure they have everything they need to keep their bill low. It’s not too late to make sure you have…
What’s the goal of every business? To make a profit, of course! A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best and worst practices for monitoring and deducting business expenses: Understanding Business Expenses Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can take properly recorded tax deductions on their income tax returns, provided that the deductions meet IRS guidelines. Deductions fall in three…
It’s one of the most difficult undertakings to embark on alone. Especially when looking at the statistics, starting a business is a risky venture. This is especially true if you’re financially unprepared. One of the biggest challenges to more than 30% of small business owners is capital! Depending on the business, starting costs and the required capital will vary massively. Small business costs in particular can really take the wind out of your sails going forward. How Much Does Starting a Business…
While the phrase “don’t put all your eggs in one basket” can often be sound advice in daily life, it doesn’t exactly apply when it comes to your business finances. In fact, consolidating all of your business finances to one source like a certified accounting and financial group can ensure that you streamline your bottom line and keep accurate financial records. Cash Flow Management One key benefit of consolidating your business finances is simplified cash flow management. It’s a factor…
As a small business owner with a lot on your plate, the last thing you need is to make any tax filing mistakes that could bring the IRS to your doorstep. Often getting audited by the IRS isn’t always the result of intentional acts. Here are five of the most common tax filing mistakes that are likely to get you a dreaded letter from the IRS asking for more information: 1. Under-Reporting Income Whether you are a freelancer, a brick-and-mortar…
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