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As a small business owner, you probably think about tracking expenses and keeping up with tax deductions, but these aren’t the only critical accounting tips you should know. Whether you’ve been in business for a while or you’re a new start-up entrepreneur, read on for our 8 best accounting tips. 1. Outsource your bookkeeping. For […]
Your accountant or CPA is a business asset that you should put to good use year-round, not just at tax time. There are several topics beyond taxes that business owners should discuss with their trusted financial professionals. In this article, we cover five of them for you. While the new year is traditionally when business […]
First time hiring an independent contractor? Here’s what you need to know about taxes. Two months ago in this column, we explained the differences between employees and independent contractors. The IRS has strict rules that you must follow when you make this distinction because there are very different tax rules for each type of worker. […]
There are always more things to learn about the applications we use every day. Here are some tips for expanding your use of QuickBooks Online. We tend to fall into the same old patterns once we’ve learned how to make a computer application work for us. We learn the features we need and rarely venture […]
Like many business owners, you may have structured your business as an S corporation because of the tax benefits it offers. An S corporation provides the same limited liability as a traditional C corporation, but it generally avoids the double taxation associated with a C corporation. You and the other shareholders (if any) pay income […]
Sooner or later, you may decide to sell property you inherited from a parent or other loved one. Whether the property is an investment, an antique, land, or something else, the sale may result in a taxable gain or loss. But how that gain or loss is calculated may surprise you. Your Basis When you […]
If you purchase several items and services away from the office, QuickBooks Online can help you record them while you’re out and about. QuickBooks Online’s mobile app, available at the Apple App Store and Google Play, can do many of the same tasks that it performs on your office desktop. You can, for example: Check […]
Running a small business is demanding, and there’s not always time to manage every task well. If you’re letting some tasks slip through the cracks, or if you want to prevent that from happening, it’s time to consider hiring an accountant. Here’s how your business will benefit if you do: 1. You will save time. […]
Sometimes, you have to spend money on your customers. Make sure you’re billing them for it. Usually, money flows from your customers to your business. But there may be times when you have to purchase items for a job whose costs will eventually be reimbursed. Or you, or an employee, might spend time providing services […]
