There are many things that need to be done when you complete your 2019 Income Tax Returns. Here are 5 tips to ensure greater accuracy in your income tax preparation. 1. Name and Socials – Be sure you double check the spelling and social security numbers you file on your income tax return. Many people overlook the spelling of their name, or ensuring the name filed matches their social security cars. 2. Reporting all Forms – add up box 1…
Although positive cash flow is a must to run a successful business, it isn’t always easy to come by. Between clients taking a month or longer to pay their invoices and all the expenses you must incur to operate your business, having cash on hand for emergencies or to pursue business growth isn’t always realistic. Fortunately, revolving credit can make your life a lot easier as a business owner. Understanding Revolving Credit Revolving credit for your business differs from a…
Do you think one accountant is just as good as another accountant because they’ve all taken the same exams? The reality is that accountants vary greatly, and when looking for the best tax accounting specialist for your business, you want to avoid picking the wrong one. Although an accountant needs to understand the tax laws, your tax liability can change based on your current financial position and your strategy for the future. The best CPA is one that understands this….
Debt collections can cost your business resources that, over time, can add up to more than the initial amount owed. However, some steps can be taken to help improve your collection efforts. Examine Your Payment Policy Agreeing to a deal verbally and with a friendly handshake makes the agreement challenging to enforce. Instead, utilize a signed contract for any product or service which will be paid for at a later date. Your payment policy should include the following: The name…
Running a small business is much more than a full-time job where you go home at 5:30 p.m. every day. In fact, you may be so busy that you have never stopped to appreciate your business successes, whether large or small. As the New Year approaches, it’s time to take stock of the efforts you and your team have made to create a successful company. Here are six ways to help you celebrate success. Acknowledge Everyone who Deserves it Achievements…
As a small business owner, you are probably not an expert on accounting issues. Although you may use an accountant for the basics, you may not know that a good accountant can do much more than keep your books and file your taxes. Here are seven ways an accountant can help with your business growth. 1. Tax Planning Expert tax planning advice can help you understand your tax options. An accountant can teach you the best times (or not) to…
Entrepreneurs don’t necessarily need to be numbers people in order to succeed: You need drive, passion, the ability and will to follow things through, and the hustler’s spirit that enables you to constantly try that new thing or relentlessly chase that next big opportunity. But whether you’re a serial entrepreneur or simply looking to grow your small business to a sustainable level then reassess your goals, it’s crucial to have an understanding of your venture’s financial results. While SMBs don’t…
Article Highlights: Daycare Providers Simplified Food Deduction Special Rules for Business Use of the Provider’s Home Home Sale Consequences Other Expenses Other Daycare Provider Issues Daycare User Credit Employer Dependent Care Benefits Other Credit Criteria When discussing daycare for children so their parents can work, there are two primary areas of discussion: one from the viewpoint of the individual providing the daycare services and another from the parents using a daycare provider’s services. Tax law provides special benefits for both….
Article Highlights: Hobby Losses Not-for-Profit Rules Determining Factors Trade or Business Presumption Hobby Tax Reporting Self-Employment Tax Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. Tax law generally does not allow deductions for personal expenses except those allowed as itemized deductions on the 1040 Schedule A,…
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