What You Should Know About Getting Audited
Although only 2.5% of small businesses get audited, it can be something most of us worry about. For the most part, there are specific reasons the IRS audits a business. Let’s take a look at what those triggers are, what happens if you do get audited, and ways to avoid audits. The largest thing that the […]
What You Should Know About Tax Deductible Expenses
Do you know what types of expenses are deductible from your business taxes? A lot of factors can play into this, including what industry your business is in and whether you are a startup or not. The most common expenses that are deductible are any that are “ordinary and necessary.” Let’s dive into the different […]
How To Pay Yourself as a New Business Owner?
When you started your business, you knew the first few months would be hard. You might even have planned to end your first year with a loss (hopefully not!). But when your business starts to grow and the money stays in the bank, it might be time to start paying yourself. Wohoo! But how is […]
Not sure how to file a 1099? Use this checklist to speed up the process
Contractors are very common in construction and trades businesses. This means it’s important to file 1099-NEC forms for any work you paid for over $600 with check, cash, or ACH. This is not hard to do if you have a Quickbooks Online account. Remember the deadline to file them is January 31st. Let’s go through […]
Think you can hold off on hiring a bookkeeper? Let me change your mind!
It can be hard to justify hiring a bookkeeper, especially when your cash is low. What you might not know is that it can be more expensive to hold off with getting a bookkeeper. This is especially true if you are months off or your books are a mess. Let’s explore exactly why it’s important […]
What Successful Contracting and Trades Businesses have in Common
Since I specialize in contractors and tradesmen, I’ve seen a lot of similarities in my client’s successes. A lot of these things may seem obvious but some aren’t. I’ll go into more detail about what puts these businesses above the average. These are the five tips that I have noticed are the most common between […]
Why You Really Need Both a Bookkeeper and Accountant
It might seem redundant to have both a bookkeeper and an accountant for your business. But there are important reasons to have both on your team. Each brings a different skill to the table, working together to help you grow your business. Your bookkeeper works in your books on a weekly to daily basis, meaning […]
The Most Important Difference between Bookkeepers and Accountants
Have you ever wondered what the difference is between an accountant and a bookkeeper? While they have a lot of overlap, most of them specialize in one type of service. For the most part, accountants have a Bachelor’s degree in accounting. Bookkeepers may or may not have an accounting degree. Let’s get into more detail […]
How to stay on top of bookkeeping during the holidays
The holidays are here and it’s harder than ever to focus on work. Lot’s of normal tasks are pushed aside as you rush to get ready. Unfortunately one of the first things to go is bookkeeping for your business. Compounding transactions from Oct-Dec can be a tough surprise come the new year. What are things […]
How to Keep Your Business Budget With Black Friday
Ah Black Friday! Basically the free ticket to spend, spend, spend. It’s hard enough sticking to a budget throughout the year but the holiday season with all the sales makes it even harder. What can you do to stick to a budget? Obviously, there will be purchases that you want to get. So make a […]