Feeling Overwhelmed?

Business owners, do you really need to keep all those receipts? The short answer is YES. The long answer isβ¦ As a small business owner, you make tons of purchases for your business. If you are like me, you make them all with a debit or credit card because, after all, who uses cash in…
As a business owner, unless your business is accounting, bookkeeping is normally the last item on your to-do list. But is ignoring your company’s finances wreaking havoc on your business? According to an Entrepreneur Magazine article, “Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought…
Have you received a phone call from the IRS informing you that you have an outstanding tax debt or balance due?? Well, watch out. It could be a scammer trying to get your confidential information. Here is how you know you are possibly being scammed… The IRS will not: 1. Demand that you pay taxes…
So, you started a business? Kick-Ass!!! Now the fun begins. Do you incorporate? Form an LLC? Are you a sole proprietor? WHAT?! Here are a few of the basics… If you are all by yourself in this little (or big) venture, you ARE a sole proprietor. But you have options…Forming an LLC is a good…
Often overlooked, receipt keeping is a necessary component of good bookkeeping. Receipts are the primary and easiest way for a business to support all entries recorded on the books and on tax returns. Should the IRS audit your business’ tax return, they will require supporting documentation showing not only the amount paid but a detail…
Hiring your kids to work in your small business can be a great idea. You can teach them the value of a hard-earned dollar and their compensation may be tax deductible, minimizing your business taxable income. Here are some things to consider…Make sure their pay is commensurate with their age, experience, and education. If their…