DOES YOUR BUSINESS HAVE A BUDGET?

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…
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…
Here are some important dates you need to get on your calendar: By January 31, 2019 Form 940 due – Employer’s Annual Federal Unemployment Tax Return Form 941 Quarterly Reports due Form 943 due – Employer’s Annual Federal Tax Return for Agricultural Employees Form 944 due – Employer’s Annual Federal Tax Return (replaces form 941)…
In my now 17 years in business, I have learned so many lessons. I have learned what I am good at. What I struggle with. What I love and what I would rather not do. I have learned how to subdivide undeveloped land, file payroll taxes, dispute with the IRS, file UCC liens, and how…
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…