Know the Rules for Hiring your Kids to Work in Your Small Business?

So you finally took the big step and hired some much-needed help. Great job. Now you can focus on your income-building tasks and leave some of the other things to your new helper. Your other business owner friends have suggested that you just pay this person as a contractor to save yourself some cash by…

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…

Ever wonder why some small businesses pay far fewer taxes than others? It all comes down to expenses, deductions, credits, and documentation. Here are some important tips to help you maximize your small business deductions and only pay what you NEED to… Tip #1 Keep detailed records of all ALL expenses. This means always ask…

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…

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…

Corporate budgets, as well as household ones, are arguably one of the most important tools you can use. Creating a budget for your business will provide a guideline for expected income and expenses and enable you to compare your anticipated financial goals with the actual numbers. In essence, it will serve as a barometer for…