Category: Taxes

5 Steps to Be Ready for Tax Season

As we near the end of the year it is beneficial to start thinking about the upcoming tax season. I know it is more fun to think about and plan for the holidays. But if you take a little time and follow these 5 steps, you can make sure that tax season is less stressful,… Read More »

Is One Business Bank Account Enough?

The short answer is yes, it can be. I work with many solopreneurs who have only one business bank account and it works well for them. However, if you struggle to maintain an adequate balance in that account, or to pay yourself, your employees, or your taxes then opening another account or two may be… Read More »

6 Things to Outsource to Save You Money This Year

Most small businesses start out on a budget and the small business owner tries to save money wherever they can, which means doing a lot of tasks themselves.  This can seem like cost savings at the time but in truth it can cost the business a lot of money in the long run.  Here are… Read More »

What you need to know about the new 1099-NEC

If you own a business or are a freelancer/subcontractor to businesses, you are most likely very familiar with the 1099-MISC form.  This form has been used for the past 30+ years to report certain payments including payments to subcontractors, freelancers, service providers, landlords and attorneys. As if there haven’t been enough changes in 2020, there… Read More »

When An Expense Isn’t An Expense

  As business owners and freelancers, we pay a lot of different vendors for a lot of different things.  Most of these payments wind up on our Profit & Loss / Income Statement as expenses.  But there are a few that do not.  And these are usually the ones I get asked about.  “Why isn’t… Read More »

5 Things to Know about the New Tax Laws as a Business Owner

What do you as a small business owner need to know regarding the tax changes that took effect with the passing of the Tax Cuts and Jobs Act? Well, lets break down the top 5 changes that you should be aware of. Corporate tax rate has been lowered. If you have a C Corporation the… Read More »

Choosing the Right Tax Preparer for Your Business

It’s that time of year again and many business owners are looking to their tax preparer to help them file their tax return, reduce their tax liability as much as possible, and offer advice and guidance on making more money and paying less taxes in the upcoming year. That is a lot to ask of… Read More »

4 Things to do This Summer to Make Tax Time Easier

Summer is not the time when most business owners are thinking about taxes. We tend to be more focused on vacations, barbecues, beach trips, employee outings, and all the amazing things that we love about summer. However, if you are willing to take a little time, there are a few things you can do now… Read More »

Records You Should Keep for Your Business Taxes

If you’re like most business owners, you’ve started boxing up files, paperwork, and payroll records for 2016 to make room for what will come in 2017. These boxes can take up a lot of space and collect dust—whether you’re paying for off-site storage or keeping them in your office. Is there anything from 2016 that… Read More »