When you work as an entrepreneur, you likely have an accountant take care of your tax preparation. The assistance of an expert increases the likelihood that you'll be able to use all the write offs available to you and pay as little in taxes as possible. Your accountant may be managing your paperwork at tax time, but he or she can't do it alone. Part of the way that you can lend a hand is to provide your accountant with a tidy set of business-related receipts that you've accumulated throughout the year.
24 February 2017
While most people don't look forward to the actual process of doing their income taxes, the resulting refund can be a big help for taxpayers and their families. But, before you start spending that money in your head, here are a few great options to save it for the future instead. Direct Deposit When completing your tax forms, be sure to have handy your bank account number and ABA routing number.
18 January 2017
One of the most versatile and useful resources at the disposal of any business owner is a certified public accountant, mostly because of the many different ways in which he or she will be able to help your business. Listed below are three reasons to hire a CPA for your business. Software Set Up One great reason to consider hiring a CPA is the fact that they can help you select and set up financial and tax software that you and your employees can use in the future.
19 December 2016
There's no doubt that payroll services can make your life easier as a manager. But to ensure that you're getting the best deal you can, be sure to check with a potential payroll company to see if they can offer you these important benefits. Integrates with Your Timekeeping and Bookkeeping Software With many payroll services, you will be working through an online portal that allows you to send payroll data to the company for processing.
1 November 2016
An important piece of tax legislation was passed in late 2015 and then signed into law by the president. Several tax provisions that had been temporary were made permanent. A noteworthy part of the legislation changes how quickly businesses can write off the cost of heating and air-conditioning equipment. The Protecting Americans From Tax Hikes Act is better known by its acronym PATH. Up until passage of the PATH Act, the cost of HVAC equipment could not be written off as quickly as some other types of machinery and equipment.
26 September 2016
If you are working on the accounting reports for your small business yourself, one of the most important ones to understand is your balance sheet. This details the asset and liability accounts so that you know what your company's net worth is. Here are a few things you should know about this statement before you create one for the first time. The Asset Section The balance sheet statement will begin with a review of your company's assets.
25 August 2016
Although there are many benefits for of being self-employed, tax time is rarely one of them. Since you are solely responsible for the cost of your social security, which is lumped together with your self-employment taxes and you do not have an employer who automatically takes deductions from your pay, the middle of April can be a very challenging time. Fortunately, with the tips listed below, it can be a lot less stressful when it's time to deal with your tax preparation.
8 July 2016
As someone who enjoys writing short stories and selling them to magazines and various websites, you might not consider yourself to be a small business owner. However, any money made from your writing is generally considered self-employment; when you make more than $400 in a year from selling your stories, you are likely to need to pay self-employment taxes. That's why you should keep the following accounting tips in mind so that you can make things easier for yourself when it's time to file your taxes for the year.
20 May 2016
If you own a small business, then you're well aware of all the work that's involved with it. It's ideal to rely on assistance in some areas if at all possible. One way that you can get additional help with your company is by hiring a certified public accountant (CPA) to assist you. This can take the financial work off of your shoulders and give you time to focus on other things.
29 January 2016
Going through a divorce is a difficult, stressful experience and its after-effects can last for years to come. One area many divorcees have trouble getting under control is the finances of living on their own after a divorce. If you were the lower-earning spouse, have custody of kids or ended up with a change in assets, your finances can easily be thrown for a loop. Here is how you can get back on track in 5 steps.
4 January 2016