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When preparing a tax return after your first year as a small business owner, there are many important steps to take to consider. New business owners must have their return filed accurately, timely, and in a way that achieves the… Read More
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Benefits Of Outsourcing Payroll Services
If there’s only one single function your small business outsources to a professional, it should be payroll. Payroll mistakes are very costly to your business, not only in terms of payroll tax penalties, but also the ramifications that come with… Read More
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3 Key Financial Performance Indicators To Track
Your business’s Key Performance Indicators, or KPIs, are tools that measure and track progress in essential areas of company performance. The insights afforded by your KPIs allow you to be proactive in making changes to any areas that need help,… Read More
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3 Common Accounting Mistakes Business Owners Should Avoid
New accounting software has made bookkeeping and accounting more manageable for small business owners, but it has also made it easier for owners to make mistakes. Some accounting mistakes are minor and are easy to correct, but some mistakes have… Read More
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When To Conduct An Internal Audit In Your Business
The word “audit” can be daunting to a small company, as many people associate the word with a letter from the IRS. However, accounting audits are actually very helpful for businesses of all sizes. Continue reading for a few tips… Read More
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What You Need to Know About Health Savings Accounts
Health Savings Accounts, or HSAs, have increased in number–in 2016, 72% of large employers provided them. There are several reasons for this, not the least of which is that it works with insurances with high deductibles. The point of an… Read More
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3 Red Flags the IRS is Looking for in Your Audit
The IRS usually conducts audits through a random statistical formula, meaning that you should always be ready to be evaluated. If you’re managing your finances correctly and efficiently, you have nothing to worry about; the IRS will contact you by… Read More
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All You Need to Know About Your 401-K
Retirement is a looming prospect for many employees, which is why so many employers provide the option to invest in a 401-K plan. In 2013, there were 88.7 million Americans investing in a 401-K plan; in some cases, you could… Read More
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Should I Form an LLC or a Coorporation?
Starting your own business can be a daunting task. And one of the first decisions you’ll have to make is deciding whether or not you should form an LLC or a corporation. When you incorporate or become an LLC, you… Read More
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Should You Count by Mileage or Actual Vehicle Expenses?
What’s the best way to claim your business auto expenses on your tax return? It depends. The first year you put the vehicle in service, you have a choice between two methods. You can use the actual expenses method or… Read More