The pandemic brought on many tax changes- including the uptick in small business audits. In 2020, the IRS announced its plan to increase small business tax audits by 50% in 2021[1]. This is likely the last thing business owners need to worry about. Plus- … Read More
As we start our businesses, there are so many financial decisions we need to think of. One of the most commonly asked questions is; Should I hire a 1099 contractor or an employee? Often times as business owners, we get busy … Read More
Business owners often wonder which business entity makes the most sense for their situation. An S Corporation is a popular choice because it offers both personal liability protection and certain tax benefits. This article covers the basics of becoming an … Read More
The Dirty Dozen represents the worst of the worst tax scams. The IRS recently updated its list of the 12 worst tax-related scams in America, known as the Dirty Dozen. Several current Dirty Dozen cases involve social media phishing, where … Read More
Overview of the Business Meal Deduction Under current law, businesses may deduct 50% of the cost of business-related meals. The Consolidated Appropriations Act, 2021, (CAA, 2021) included a provision regarding deductibility of business meal expenses to assist taxpayers impacted by COVID-19. The legislation adds an … Read More
If you’re the owner of a restaurant, retail shop or hospitality venue, you’re probably turning the page on the restrictions from the COVID-19 pandemic and are now trying to keep up with a year’s worth of pent-up demand from eager customers. To meet this demand, you’re possibly looking at adding … Read More
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating … Read More
Bookkeeping tracks the performance of an organization. Without this tracking, companies are left stranded at sea in the night with no lighthouses to guide them. Detailed financial records allow businesses to see what’s working and what isn’t so they can … Read More
Thanks to the cloud, if there is one thing that is consistent about QuickBooks Online, it’s the ability to evolve the product for a business owners accounting needs. Here is an overview of two latest evolutions: The new Chart of Accounts … Read More
CUSTOMIZING QUICKBOOKS INVOICES 1. The first step in creating your invoices in QBO is to access the sales settings by clicking on the Gear Icon in the upper right corner in your QuickBooks. 2. Next, click Account and Settings, under “Your Company”. 3. In the Account and Settings window, click … Read More
