Venmo and other payment apps are becoming a popular way to pay contractors. We talked about the “1099-K exception” in the last post, where if you pay someone via a “third-party processor” you do NOT need to issue a 1099 … Read More
Bookkeeping is the regular recording of financial transactions and information pertaining to a company’s activity. It is the methodical recording of a company’s financial transactions. It guarantees that financial transaction records are up to date, correct, and complete. Individuals or … Read More
Almost everyone has heard about identity theft, and certainly have seen news articles about company database breaches and hacked bank accounts. Most recently, the SBA reported millions of dollars awarded to nonexistent businesses from “fake PPP loan applications.” Information … Read More
DIY or “do-it-yourself” activities are meant to save time and money by doing tasks you’d typically hire a professional for. Unfortunately, DIY projects can lead to more losses than financial benefits, especially when it comes to big jobs like preparing … Read More
Let’s be honest, debt gets a bad rap. However, almost two-thirds of all small businesses have it. Sometimes, having small business debt can help you expand and grow your business, so it isn’t always the big bad wolf you might … Read More
The home office deduction allows you to deduct any portion of your home that is used as your office. Even just a nook or corner could serve as your home office. To qualify, your home must generally serve as a … Read More
As it does every year, the Internal Revenue Service recently announced the inflation-adjusted 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, … Read More
Needing to raise your prices is typically good news – it means your business is growing! However, raising your prices is nerve-wracking. It is a sensitive topic, and it can be uncomfortable bringing this up to your customers, especially those … Read More
There are a lot of benefits to being self-employed. Many would argue the ability to write off business expenses is one of those benefits. However, tax deductions can be a mixed bag. Incorrect deduction can draw the flaming eye of … Read More
My clients often struggle with determining how to set up their businesses and tax structures since “corporations,” “limited liability companies,” and “sole proprietorship” can often seem like overwhelming terms. Along these lines, one question I am sometimes asked is: Can … Read More
