Why You Should Celebrate Success in Your Business

Why You Should Celebrate Success in Your Business

By Business Advice

Running a small business is much more than a full-time job where you go home at 5:30 p.m. every day. In fact, you may be so busy that you have never stopped to appreciate your business successes, whether large or small. As the New Year approaches, it’s time to take stock of the efforts you and your team have made to create a successful company. Here are six ways to help you celebrate success. Acknowledge Everyone who Deserves it Achievements…

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7 Ways an Accountant Can Help Boost Your Business Growth

7 Ways an Accountant Can Help Boost Your Business Growth

By Business Advice

As a small business owner, you are probably not an expert on accounting issues. Although you may use an accountant for the basics, you may not know that a good accountant can do much more than keep your books and file your taxes. Here are seven ways an accountant can help with your business growth. 1. Tax Planning Expert tax planning advice can help you understand your tax options. An accountant can teach you the best times (or not) to…

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How Business Owners Can Improve Cash Flow By Thinking Profit First

By Business Advice

Entrepreneurs don’t necessarily need to be numbers people in order to succeed: You need drive, passion, the ability and will to follow things through, and the hustler’s spirit that enables you to constantly try that new thing or relentlessly chase that next big opportunity. But whether you’re a serial entrepreneur or simply looking to grow your small business to a sustainable level then reassess your goals, it’s crucial to have an understanding of your venture’s financial results. While SMBs don’t…

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Child Daycare and Taxes

By Tax Advice

Article Highlights: Daycare Providers Simplified Food Deduction Special Rules for Business Use of the Provider’s Home Home Sale Consequences Other Expenses Other Daycare Provider Issues Daycare User Credit Employer Dependent Care Benefits Other Credit Criteria When discussing daycare for children so their parents can work, there are two primary areas of discussion: one from the viewpoint of the individual providing the daycare services and another from the parents using a daycare provider’s services. Tax law provides special benefits for both….

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Tax Issues Related to Hobbies

By Tax Advice

Article Highlights: Hobby Losses Not-for-Profit Rules Determining Factors Trade or Business Presumption Hobby Tax Reporting Self-Employment Tax Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. Tax law generally does not allow deductions for personal expenses except those allowed as itemized deductions on the 1040 Schedule A,…

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Who Owes You? 5 QuickBooks Online Reports That Can Tell You Fast

By Business Advice

Quick: How many of your invoices are unpaid? Have any of your customers gone over 30 days past due? Did you bill all of the time and expenses for that project you just completed for a customer? If you’re doing your accounting manually, there’s simply no way to get that information quickly. Depending on your bookkeeping system, you may not be able to get it at all. QuickBooks Online has more than one solution for this problem. You see the…

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Earned Income Tax Credit: Used, Abused and Altered

By Tax Advice

Article Highlights: Purpose of the Earned Income Tax Credit Qualifications Earned Income Qualified Child Credit Phaseout Computing the Credit Investment Income Limit Combat Pay Election Fraud Safeguards Any discussion of the earned income tax credit (EITC) needs to begin with a discussion of why Congress created it in the first place. It has a twofold purpose: first, as an incentive for people to work and get off public assistance, and second, to provide financial assistance for low-income taxpayers and their…

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What Is the Statute of Limitations on Unpaid Taxes?

By Tax Advice

If you have unpaid taxes that you haven’t yet been making payments toward, it might make you fearful that the IRS will come a-knocking one day to collect on what you owe. Tax debt can quickly snowball from interest, penalties, late fees, and the amount of the taxes due. However, a lot of the scaremongering surrounding the IRS is largely sensationalized in media and daily conversation. Agents won’t come bursting through your door just because you have tax debt. Instead,…

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