Balancing the Books

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Get Your Business Finances In Order

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If you own an automotive shop and have recently been swamped with customers, resulting in you haphazardly handling accounts receivable and payable, it may be difficult for you to keep track of the amount of money profited each week or the money needed to satisfy recuring bills. Get your finances in order by following the tips below. Reduce And Organize Paperwork If you are someone who tends to hold onto every scrap of paper that you encounter and neglects to file documents or dispose of what isn’t needed, you may feel overwhelmed with the mess you see whenever you go into your shop’s office. Read More»

3 Tips For Handling Your Business Accountant

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When you need to be sure that your company is providing records for all financial matters, while also remaining organized as you grow, focusing on your small business accounting is crucial. You will want to hire a small business accounting professional who can keep you on track. These points below will show you what you can do to hire a small business accounting contractor, and what a small business accountant can do for your business. Read More»

Setting Up Your Business: Deciding On A Sole Proprietorship Or S Corporation When You Work For Yourself

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If you run a business and you are the only employee, you may decide to simply set up a sole proprietorship. While this is effective for some business owners, it’s also possible to set up an S corporation even when you are working alone. With a sole proprietorship, you use your own social security number for tax purposes. When you create an S corporation, you obtain a federal tax identification number that you use in place of your social security number. Read More»

3 Advantages Of Working Past Retirement Age

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At some point, most people plan to retire. However, some people reach retirement and find that they are not ready to stop working. This can be due to improper planning, but some people desire to keep working because they are passionate about their fields or because of other aspects of retirement. The following are a few reasons to keep working instead of retiring.  Protect your “nest egg.” You likely have some money invested in your retirement. Read More»

3 Reasons To Switch To Automated Timekeeping

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Staying competitive in today’s marketplace can be challenging, especially for small companies that don’t have the financial resources their larger competitors may have. If you are looking for some simple ways to cut your overhead costs in order to make your small business more profitable, you should consider switching to automated timekeeping for your employees. Here are three reasons why automated time cards could prove beneficial to your company’s bottom line in the future. Read More»

Three Ways A Company That Offers Payroll Services Can Help You Manage Your Business Better

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When you run a private business it is important to keep close track of your finances. One of the most tedious aspects financially of running a business is taking care of payroll. One way to lower the amount of pressure you experience on a regular basis is to hire a professional company to handle the payroll for you. The guide below walks you through a few of the many things a professional company, like Schramm & Lewis LLC, that offers payroll services can do for you. Read More»

Starting Your First Small Business? Avoid These Common Accounting Mistakes

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The last type of mistake you want to make as a new small business owner is an accounting mistake. An accounting mistake can incur fees from the IRS and could also lead you to make poor financial decisions for your business. Here are a few of the most common accounting mistakes that new small businesses run into and a few tips on how to avoid them. #1 Not Applying Payments To Open Receivables Read More»

3 Things You Can Deduct From Your Taxes As A Freelance Technology Writer

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As a freelance technology writer, there are numerous items that you can deduct from earnings in order to save money on your taxes. However, in order to deduct these items, you need to keep track of them throughout the year. Knowing what items you can deduct from your overall income can help you make smarter business decisions throughout the year, not just at tax time. #1 Magazine Subscriptions As a freelance technology writer, you need to stay on top of the trends in your field. Read More»

How To Obtain An Accurate Form W-4 From Each New Employee

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One of the first requirements of hiring a new employee is obtaining a specialized form to determine how much income tax to withhold. IRS Form W-4 is used to calculate federal withholding. Employers can ensure that their payroll withholding is accurate by obtaining a completed Form W-4 from each new employee. After explaining the purpose of Form W-4, allow new employees an adequate amount of time to read over the contents of the form. Read More»

Declare Your Financial Independence This 4th Of July

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We’re halfway through the year already, and that means you should already be preparing your business records for next years’ tax returns. The 6-month mark is the time to: review 1st and 2nd quarter financial statements adjust marketing budgets if necessary tweak 3rd and 4th quarter marketing strategies based on previous quarters’ earnings results prepare financials for September 15 payroll tax deposit file annual tax return October 15 if you requested a 6-month extension As you review your 1st and 2nd quarter financial statements, clean up your entries. Read More»