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»
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»
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»
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»
When your business grows large enough that you can’t handle your own finances anymore, you might start looking for an accountant. However, with all of the tax professionals and accounting services out there, it might be hard for you to decide who to work with. Here are two things to look for in a new accountant, and why it might matter down the road: 1: Someone Who Has Time For You Read More»