The U.S. Small Business Administration statistics state half of all small businesses fail within the first five years. The number one reason is financial mismanagement. With statistics like this, you can’t afford to avoid using a bookkeeper. Having a bookkeeper on your team as important as any other role in your business. It’s easy to get caught up in buying promotional materials and … [Read more...]
How to Prepare for Your Tax Appointment
January means a new year … and time to report your business income for last year! Filing taxes isn’t fun and nobody actually looks forward to it. This annual ritual doesn’t have to be a painful experience, though. Being prepared saves a ton of time and will help the process move along more smoothly. While you’re waiting for those last forms to arrive, you can start assembling some records for your … [Read more...]
Resources for e-Filing 1099 Forms
It’s 1099 time! Are you ready? Whether you’ve got a full-time business or just a side hustle, you face the same deadline for getting 1099 forms out to your independent contractors. By January 31st, you will need to have provided your independent contractors with a copy of their 1099-MISC form and provided a copy of those same forms to the IRS. Depending on your budget, how much spare … [Read more...]
New Year. New Finances! Tips for Better Bookkeeping in the New Year
Have you set goals for the New Year to help your business hit that next level of success? If you’re ready for your business to be more profitable, think about adding the following goals to your list of New Year’s resolutions: Use a bookkeeping system -- any bookkeeping system -- and stick to it! You can’t determine the profit in your small business if you aren’t tracking … [Read more...]
Should Expenses Be Included on the 1099?
1099 Myth #1: Expenses Aren’t Included in 1099 Totals You may know about the need to issue 1099 forms in January. Heck, you may have purchased those blank forms already! But do you know what to include in those figures that you’re reporting on a 1099-MISC form? One of the biggest myths out there is that you don’t need to include expenses in those totals. But should you? The answer is … it … [Read more...]