With all the recent tax shakeups, more and more small businesses are thinking of leaving behind sole-proprietorship and moving to S-Corporation status. First, let's look at what an S-Corp actually is. What's an S-Corp? An S-Corp isn't actually a business structure. Instead, it's an alternative taxation option to corporations (C-Corp) and limited liability companies (LLCs). If you're a sole … [Read more...]
2018 Tax Deadlines and Dates
Most people only have to keep up one with tax deadline. It's common knowledge that April 15th is Tax Day (though that date actually changes based on holidays, weekends, etc). But for business owners like us, that isn't accurate. We actually have many tax deadlines to worry about through the year, and if your business is a partnership or S-corporation, your return is due in March, not April. … [Read more...]
New Year, New Bookkeeping Goals
Too many small business owners avoid basic bookkeeping tasks during the year. And I understand - you are focused on running your business and you think you'll get around to it after the end of the year. Which sounds great in July. But when January rolls around, you're still busy running your business and now you have months worth of bookkeeping tasks to do ASAP. Your first goal today is to get … [Read more...]
New 2018 Mileage Rates for Your Small Biz
Now that we have turned the page to 2018, it's time to start a new mileage log ... with a new business mileage rate from the IRS. Before you make your first trip, be sure to record your beginning odometer reading for the year. Then, settle on a method for tracking your business mileage and be sure to track those business miles! The 2018 mileage rates are: 54.5 cents per business mile, … [Read more...]
2017 Year End Bookkeeping Checklist
Before we can focus on our bookkeeping and business goals for 2018, we really need to look back at 2017. Other businesses are doing the same thing right now, so soon you'll be receiving documents and forms you need to file your taxes. Make sure you gather everything up and file it somewhere you'll be able to find easily. What to start collecting: If you're receiving 1099s, they will start … [Read more...]