Jeannette
-
Business Recordkeeping: How Long Should You Keep Your Business Records
According to the IRS, “You must keep records so that you can prepare a complete and accurate income tax return.” But the Internal Revenue Code doesn’t require any specific kind of records or record keeping system. So how do you know what to keep and for how long to keep it? Read on for some
-
Employer Responsibility for Reporting Tip Income
Employers who own businesses where employees receive tips have multiple obligations with regard to the employee tip income including recordkeeping and reporting responsibilities, withholding taxes on tips, filing certain forms, and paying or depositing taxes. If you are a business owner whose customers routinely tip your employees (e.g. restaurant, hotel or lodge, hair salon or
-
Make Quarterly Tax Payments a Priority
It’s April 15th. Your tax return is due. Your small business did well last year so along with the return, a tax payment is due. But you didn’t make any estimated tax payments last year so your accountant informs you that along with the tax that is due, you also owe a whopping penalty and
-
Are Poor Billing Habits Starving Your Business? – Five Tips To Improve Your Company’s Cash Flow
All small business owners know that in order to earn money, they have to do something for a client. But some seem to overlook that in order to get the money that they earned, they have to bill the client for it. Sounds simple, doesn’t it. But I have found over the years that many small
-
Can Your Business Function Without You?
If the answer to that question is “no,” then you’re definitely not doing something right. If you want to own a successful, thriving company and not be a slave to it, then the answer should be a resounding “yes!” PEOPLE AND PROCESSES Some people go into business for themselves because they know they can
-
Does Your Business Really Need to Account For Depreciation?
Simply put, depreciation is both the fact that an item (an asset) loses value over time and the way to expense the cost of that item. If you’re familiar with the concept, you know that an asset is an item – a piece of machinery, equipment, furniture, etc. – that you purchase for your business
-
Five Sources of Funding For Your Small Business
If you’ve used up all of your cash and need help to keep your business going, need additional cash to expand your business or need cash to start a new business, there are a number of ways to obtain financing for your small business dream. Below are three common and two relatively new sources for small business
-
It’s 1099 Time
Businesses of all sizes will be sending and receiving a flurry of 1099 forms in the next week. If you haven’t already done so, it’s time to get your 1099 forms in the mail. The IRS requirement is that all 1099 forms be sent to the recipients no later than February 2, 2015. You will
-
Does Your Small Business Have The “Right” Customers?
Having paying customers is great; they’re good for your bottom line. But customers that require extra time and effort to manage can be a drain on your company’s resources (employee time, money, materials). This will most certainly have a negative effect on your bottom line. It’s important to identify a good customer up front and
-
The Home Office Deduction: Don’t Overlook This Valuable Tax Benefit
The IRS home office deduction has been around for some time. But in the past, many small business owners were reluctant to take it because they believed it was too difficult to calculate or that it would trigger a tax audit. Well, no more; on both accounts. The IRS has come to recognize that there