When you rent out part of your personal property, it's not just that you get added income (that you have to report), but now part of your property is open to expenses and deductions.To begin with, you must divide expenses between personal and rental use. You can deduct the rental portion of the
Business Coaching for Entrepreneurs
There are many factors and conditions involved when it comes to operating a successful business. As an entrepreneur, you're no doubt familiar with the numerous obstacles you face while in the process of building your company. Entrepreneurship is as exciting as it is vexing. It's as the quote
Bookkeeping 101
If you own a business, hiring a bookkeeper is going to make your life a lot easier. Your bookkeeper does more than keep track of your business' financials, they also weigh your successes and failures, and help you reach your goals by determining time vs effort and cost. Your bookkeeper creates a
Should You Hire an Accountant or Use TurboTax?
Between January and April every year, many Americans suffer the same dilemma that seems to never be solved; should you be doing your taxes with an accountant or with Turbotax?. This inner conflict is not a new one, and doesn’t have any one definable yes or no answer. The truth, ultimately, depends
Balancing the Budget
Are you a small business owner wanting to make the wisest financial decisions possible? Have you discovered that your freelance business’s earnings are dwindling away, but you have no idea why? Do you find yourself putting in more work and time, but you can’t see a return for the investment? If so,
Your Business’ Bookkeeper
Bookkeeping for startups is essential since it shows accurate information regarding the business. It involves recording financial data that includes sales, receivables, receipts, purchases, payables, and payments as well. On that account, you can store documents and retrieve them when you require
Small Business Accounting: Tracking Expenses and Time
In my experience, there are two kinds of entrepreneurs. Those who worked for other companies, saw the pain points and the selling points, recognized the workflow, value proposition, and decided to take a chance on their own. The other entrepreneur is the one who starts as a hobbyist, one who does
Ready for Tax Day 2020?
As 2019 draws to a close, many are preparing (read: dreading) to file their taxes come April 2020.Taxes are due April 15, 2020. Missing the deadline can open the door to unwanted penalties. Failure to pay on time means the IRS can issue charges of up of 25% of the unpaid taxes. 60 days late to