During tax season, it can sometimes seem as if your entire previous year becomes a question mark. What can you claim, how can you claim it, and how much can it be claimed for… all questions that become repeatedly asked of all life’s situations. One particular situation that has multiple answers
Managing Business Risks: Prevention, Strategy, and External Risks
Some of the invariable truths we have collectively learned in a society are as follows: Rules are only there to draw guidelines and set expectations.Punishment doesn’t stop problems from happening, but conversations can.Prevention techniques are the best techniques for avoiding a problem all
Form 941: The Lookback Period
Before diving into an explanation of what the lookback period is, you must first understand what the Form 941 is used for, since the lookback period is a tool specifically used to help file this form. The 941 is also known as the Employer’s Quarterly Federal Tax Return, and needs to be filed
Making Decisions and Sticking By Them for Your Startup
Every business starts much the same way; with an idea that someone is inspired to pursue. However, regardless of the necessity of this grand new product, many businesses do not make it past the "startup" point. Of course, this can be for any number of reasons: loss of investor funding or lack of
Renting a Part of Your Personal Property
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