Startups: Accounting Best Practices You worked day and night to get your small business off the ground. As the sales and expenses grow, you have finally got the hang of bookkeeping, in addition to your main business tasks. While keeping your company’s books correct is a great start, there are
Charitable Contributions
Tax Deductible Charitable Contributions Another chapter in our Self-Employed Tax Guide. As a Self-Employed Small Business owner, this is one of the best marketing tools out there as well as a great tax deduction if prepared and carried out correctly. What better way to get your small business's
Payment Installment Plans
Requesting an Installment Agreement after IRS Rejection of Offer In Compromise (or OIC) getting a rejection from the Internal Revenue Service on an Offer in compromise application you've submitted might posture you with a little uneasiness, but don’t agonize -- you've still got the option of
Tax Deductions for Cats and Dogs
At the end of July 2009, Representative Thaddeus McCotter introduced the HAPPY Act (Humanity and Pets Partnered Through the Years) bill. The bill aimed at allowing for a tax deduction up to 3,500 per year for pet-related expenses. The status of the bill as of the date of this publication: “Referred
Travel Expense Deductions
Joe Taxpayer operates a retail SCUBA diving equipment business as a sole proprietor in Seattle. Joe knows he needs to be consistent in recording his business travel in order to deduct the mileage. He keeps a clipboard, chart and pen in his vehicle, and records his odometer readings every time he
Accounting Services: When to Hire a CPA
There's no standard rule regarding the best time to hire a CPA for your business. Rather, it more depends on when you'll most be able to benefit from a professional accountant. If you own a small business, it's likely that you handle nearly all the day-to-day operations on your own. But as you grow,
Bookkeeping Essentials for Smooth Tax Filing
A tax preparation professional, such as a CPA, may be exponentially more qualified and knowledgeable when it comes to navigating the tax code, but no matter how good they are, they aren't magicians. In order to get the most mileage from your relationship with a CPA, it's essential to have your
Accrual vs. Cash Method of Accounting
There are two accepted methods of accounting for federal tax purposes - Accrual and Cash. The main difference between these two methods is the timing of transactions. As a small business owner you need to be aware of the differences, the advantages and the disadvantages of each