Q4 Bookkeeping: A Timeline Checklist for Closing the Year Post Thumbnail

Q4 Bookkeeping: A Timeline Checklist for Closing the Year

With the end of the fiscal year near, it’s time to review your financial books and prepare to close out the year. Through a process of reviewing, reconciling, and verifying all financial transactions, you can then accurately calculate the current year’s expenses and profit. This will include gross and net income, operating expenses, overall profitability, […]

Read More
Navigating Tax Compliance: A Guide to Use Tax and Sales Tax Differences Post Thumbnail

Navigating Tax Compliance: A Guide to Use Tax and Sales Tax Differences

Sales tax and use tax are sometimes referred to as “companion taxes”, as they are so similar. The notable difference is how and who pays the tax. States are very concerned with all tax revenue being both paid and reported, because state programs are funded by the taxes that are collected. Use tax is designed […]

Read More
Drawing a Check: Deciding When to Put Yourself on the Payroll as a Business Owner Post Thumbnail

Drawing a Check: Deciding When to Put Yourself on the Payroll as a Business Owner

One of the biggest milestones as a small business owner is reaching the stage where you can afford to pay yourself. But this isn’t as simple as initiating a bank transfer. No matter what you decide to pay yourself, you’ll want to follow the guidelines of proper payroll management for business owners. Determining when it […]

Read More
Structured vs. Self-Directed: How W2 Employees Differ from 1099 Contractors Post Thumbnail

Structured vs. Self-Directed: How W2 Employees Differ from 1099 Contractors

Managing your employees is a key piece of running a small business. When you are staffing your company, you will need to determine how to hire, which often involves determining whether to hire your employees as W2s or 1099s. Employees are referred to by their tax filing status, but the real difference for you as […]

Read More
Breaking Boundaries, Breaking Business: Why You Can’t Afford to Blend Your Personal and Business Accounts Post Thumbnail

Breaking Boundaries, Breaking Business: Why You Can’t Afford to Blend Your Personal and Business Accounts

Mixing business and personal accounts as a business owner is unwise because it blurs the line between your professional and personal finances. This can lead to confusion in tracking expenses and income, resulting in messy bookkeeping and potential tax complications during tax season. Separating accounts from the beginning ensures a clear understanding of your business’s […]

Read More