Accounting for Small Business, Income Taxes
Tax season is often too late to begin tax planning. Tax preparation reports what already happened. Tax planning looks at what may happen and identifies steps that may still be available before the year ends. During the year, a business owner may need to review:...
Accounting for Small Business
Financial reports should do more than support your tax return. They should help you make business decisions. A current profit-and-loss statement, balance sheet, and cash-flow review may help you answer questions such as: Can the business afford to hire? Should prices...
Accounting for Small Business
Your profit-and-loss statement shows a profit, but your bank balance remains low. That does not automatically mean your bookkeeping is wrong. Profit and cash flow measure different things. A business can be profitable while cash is being used for: Loan principal...
Accounting for Small Business
Not every monthly accounting service provides the same level of support. Some services focus primarily on categorizing transactions and reconciling accounts. That may be enough for a small or simple business. An established business may need more. Full-service monthly...
Accounting for Small Business, Income Taxes
If you’re self-employed or own a business, no one is withholding taxes for you. That means quarterly estimated payments matter. Miss them and you may face: Penalties Interest Stress at filing time Even if you pay everything by April, the IRS can still penalize you for...
TNT Accounting Services, LLC Newsletter