Accounting for Small Business
A sound accounting system is a must for businesses of any size. It doesn’t matter how big or small your business is; it is vital to know what is coming in and going out of your business account, especially when it comes to business expenses. A company that fails to...
Accounting for Small Business
When asked how your business is doing, a balance sheet is the best way to show success. Also called a statement of financial position, a balance sheet is usually one of several vital items you might be asked to produce when applying for a small business loan. The...
Accounting for Small Business
When a staff member of an organization steals from the company, it is occupational fraud. Even though it may be unlikely that a worker will be involved in theft, just one situation will lead to disastrous results. The Association of Certified Fraud Examiners (ACFE)...
Accounting for Small Business, Income Taxes, Tax Problems
We’re always looking for ways to reduce the amount of tax we pay. Businesses were hit so hard during the COVID-19 pandemic, and many had to pivot and make changes that wouldn’t have initially been on the horizon for them. You likely wear many hats, and the last thing...
Accounting for Small Business
If you or your dependents have been in the hospital or had other costly medical or dental expenses, keep those receipts — they could help cut your tax bill. Here’s a look at how the medical expense deduction works and how you can make the most of it. What is the...
Accounting for Small Business, Income Taxes, Tax Problems, Uncategorized
It’s important to keep up to date with new tax rules when they are brought in by the IRS. One of these is the 1099-MISC form. Traditionally this has been used to report contractor income. But now businesses will have to use the 1099-NEC form (it is short for...
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