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“Nuggets for 6 Figure Small Businesses and More”
The Importance of Maintaining a Mileage Log for Tax Savings
As a trusted accounting and tax service provider, TNT Accounting Services, LLC emphasizes the critical role of maintaining a mileage log for tax purposes. Whether you’re a business owner, freelancer, or employee who incurs work-related travel, keeping an accurate record of your mileage can lead to...
Understanding the Key Differences Between 1099 Contractors and W2 Employees
As a business owner, it's crucial to understand the differences between 1099 contractors and W2 employees. This knowledge can help you make informed decisions about how to structure your business and manage your workforce. At TNT Accounting Services LLC, we're committed to helping you navigate...
The Importance of Proper Bookkeeping in Tax Planning
As a business owner, one of your key responsibilities is to keep accurate and up-to-date records of your business transactions. This practice, known as bookkeeping, is not just a regulatory requirement - it’s a powerful tool that can help you minimize your tax liability, avoid costly penalties and...
The Risks Business Owners Face for Neglecting Payroll Taxes
As a business owner, it is crucial to stay on top of your financial responsibilities, particularly when it comes to payroll taxes. Failing to file and pay these taxes can lead to severe consequences, both from the IRS (Internal Revenue Service) and state tax authorities. We will explore the...
The Benefits of Estimated Tax Payments for Small Business Owners
Running a small business comes with its own set of challenges, and one of the most important aspects to consider is managing your taxes effectively. As a small business owner, you may have heard about estimated tax payments, and you might wonder if they are worth the effort. Let's explore the...
The Most Common Business Financial Fraud Schemes
According to the Association of Certified Fraud Examiners (ACFE), businesses lose around 5% of financial revenue due to fraudulent behavior. While this may not sound like a lot in the grand scheme of things, experts also estimate total annual loss worldwide at a whopping $3.7 trillion. Several...
How To Develop And Improve Accounting Systems For Your 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 keep an accurate record of its...
The Importance Of Having An Up-To-Date Business Balance Sheet
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 balance sheet provides a picture...
How To Protect Yourself From Occupational Fraud
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) defines occupational fraud as...
Tips For Tax Reduction For Businesses
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 you want to do is give more of...
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Chesterfield, VA 23832
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