Common misconceptions about the R&D Tax Credit
Businesses that don’t claim the R&D Tax Credit frequently have uncertainty regarding the necessary paperwork, the qualifying activities and expenses, and the credit’s application. To reduce a company’s tax burden and claim the R&D Tax credit, it is necessary to be clear on these issues and establish a good base to apply. First, you need […]
Startups – From Idea to Building a Company in 2022 (Part 1 of 2)
Never before in history has there been such a dynamic and transparent environment for starting a new business. It’s no coincidence that in the US alone, the number of startups increased by nearly 25% in 2020. However, the wide range of opportunities also means that entrepreneurs who are unfamiliar with building a business can easily […]
How To Take Inventory of Your Digital Marketing
Inventory is usually associated with retail, but it can be useful in countless other areas of life. You don’t need to have an extensive inventory to make your management and communications less effective – not to mention the unnecessary additional costs it can incur if you don’t have the right skills. It’s also worth taking […]
Beginning the year with improved operations starts today!
Hello, dear reader! Just like getting good at a sport requires a couple of weeks of pushing yourself a little further, improving your business requires some time. We all write new year goals to improve ourselves. If those goals include the betterment of your business, why wait until January 1st? Let’s talk about what you […]
Payroll Best Practices For Small Businesses
Payroll management is one of the most important activities, regardless of the size of your business: without it, your employees and contractors will not receive their salaries and benefits. However, legitimate frustration aside, it’s also easy to make tax mistakes. In this article, we will go over the best practices for small business managers to […]
The Challenge of Decision-Making with your Accounting Information
Dear reader, this week, let’s talk about the importance of you & those making decisions at your business completely understanding the Accounting system. A Composite Challenge Sadly, not all the schools in our system (public & private) teach the pupils enough about Accounting, Management, or Taxes for them to build a successful business! Even at […]
Understanding responsibilities When Starting a New Business
Dear reader, if you want to start a new business, or you have a friend looking to do it, this guide is perfect for you! We’ll talk about your tax and legal responsibilities! You can also review this as a checklist to ensure nothing is missing in your current company. Business structures You need to […]
Year-end Strategies to Save on your 2022 Taxes for Individuals
With less than three months left in the year, the tax season is coming to an end. As with corporations, tax for U.S. individuals is not calculated based on total income, but rather certain items are deducted from it. There is still time to reduce your tax liability, but this article is also aimed at […]
Prevent invoice/sales frauds!
Dear reader, with so many daily transactions and automated invoices, you and your company may be subject to hacking or fraud! For example, Stripe & PayPal report that up to 2.7% & 1.9% of their respective transactions are fraud attempts. What can you do to prevent this? How can you proceed if you detect any […]
Top Tax Deductions for Your Small Business
Every penny counts in the life of a small business, so founders should take advantage of every opportunity if they want their business to grow. Tax deductions are one of the best ways to use your hard-earned income for development instead of paying taxes. In this article, we will present you with a small business […]
Tax Data Security Recommendations for Business Owners
Dear Reader, every day, your data security and privacy are becoming more important.Identity theft has many vectors. One of them could be your Tax Data, which includes personal information as: Name, name of your relatives (spouse, children, other dependents) Home/business address, phone numbers, & emails Behavioral data: sales, shopping habits, charities backed by you, amount […]
Tax Data Security Recommendations for Business Owners
Dear Reader, every day, your data security and privacy are becoming more important.Identity theft has many vectors. One of them could be your Tax Data, which includes personal information as: Name, name of your relatives (spouse, children, other dependents) Home/business address, phone numbers, & emails Behavioral data: sales, shopping habits, charities backed by you, amount […]
Which information should my business website contain?
Nowadays, everybody needs a virtual presence to sell. While social media presence like Facebook or Instagram is important, your website is the standard for everybody to know about your business. You can fully control what, how, and when content is published. But, what should your website contain? Let’s list the basics of the website content. Indispensable content […]
National Small Business Week 2021 Highlights
Dear reader and small business owner, we’ve compiled a resume of IRS messages during the National Small Business Week 2021! Child Tax Credit Business Owner, share with your employee the information about the child tax credit, you have direct access to who may receive this. Information is available here. Understanding your Tax responsibilities This IRS resume is […]
How to Build a Sustainable Team Through Great Leadership
A company’s most important resource is not its cash, its investments, or even its patents, but its human resources. And good HR management starts with building the right team — but finding the right people is just the beginning, you have to keep them. Read on to learn more about how to build a sustainable […]
Deadline for Q3 Estimated Tax payments
Dear taxpayer, winter is coming! Well, more like autumn, & also the deadlines for: Federal Tax returns on October 15 Employer Q3 tax return on October 31 Q3 estimated tax payments due date was on September 15 Should you pay Quarterly estimated taxes? You may, if: You’re self-employed Your taxes are not withheld from your […]
Fundamental Accounting Principles for Startups
Startup founders typically focus on thousands of things, with sales, product or service development, marketing, HR tasks, and finding potential investors taking up most of their attention. If you are planning to start a business, be aware that while the above tasks may seem more important, accounting also requires a lot of attention and discipline. […]
September: National Preparedness Month
With past week hurricanes hitting Louisiana and the increasing number of high-impact natural disasters, having Emergency plans is more important than ever! Also, with the aid of technology, it’s easier than ever! RELATED ANNOUNCEMENT: LOUISIANAVictims of Hurricane Ida Tax Relief is available now! Check Disaster Assistance and FEMA to apply!Dates are extended up to January 3, 2022 for: Filing […]
Beginner’s Guide to Marketing B2B
One of the biggest challenges for most freshly founded businesses is how to reach their target audience. Who is your target audience anyway? What are the right channels and tools? The vast range of digital marketing tools makes it necessary to have a well-prepared strategy to use the available budget wisely and effectively. In this […]
The Hidden Value of the Home Office
With vaccination over 60% [Mayo clinic link, per state] in most states of the US, many Business Owners are considering whether to go back to normal operations or keep home office practices. More than a half of US employees answered they would prefer to work from home, even taking a 5% hit on their wages. Why? […]
The Big Role of Education in an Entrepreneur’s Decision-making
Because of their unique role, founders have a direct and indirect impact on a company’s operation, culture, efficiency, and communication. Most founders have a technical background and have several years of experience in their field, often complementing each other’s skill set. However, especially when it comes to solo founders, entrepreneurs need to learn missing skills […]
Employee Retention Credits Modifications
Employer, take a look at the new guidance for the Employee Retention Credit to see if you can save! IRS and Treasury Department have issued guidance on the Employee Retention Credit, including employers paying qualified wages between June 30, 2021, & January 1st, 2022. Guides: Notice 2021–49 PDF [link] — Changes have been made in the […]
5 Tips to build a solid Financial Strategy for your Startup
One of the most important requirements for any business is an effective financial plan. The secret to any business is the ability to create and grow revenue streams while minimizing the costs necessary to operate. A solid Financial Strategy identifies and explores all the ways your business can generate revenue and takes into account all […]
Should You Be Making 2021 Estimated Tax Payments
If you are a small business owner or self-employed, and you are not making quarterly estimated payments for 2021, take some time now to look at your situation to see if you should. Doing so now can help you avoid an unexpected tax bill and penalties when you file for your 2021 taxes. Here are […]
5 Reasons to Turn Your Business Into an LLC
There are various forms to incorporate your business, from a sole proprietorship to partnerships and corporations, and one of the most popular forms is the Limited Liability Company, also known as an LLC. While this form of organization is often chosen to protect one’s assets and separate them from the business, LLCs can offer so […]
Continued Expansion of Remote Working and Videoconferencing and How Small Businesses are Facing this New Model
According to technology experts, the pandemic COVID-19 did not bring anything new under the sun, but rather accelerated the processes already in place. One element of forced change was the widespread acceptance of remote work. Why was this forced? How have small businesses dealt with this challenge? These are the questions we seek to answer […]
Do You Need To Update Your EIN?
When you are running a small business, things can move and change very quickly. Some things you can change without any effect on your Employer Identification Number (EIN), but some things require an update. Not sure if you need to update your EIN? Here are some tips to help you out: Change in contact information […]
Business Success Through Crowdfunding
Nowadays, it is much easier to gain financial support for an idea than ever before. If you have an invention you believe in and the only thing you need is money to develop it before you can put it on the market, crowdfunding could be your best option. How does crowdfunding work? Is it possible […]
The Importance of Strategy in Business Growth
In the first financial year, founders usually have fewer world-shaping plans: to keep it going, get rid of the debts as quickly as possible, and keep the business alive. Once the revenue streams have been established, owners can start working on growing the company: either by opening another branch, expanding to new markets, or broadening […]
A Comprehensive Guide to Small Business Loans
Everyone starts small in the business world, but ideally, companies grow and expand with time. In many cases, businesses require extra funding to support expansion, and there are many situations when taking a loan is the cheapest option. The low revenue generation capabilities of small businesses, the lack of many years of historical data and […]
Everything you wanted to know about cryptos
Nowadays, crypto is becoming more and more popular, mainly because it is being accepted by an increasing amount of companies and businesses. Most people have an idea of what it actually is and how it works, but questions may arise — especially if you have a business and are thinking about accepting crypto as payment. […]
Funding your Business
As a small business owner, one of the major questions you have to ask yourself is how are you going to fund your business. It costs money to start your business, to run your business, and to grow your business. Where does the money come from? Well, that depends on your business needs and financial […]
Cryptocurrency Accounting: How to Account for Crypto on Taxes and Financial Statements
Cryptocurrency accounting is a growing and complex area of the accounting industry, so it’s essential for all cryptocurrency users to be aware of how their cryptocurrencies need to be accounted for in their business as well as classified on financial statements. Our guide will help you understand cryptocurrency accounting basics like: – How cryptocurrencies should […]
Accounting & Entrepreneurship: Small Business Challenges and Your Key to Success
More and more entrepreneurs are taking the leap into business ownership, but with no previous accounting knowledge. This can lead to many challenges and roadblocks in the future, as well as a lack of financial leadership. It’s essential to start your business the right way and ensure you’re making the right decisions to grow your […]
What is a CFO? – What Do They Do and When Does My Business Need One?
Finding the perfect financial team for your business is essential for success. If you wait too long, you could miss out on essential funding opportunities for your business or make critical financial mistakes. However, hire too early, and you could be wasting precious capital. While you might be able to take care of general bookkeeping […]
What You Need to Know About the Pending Tax Legislation
Anytime there is a new president in office, you can expect there to be sweeping legislative changes proposed within the first year of office. There will definitely be proposals related to taxes. After all, the taxes we pay account for roughly 93% of federal revenue. Even though President Biden’s proposed plans have not yet passed, […]
Tech companies and Financial Leadership – The Importance of a CFO
In the most recently reported fiscal year, Google has made more than 181.69 billion dollars in revenue alone. Google consistently grows its cash flow, year over year, making this tech giant the fourth most profitable company on the internet. However, their success is not “luck” or made up of rash decisions. Instead, it comes from […]
How Does the COBRA Subsidy Affect You?
If, as a company, you offer a group health plan, then you will want to read on. The American Rescue Plan Act of 2021 includes a subsidy for employees who have lost health coverage and elect a continuation of coverage through COBRA. This is great news for eligible individuals, but what does it mean for […]
How Your Business Benefits from Using Accounting Software
If you’re a business owner, you know how important it is to save money so that you can create high-quality products and services while still making the most amount of profit. Using accounting software in your business is a fantastic way to help you do just that. If you have been considering the idea of […]
How to Organize Your Business Finances + Increase Profit
As a small business, franchise, or start-up, you likely have a lot to do. There is no shortage of business or to-do lists to complete. Besides all the different roles you take on, there is one business category that is essential to focus on, better known as your bookkeeping. If your company is not making […]
Restaurant Revitalization Fund
If your business is in the food industry, applications are now being accepted for the Small Business Association’s Restaurant Relief Fund. The fund has $28.6 billion to support the hard-struck restaurant industry. Eligible businesses include restaurants, bars, food trucks, caterers, bakeries, and more. Here’s what you should know about the Restaurant Revitalization Fund: Businesses are […]
Tax Credit for Vaccine PTO
On Friday, April 23rd, 2021 the IRS and Treasury Department announced additional details relating to the credit for paid sick leave provided to employees due to COVID-19. In an effort to assist the nation recover from the pandemic, it has now been confirmed that small businesses (fewer than 500 employees) can claim this credit if […]
Business Taxes Due Date: May 17th, 2021
The tax extension of May 17, 2021 is quickly approaching. If your business is a C-corporation or you are self-employed reporting your business on your personal return, the deadline to submit your business tax return is just 1 week away. What is due on May 17th? Individual and corporate tax returns must be filed on […]
Retirement Plans and Small Business
If you are running a small business or you are self-employed, the thought of retirement planning may seem time consuming, confusing, and expensive. Retirement planning may not be fun, but it is definitely worth your time. There are obvious long-term benefits to having a retirement plan, but did you know that there are more immediate […]
Did Someone Say Lunch?
If you do your best business deals over a good meal, you’re in luck. In an effort to boost the struggling restaurant industry, the business meal deduction has been temporarily increased from 50% to 100% with the passage of the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Here is how you can take […]
Business Tax Filing Due Dates
Tax season is in full swing and, for some, is coming to a close next week. This tax season has had several changes, updates, and extensions. Let’s take a look at some important dates so you can determine which applies to you. April 15, 2021 First quarter estimated payments are due. If your business is […]
The ERC: How do you claim it?
If you’ve never heard of the ERC, in short, the Employee Retention Credit (ERC) is an incentive for small businesses to retain employees through COVID-19 restrictions and shutdowns. This credit provides eligible employers a refund on their payroll expenses, such as Medicare and SS taxes, and can be as much as $14,000 per employee. Here’s […]
Credits for Sick and Family Leave
With tax season in full swing, we want to revisit a very helpful credit contained in the Families First Coronavirus Response Act (FFCRA). If you are a small business owner, sole proprietor, or freelancer, you are not typically eligible for any type of sick leave, but the FFCRA changes that, at least as it relates […]
No More PPP Loans After March 31st
If you have considered applying for the PPP Loan, it’s time to turn thought into action. The Paycheck Protection Program expires on March 31st. Even if you did not previously qualify, due to recent expansions, you may qualify now. Here are some things you should know about PPP Loans. What to expect from the PPP […]
Business Tax Deadlines
If your business is an S-corporation or a partnership, the deadline to submit your business tax return is Monday, March 15th. If you live or have business in Texas or Oklahoma, then the recent winter storm has bought you some time. Following the disaster declaration issued by FEMA, the IRS has extended tax deadlines until […]
March COVID Relief
Saturday morning, the U.S. House of Representatives passed the American Rescue Plan Act of 2021, a $1.9 trillion COVID-19 relief package that includes, along with stimulus payments and unemployment, tens of billions in aid for small businesses and not-for-profits. Now it goes to the Senate. Let’s see what this could mean for small businesses if […]
Gig Work and Taxes
The gig economy is constantly changing and growing. From side hustles to a primary source of income, many people have turned to gig work due to its flexibility, accessibility, and increased demand. Whether you are a ride share driver, personal shopper, pick up freelance work, or tutor online, if you earn income, you must report it. […]
Accounting for Your Partnership
Anyone in a successful relationship will tell you the secret is trust, respect, and separate accounts. Okay. Maybe not that last part. However, when your relationship is a business partnership, then tracking each partner’s contributions and distributions separately is necessary for maintaining accurate books. Let’s take a look at some of the different transactions that […]
how to go about filing your business taxes
Business taxes The IRS will begin accepting electronic tax returns on Friday. If you are self-employed, a gig worker, or a new business owner, you may be wondering exactly how to go about filing your business taxes and your personal taxes. Let’s take a look at some things you need to know. Sole Proprietorship. As a […]
what business expenses can I deduct from my taxes?
Business tax deductions can have a significant impact on the amount of taxes you owe but there are a few compliance rules you must follow. According to the IRS, expenses must be “ordinary and necessary” for your trade. Luckily, the IRS considers many expense categories ordinary and necessary, let’s break them down. What types […]
Self-Employed: Are you claiming all of your expenses?
If you are a freelancer, sole proprietorship, Uber driver, contractor, subcontractor, you work for yourself, receive a 1099-MISC, you get the idea, and you have more than $5,000 in business expenses, then you will need to file Form Schedule C as part of your next tax return. Do not fret, though. We will break down the […]
Consider This Before You Starting a Business
Starting a business is the biggest roller coaster you will ever ride. There are more downs than ups, and the ups never last long. In the show Mad Men, Bert Cooper tells Don Draper when they re-launch their ad agency, “You’re going to need a stronger stomach if you’re going to be in the back kitchen seeing how […]
How Your Business Structure Affects Your Taxes
There are many decisions you need to make when starting a business. One such decision is deciding the business structure for your business. To select the right structure, you must understand what it is and how it can benefit your business. A business structure is a legal category that defines how you and your business […]
The One Thing You Should Do to Boost Your Business
Technology has brought us conveniences Remember when a public phone was the way to make a phone call outside of your home or office? Now you text, call, video chat from anywhere with your smartphone. How about when you went to Blockbuster to rent a movie? Options like Netflix, Hulu, Apple TV, etc. allow us […]
3 Tips to Avoid Tax Surprises at the End of the Year
Are you putting enough money aside to pay taxes for your side gig or small business at the end of the year? If you are starting a business, you might not be thinking about taxes due at the end of the year. Postponing tax planning is a common mistake entrepreneurs and growing companies make. Taxes are there at every […]
Money Tips for Real Estate Agents
The real estate profession is a desirable sought-after career. It provides flexibility to create your own schedule, has unlimited income potential, and you get to help make dreams come true. But like any freelancer career, you have to track your income and expenses. The good news is that most independent contractor real estate agents don’t have to […]
Top 5 tax changes affecting small businesses
There are some changes to the tax law that will affect your 2019 business return. We have identified the top five changes that you need to be aware of for your business. Being a small business owner, entrepreneur, or freelancer has its benefits. You own your time, and you love what you do. You can also take advantage of […]
Top Five Reasons You Overpay Taxes Every Year
We all grew up thinking that taxes are complicated and that an expert was needed to calculate them. Or we thought that by merely making a mistake, the IRS would take everything we had and throw us in jail. Refusing to pay taxes can still land you in the slammer. You could also end up […]
In Texas, SaaS and cloud computing are taxable
In some ways, Texas comptroller statutes are crystal clear about which goods or services require the collection of sales and use tax. However, when it comes to SaaS, cloud computing, and electronically downloaded software, the rules become more complex. When do you need to collect sales tax on these types of transactions? Here’s what you need to […]
Going into Business (Start-up Cost)
As we begin to close out the year, a common question I get from first-time business owners is, “How will I deduct my start-up business cost?” Before we go into the explanation of how to report expenses, let’s first understand what the IRS calls “start-up cost.” The expenses you incur during the planning stages of your business and […]
Are you deducting the business use of your home on your tax return?
Do you use your home for your business? Do you want to claim the expenses associated with this business on your tax return? Like any corporation, you can claim a deduction for the use of space used for business, even if it’s in your home. If you are a bookkeeper, hairstylist, graphic designer, massage therapist, virtual […]
Business Owners | Recordkeeping
f I had a nickel for each time I heard business owners and taxpayers say “taxes are so complicated” or “filing my taxes just takes too long,”. I would not be writing this article. I know, I know. Our parent’s accountants always told us that bookkeeping and accounting are way too complicated. And only they […]
7 Things You Need to Know About the R&D Credit for Your Startup
Tax time is here! As a taxpayer, both for your personal finances and for your business, you probably want to take advantage of every credit and incentive possible. There are lots of incentives for larger firms that are well-known, so as a smaller startup, you may think that you’re not eligible for much. But there’s […]
Understanding PPP Loan Forgiveness and Its Extension
The Paycheck Protection Program The Paycheck Protection Program (PPP) has incentivized businesses to keep employees on their payrolls, thus making a substantial, positive impact on the economy throughout the downturn that the coronavirus pandemic has initiated. This is a groundbreaking program, and for entrepreneurs everywhere, it has represented an incomparable lifeline, enabling them to […]
