Tax/Accounting
The Questions You Need to Ask Your CPA
All accounting firms are not created equal. Having a CPA look over all your work is important, and a great benefit of hiring an accounting or tax and business firm. But every CPA is different, and it’s important to get information before you jump in. Some accountants will be more conservative, some will be more…
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Don’t Miss the New W-2 Deadline!
If you miss the deadline for submitting copies of all employee W-2s to the Social Security Administration, your business is charged a penalty, so it’s important to meet all deadlines for submitting forms and W-2s. The Protecting Americans From Tax Hikes Act of 2015 moved the filing deadline up to January 31, meaning your business…
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W-2 vs. 1099-MISC
Tax season is coming up again, and that means it’s time to get all the right forms and paperwork for your business to ensure you avoid errors and fines. The two forms, W-2 and 1099-MISC, are both wage statements for workers, but they represent very different types of workers, and getting it wrong can be…
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Consultant’s Corner: Tax Write-offs for a Single-Member LLC
Question: I am the owner of a single-member LLC and would like to know what I can write off on my taxes this year. An LLC is unique in that it can be taxed as a disregarded entity, partnership, C Corp or an S Corp. A single member or owner LLC can be taxed as…
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Don’t Miss Out on These Small Business Write Offs!
It’s that time of year again—tax season! Small business owners everywhere are scrounging around for old receipts and frantically doing paperwork in preparation for tax day, all while keeping up with their regularly scheduled CEO duties. Amid all the craziness, it’s easy to miss out on some great write off opportunities. But anything that can…
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Consultant’s Corner: Tax Returns on Multiple Businesses
Question: I have three sole proprietor businesses. How do I file a tax return on each business? A sole proprietorship is an unincorporated business owned by one individual. While it is possible to operate multiple businesses under a single sole proprietorship, if the businesses are unrelated or dissimilar to one another, it is more common…
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Consultant’s Corner: Should I Use QuickBooks?
Question: It costs over $100 per month for an accountant to do payroll for my business. I could use QuickBooks and do it for under $50. What are the pros and cons of using QuickBooks for small business accounting? With user-friendly software such as QuickBooks available, many business owners feel they should be able to…
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Best of Mentoring: Ted Jenkin on Preparing Your Tax Plan for Next Year
In Ted Jenkin’s mentoring series, he and Fran go over some of the most important things every small business owner needs to know about tax season, including common mistakes and misbeliefs, strategies to reduce tax liabilities, and answers to common tax questions. In this session, Ted shares how to get started early and put the…
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It’s SIMPLE… the Deadline is October 1st
After an owner makes heads or tails at the end of the year, they will usually determine whether or not money is left behind for setting up some sort of long term retirement plan within their business. Since there are so many people setting up individual LLCs or home based side businesses, you need to…
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The Biggest Mistake Retired Business Owners Make
I see this mistake over and over again with my clients. You work hard your whole life building a business that you eventually plan to sell. The whole time, there is a voice in your head that says to do one thing: save, save, save—because you never know what is just around the corner. Then,…
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