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Chances are you run a business because you’re good at something and you like doing it, not because you enjoy filing receipts and entering accounting information. Yet, if you don’t take the time to keep your books current, you’re really hurting yourself. Not only will you have some serious headaches come tax time, but you also won’t really know how well your business is doing.

That said, you don’t want to spend more time working with the numbers than what’s absolutely necessary. Here are a few ways you can cut down on the busywork portion of bookkeeping and get back to doing what you do best:

Use a reliable accounting software package. There is a slight learning curve with implementing… Read more →

From the perspective of your tax return, a business loss is a good thing. A business loss reduces your overall income, and thereby reduces your income taxes. For many small businesses, properly planning your tax strategy for the year means identifying whether you have a net loss for your business.

Of course, there comes some risk with having a net loss; the IRS can take an active interest in businesses with a loss, especially those that have a loss year after year.

Here are some smart strategies for deducting and preserving your business losses, as well as some information you need to know:

If you’re going to have a business loss, some deductions should be deferred. For example, you might… Read more →

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