Tax Resources

If you’re just starting your business, you’ve got a lot of decisions to make. Not only do you need to figure out how you’re going to make your product or provide your service, but you also need to figure out where the money’s going to come from, what business form to take, and even carpet color for the office in some cases.

One of the important choices you need to make is whether you’re going to use cash basis accounting or accrual basis accounting. Both methods track your business income and expenses, but they work quite differently.

Cash Basis Accounting

The vast majority of small businesses operate on a cash basis. The way this method of accounting works, income is … Read more →

Bookkeeping is one of those tasks that small business owners love to hate. It’s a necessary evil; keeping on top of your books provides a number of benefits, but the lure of those benefits often simply doesn’t outweigh the tedium. So, for many small business owners, small business accounting updates happen once a year – in the mad scramble to get your taxes prepared.

Falling behind on your bookkeeping creates a number of problems. You need to understand the consequences of falling behind and take action today to get on top of your books and stay on top of them.

Here are some reasons you don’t want to get behind on your small business accounting:

• You Simply Don’t Know Read more →

As a hard-working honest business owner, you do your best to pay your taxes, but no more than you have to. You’re more than willing to pay your fair share, but you also know that you won’t be paying anything if your business isn’t profitable. So, choosing a tax preparer to identify areas of potential savings, and to make sure you’re getting all of the credits and deductions to which you’re entitled is crucial.

Yet sometimes your tax preparer puts you in danger. It could be that they’re being outright dishonest and providing the IRS with false information. In other cases, it could be a case of simple ignorance or human error. You need to be sure your tax professional … Read more →

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