As a small business owner, taking advantage of every opportunity to reduce your tax liability is important. One way to do this is by claiming tax deductions for your business expenses. Here are some of the most common tax deductions you can claim for your small business: Home office expenses If you work from home, … Read more
If you’re self-employed, you are responsible for paying your taxes and filing your tax return. This can be daunting, especially if you’re new to running your own business. But with some knowledge and preparation, you can successfully file your taxes as a self-employed individual. Step 1: Gather Your Information The first step to filing your … Read more
For the self-employed, tax time can turn you into a bundle of nerves. You don’t receive w-2s from the companies you work for, and simply file a tax return. As a business owner, you must navigate complex tax scenarios that can be tricky. But with my five tax preparation tips, you can make tax preparation … Read more
Can A Bank Ask Where You Got The Money? The short answer is Yes. Banks must ask and document from where any cash above $10,000 comes. This process is done through IRS Form 8300 as part of the Anti Money Laundering (AML) and Know Your Customer (KYC) that the law requires. Anti Money Laundering Money … Read more
Yes! A salaried person can show business income. Just because you are a salaried employee does not preclude you or your spouse from earning business income from other sources, including self-employment and contract or gig work, to name a few. Income from any other source besides an employment position would necessitate that you would show … Read more
Yes, you can claim any accounting fees you incur as a business deduction for your business. The deductible fees include business bookkeeping, business tax returns, and any tax consultation fees regarding your business. You may not deduct any of these fees if you are an individual that is not self-employed.
Before you can begin your bookkeeping journey, you must first choose between the methods of available to you. Things To Consider Before You Decide These are important considerations because If you have a small business with minimal assets, it is probably not appropriate to use a method designed for an enterprise. Single Entry Bookkeeping Single … Read more
There are two commonly followed accounting principles, GAAP and IFRS. General Accepted Accounting Principles (GAAP) A common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). In the U.S. any Public Company must follow GAAP rules when compiling their financial statements. International Financial Reporting Standards (IFRS) A set of … Read more
Bookkeeping This page is all about bookkeeping, so, let’s start with the basics. Bookkeeping is an essential part of the accounting process for any business. Proper planning and organization are essential in order to have a clear overview of the health of any business. The process of bookkeeping is the categorizing and then recording of … Read more
Do You Pay Tax on Crypto The IRS, so far, is not recognizing cryptocurrency or crypto as a true currency. They consider crypto to be property and any gains or losses are reported in the same manner on Schedule D and Form 8949 where applicable. How Is Cryptocurrency Taxed Any purchase, sale, or trade of … Read more