S Corporation vs. Other Types of Business Entities

S Corporation vs. Other Types of Business Entities

The choice of entity is one of the most important decisions a new business owner faces. Many new businesses automatically set up as an S-Corporation as part of the overall formation process. This happens without any thought given to the potential risks or benefits of...
Small Business Tax Deductions Checklist

Small Business Tax Deductions Checklist

Small business owners often wonder what they can deduct in their business. Just because you own a business does not mean you can take advantage of all sorts of tax write-offs (loopholes). However, tax laws do favor businesses in what they can write off compared to...
Tips for Small Business Financial Management

Tips for Small Business Financial Management

Small businesses exist for many reasons. Yet, they all share a common purpose: They must be worth pursuing, as envisioned by the person or persons starting them Once pursued, they must continue To continue, they must earn a profit For these types of businesses to...
What to Expect in the 2021 Tax Season

What to Expect in the 2021 Tax Season

The 2020 tax filing season (for 2019 tax returns) was unique. Tax filing deadlines were pushed back in the middle of the preparation period, including the dates for making estimated tax payments. Many of the same factors that led to that situation are still in place...
How to Deduct Your Vehicle for Your Business

How to Deduct Your Vehicle for Your Business

A number of clients inquire how to deduct a vehicle for their business. This is a somewhat complicated aspect of owning a business, which I hope to clarify in this article. Steps on How to Deduct a Vehicle The use of a vehicle is normally an ordinary and necessary...
How to Do Bookkeeping for a Small Business

How to Do Bookkeeping for a Small Business

Bookkeeping for a small business is similar to any size business. There are prescribed steps to follow (known as the accounting cycle). Differences occur because of the complexity and needs of the business and the method, usually manual or computerized, used to do the...
8 Tips for Managing Small Business Finances Successfully

8 Tips for Managing Small Business Finances Successfully

Owning a small business is a dream of many Americans. Being your own boss is attractive and can be financially rewarding. The truth is that it is not easy, and many businesses fail or do not meet the expectations of the owner(s) that were present at the beginning....
Why Does My Business Need Internal Controls?

Why Does My Business Need Internal Controls?

Your business may need internal controls. Internal controls are the policies and procedures a business takes to safeguard its assets. A key to running a profitable business is to make sure that the assets, especially cash, are protected. Assets are the lifeblood of...
Taking the Home Office Deduction

Taking the Home Office Deduction

Taking the home office deduction can be complex and vary between individual small businesses. For more information on whether you should take the home office deduction, please consult with your licensed CPA. Many small businesses are based at home. There are numerous...