Already Launched Your Business? 3 Ways A CPA Can Help Now

Many entrepreneurs start their own small business informally, often doing all the work themselves or relying on friends and family to fill in any gaps. But once you get your enterprise off its feet, is it too late to seek out professional assistance in key areas? Not at all. In fact, once you're comfortable in your operation, you can take the time to consult with an accountant. Here's why.  1. You Know Your Business

How Undergoing Training Can Help You Use Quickbooks More Effectively

Quickbooks is one of the most popular types of financial software that businesses will use. However, it is a somewhat complicated piece of software, and individuals will want to consider undergoing a Quickbooks training course so that they will be able to make full use of this financial software solution. What Are The Benefits To Completing Quickbooks Training Programs? While many of the features of Quickbooks will be relatively straightforward for individuals to use, there are many other settings and functions that can allow you to more completely incorporate the Quickbooks software into your business's operations.

3 Year-Round Habits That Make Business Tax Preparation A Breeze

As a small business owner, tax time will be easier and less expensive if you think about taxes a little throughout the year. How can you do this? The answer may not be as complicated as you think. In fact, it may simply be a matter of developing a few good practices. Here are five that can help any business.  1. Schedule Tax Planning Appointments Rather than wait until March or April to make a single tax appointment, consider adding one or two tax planning appointments with your preparer at different times of the year.

Has The IRS Classified Your Business As A Hobby? 3 Things You Can Do

It seems like almost everyone has a side gig these days. Online marketplaces that allow people to sell anything and everything have made it possible for people to turn their hobbies into a viable business. The sale of any item is subject to taxation, but the IRS treats hobby sales and business sales very differently. Most people want to be classified as a business so that they can claim deductions to reduce their tax burden.

4 Ways To Offer Employee Benefits And Get Tax Credits Too

As an employer, you want to build employee loyalty while still turning a healthy profit. One way to do this is to make use of benefits for which your company can get tax credits. What type of credit-worthy benefits should you provide? Here are a few options you may want to consider. Health Insurance. Health care coverage is one of the top priorities of many American workers. As a small employer, you may not be obligated to provide health insurance, but doing so provides benefits to everyone.

Want to Extend Credit to Your Customers? 3 Things You Need to Know

One of the ways you can make more money as a small business owner is by extending credit to your customers. Extending credit to your customers is one way to allow your customers to purchase goods and services and pay you off over time. This can be a great service to offer your customers, and it can really help you expand your business. However, offering credit can be a complicated process that requires a little more business accounting knowledge than just sending out regular invoices.

Five Mistakes To Avoid If You're Undergoing An IRS Audit

Audits initiated by the IRS can cost you a lot of money if you don't handle them properly. For many people, facing an audit can cause stress and provoke feelings of dread. However, dealing with an audit isn't nearly as complicated or costly as most people assume. You can get through your audit as smoothly as possible by avoiding the following five mistakes: Trying to rush through the audit While you might be eager to get your audit over with, you're probably better off if you take your time with it and delay whenever possible.

3 Important Actions To Take Before Drafting Your Estate Plan

Every responsible adult should have an estate plan. An estate plan ensures that when you die, all of your belongings go to the appropriate party. Once you have any assets to speak of, or children to look after, you should have an estate plan. Here are four important steps you should take in preparing your estate plan. #1 Create an Inventory Before you head to the lawyer's office, you need to spend some time making an inventory of your assets as well as your liabilities.

Getting Married This Summer? 4 Tips To Get Ahead Of Your Taxes

If you are getting married this summer, you are going to want to make sure that you and your spouse spend some time thinking about the tax implications of getting married. After you get married, there are a few things that you are going to want to do right away in order to make tax season easier next year. #1 Change Your Name If one or both of you is choosing to change your name, you need to make sure that you let the Social Security Administration know.

Financial Tips For New Cannabis Dispensary Owners

If medical or recreational cannabis is legal in your state and you are opening a dispensary to get in on the ground floor of this growing industry, then these tips will help you manage the financial aspects of your new business: Tip: Understand U. S. Tax Code 280E Since cannabis is still classified as a Schedule 1 drug under United States law, your dispensary falls under U. S. Tax Code 280E. This section of the tax code regulates how you are able to deduct expenses for your business when filing its federal income taxes.