As a first-time business owner, it is easy to get caught up in the idea that is driving your new business. However, make sure you don't get so caught up in the big idea that you forget about the little details. Here are the three most common errors that new small business owners tend to do when they don't take the time to really think out the financial side of their business. [Read More]
Self-Employed? Avoid These 4 Common Tax Preparation Mistakes!
Are you filing your taxes as a self-employed individual for the first time this year? If so, then the task might seem a bit daunting. After all, as a self-employed worker, you'll be subject to self-employment taxes and will also be responsible for paying your state, Federal, and local taxes yourself (rather than relying on an employer to deduct them for you). Specifically, as you prepare your taxes, there are some common mistakes you'll want to avoid. [Read More]
The Layman's Guide To Hiring A CPA
The world of accounting may seem cryptic and foreign to the average person, so it can be hard to know when exactly you need to hire a professional to help with finances. Here are a few answers to some common CPA questions to help guide you through the hiring process. What is a CPA? A certified public accountant is the highest standard of achievement within the accounting profession. A CPA will advise their clients on any number of financial issues ranging from tax filing to business investment to estate planning. [Read More]
Tax Implications Of Concluding Transactions Using Virtual Money
In an article published last year, Bill Schuette, who currently serves as the Attorney General in the state of Michigan, advised his residents concerning the risks that are associated with the use of virtual money. Indeed, while it is the case with hard money, virtual money insurance doesn't exist. This means that if your virtual money gets stolen, you won't be able to submit a claim to the third-party through which you have purchased it and that was holding it for you. [Read More]