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As a small business owner, you need to know how to file a small business tax return.

Filing a Small Business Tax Return 101

Many taxpayers dread filing taxes. What if I make a mistake? Will my tax return lead to an IRS audit? If you are new to entrepreneurship, you might be worried about filing small business taxes for the first time. Read on to learn how to prepare for and file your small business tax return.

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What is a corporation? A type of business structure.

What Is a Corporation?

One of your first decisions as a small business owner is choosing between business structures. Your structure dictates many vital aspects of your company, including liability. To protect your personal assets from business liabilities, you may consider structuring as a corporation. According to the Small Business Administration, 18.5% of small employers structure as corporations. What […]

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Find out the sales tax holiday rules for your state.

What Is a Sales Tax Holiday?

When you sell certain items, you must collect and remit sales tax. The government requires you to charge customers sales tax at the point of sale. But, some states have created sales tax holidays to give you and your customers a temporary break. During a sales tax holiday, you do not collect sales tax. This […]

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As a small business owner, you need to know how to price a product to bring in higher sales.

How to Price a Product

Product pricing can make or break your small business. If you set prices higher than what customers are willing to spend, you lose sales. But if you set prices too low, you don’t earn at your highest potential. Price points need to meet somewhere in the middle to generate the most revenue. Do you know […]

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Find out how to file a business tax extension before the deadline passes.

How to File a Business Tax Extension

If you are rushing to complete your income tax return, consider filing for a business tax extension. Filing taxes for small business can be difficult, and an extension allows you more time to file your business’s tax return. Learning how to file an extension for business taxes is simple. And, you can avoid mistakes that […]

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Avoid accounting errors at your small business.

10 of the Most Common Accounting Errors for Small Businesses to Avoid

If you have ever made a mistake in your small business financial statements, you know how time consuming and expensive errors in accounting can be. You need to protect your small business books from common accounting errors.

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Use a suspense account to hold transactions that you are unsure of where to enter.

Use a Suspense Account for Questionable Transactions

Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries.

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Learn how to switch from cash to accrual accounting.

How to Change from Cash to Accrual Accounting

When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions. As your business grows, you might consider switching to the accrual accounting method. Accrual accounting offers several perks for financial management. And if […]

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Use an accounts payable process improvement to better manage invoices.

Accounts Payable Process Improvement: 9 Steps to Better Invoice Management

As a small business owner, you have to buy things to run your company. Many vendors and suppliers send invoices when you buy from them. Not managing invoices could lead to late payments, extra fees, and damaged relationships. To better manage business bills, take steps towards accounts payable process improvement.

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Learn how to use correcting entries to fix errors in your books.

Use Correcting Entries for Mistakes in Your Books

Even with automation and easy-to-use accounting tools, bookkeeping mistakes can happen. Journal entry errors can end up costing your small business time and money. Learn how to get your books back on track with correcting entries.

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