About Mike Kappel

Mike Kappel, serial entrepreneur and CEO of Patriot Software, offers accounting advice from more than 20 years of experience to small business owners.

Author Archive | Mike Kappel

fair market value

Fair Market Value for Small Businesses

Do you have business assets? If you’re running a small business, you likely have many tangible and intangible assets. And when you sell those assets or buy new ones, you should know their fair market value. You must know the fair market value of your assets to maintain accurate small business accounting books, obtain outside […]

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How to Prepare for Tax Season Now

Learn How to Prepare for Business Tax Season Now

What happens when it’s time to pay your business taxes? Do you scramble to find all the documents and information you need? Are you unsure of what to do with the information you have? You need to get organized before tax season arrives. In fact, you should prep for tax time all year long. Continuous […]

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bookkeeping-shows-deductible-donations

Bookkeeping Tips for Small Business Charitable Donations

You’ve got your bookkeeping down to a science when it comes to accounting for your regular small business activities. But how about accounting for small business charitable donations? If your small business makes charitable donations, you need to know how to record the donation and whether or not you can deduct the gift. Here are […]

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cash flow projection woman pondering in front of chalkboard

How to Create a Cash Flow Projection

Your cash flow can tell you how your business is doing. You can see how much money is going through your business. Wouldn’t it be nice if you could see what your cash flow might be like in the future? You can with a cash flow projection.

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If you make a mistake on Form 1099, you can make a correction.

How to Issue a Corrected Form 1099-MISC

Depending on your business, you might need to file Form 1099-MISC. If you make a mistake on this information return, you must correct it as soon as possible. Learn how to issue a corrected 1099.

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Create your business's articles of incorporation.

What Are Articles of Incorporation?

There are different requirements to set up all the types of business structures. If you want to structure your business as any type of corporation, you need to create and file articles of incorporation.

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What is backup withholding?

What Is Backup Withholding?

When you pay an independent contractor, you report the payment on Form 1099-MISC. You do not withhold and remit taxes from independent contractor wages. The contractor is responsible for handling the taxes. But in some cases, you might have to implement backup tax withholding on a contractor’s pay. So, what is backup withholding, and when […]

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Bad Debt

What Is Bad Debt?

Extending credit to customers is a great way to encourage impromptu purchases, boost sales, and increase profits. But sometimes, customers don’t pay you, resulting in a bad debt. What is bad debt?

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Use an audit to check the accuracy of your financial records.

What Is an Audit?

Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […]

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GAAP

GAAP: Your Accounting Rulebook

Accounting isn’t a free for all, as you are probably aware. You must abide by certain rules, like recordkeeping and tax reporting. Many businesses are also governed by a set of accounting guidelines known as GAAP. Find out what GAAP is and whether your business needs to follow these guidelines.

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