Accounting Tips, Training, and News for Small Business

Accounting Blog

Accounting Tips, Training, and News

We are committed to providing timely updates regarding COVID-19.

7 Small Business Tax Deductions – The Do’s and Don’ts

Picture of woman discovering small business tax deductions.

Small business tax deductions decrease your taxable income. This means more of the money you earn stays in your pocket. You can deduct expenses you make throughout the year for your business from your taxable income.

Some expenses are obviously not deductible (e.g., you can’t claim your dog as a dependent). But sometimes, the line between a valid small business tax write-off and a “that’s so wrong” deduction gets blurry. Continue reading “7 Small Business Tax Deductions – The Do’s and Don’ts”

Sales Tax: A Comprehensive Guide to a Tough Task

sales tax comprehensive guide for payroll and accounting software

As a small business owner, one of your responsibilities is to collect, track, and remit sales tax. How do you know when you need to collect sales tax? What recordkeeping is required? When and how is sales tax remitted to your state(s)? Did you know that there are several types of sales tax?

Yup … there’s a lot to know about sales tax! Let’s break it down. Continue reading “Sales Tax: A Comprehensive Guide to a Tough Task”

What Is Capital? – A Guide for Your Small Business Accounting

Investing in capital helps you grow your business.

Whether you have owned your business for one day or 30 years, you always need capital. If you are a new business owner concerned about your small business accounting, you know that you need funds to get started. And if you own an established company, you know the hunt for resources doesn’t stop after you get your business off the ground. Continue reading “What Is Capital? – A Guide for Your Small Business Accounting”

5 IRS Audit Red Flags to Avoid

Look out for these IRS audit red flags to avoid an audit.

Do you think your small business has no chance of getting an IRS audit? It’s true that the government audits larger businesses more often, but you are not invisible. Even if the IRS chose only 1% of all small businesses, over 200,000 companies would be audited. Are you confident your basic accounting program can stand up to an audit? Avoiding IRS Audit Red Flags could mean steering clear of being audited. Continue reading “5 IRS Audit Red Flags to Avoid”

What Is Cash-Based Accounting Software?

cash-based accounting software small business man sitting at computer

If you run a small business, cash-based accounting is one of the easiest ways to manage finances — especially if you don’t have extensive experience with accounting. It basically works like this: you record revenue when cash comes in, and expenses when cash goes out.

Cash-based accounting software, then, is any solution built around this accounting approach.

Cash-based systems are typically easier to manage, less expensive, and a great choice for small businesses. Continue reading “What Is Cash-Based Accounting Software?”

Basic Accounting Tools for Small Business

seven basic accounting tools for small business

Have you updated the way you do your accounting recently? The competitive landscape for your business is constantly evolving. Consider new ways to keep your small business accounting on track.

What should you pack in your bag of accounting tricks? Try these seven basic accounting tools for a financially healthy business. Continue reading “Basic Accounting Tools for Small Business”

What Are Allowable Business Expenses for Your Small Business?

Use your accounting basics to get tax deductions for your allowable business expenses.

As a small business owner, you may run on a tight budget. Your business expenses might add up fast between equipment, inventory, overhead, and payroll. Luckily, many of your business expenses are tax-deductible.

Although you might get help from a user-friendly accounting software, accounting terms can encompass a wide variety of items. Get back to accounting basics by reviewing what constitutes an allowable business expense. Continue reading “What Are Allowable Business Expenses for Your Small Business?”