If you hire an independent contractor and pay them $2,000 or more (new 1099 reporting threshold beginning in tax year 2026, up from $600) during the tax year, you must create, distribute, and file Form-1099-NEC. You might wonder, How do I file a 1099?
Read More How Do I File a 1099 for My Independent Contractors?
When it comes to pulling reports, establishing a business budget, and filing taxes, you need to know your company’s fiscal year. So, what does a fiscal year mean, exactly? When does the fiscal year start? And, how long is a fiscal year? Read on to get the answers to these questions and more.
Read More What Is a Fiscal Year for Your Business and Books?
If you’re like many small businesses, you account for company assets that you can see and touch. But, what about the items of value that aren’t physical? You may be undervaluing your business by forgetting your intangible assets. What are intangible assets?
Read More What Are Intangible Assets?
When it comes to accounting, you must follow certain rules for recordkeeping or tax reporting. Otherwise, you may wind up making mistakes and costing your company money (and nobody wants that). Many businesses must follow a set of accounting guidelines called GAAP. But, what is GAAP exactly? And, how do you know if you have […]
Read More Your Guide to GAAP (Generally Accepted Accounting Principles)
One of your first choices as a business owner is your accounting method. Before making a decision, take some time to compare the cash-basis vs. accrual basis methods of accounting. Having to switch from cash-basis to accrual-basis after the fact can be difficult. The way you keep your books affects many aspects of your business, […]
Read More What Is Cash-basis Accounting?
As a small business owner, paying close attention to your finances is vital to the survival and growth of your company. You can handle much of your accounting on your own with some time and resources. But when you look at your books and feel lost, it might be time to call an expert.
Read More Bookkeeping vs. Accounting: The Essential Differences for Small Businesses (and When to Use Each)
Accounting errors are inevitable, especially if you’re rushing to add information into your small business accounting books. To detect accounting errors sooner rather than later, learn which ones to keep an eye out for and how to find them in the first place.
Read More Top 5 Accounting Errors You Might Be Making [+ Tips to Find Them]
As a seller, you prepare invoices requesting payment from customers who make purchases on credit. And as a buyer, you may also need to create some documents, like a purchase order (PO). What is a purchase order?
Read More What Is a Purchase Order, and When Would You Need to Create One?
Nearly 80% of small businesses have and use credit cards for business purposes. If you’re part of this majority, you’ll receive a credit card statement each month.
Read More How to Read a Credit Card Statement [+ Example]
Tax scams are afoot in 2025. Are you prepared? The IRS compiles an annual list of common scams known as the “Dirty Dozen” list to help taxpayers navigate threats.
Read More 2025 Common Tax Scams: IRS “Dirty Dozen” Highlights