Tax season might be once a year, but preparing for tax season is a year-round process. To back up your tax deduction claims, you need to keep business receipts. But, what kind of receipts for taxes do you need? And which small business receipts can you pitch?Read More Receipts for Taxes and Your Business: What Do You Need to Hang Onto?
Recordkeeping - Tips, Training, and News
IRS Audit Triggers—and How to Avoid Them
You have a lot to deal with to keep your company operating. One thing you don’t want to have to handle? An IRS audit. While some audits happen randomly, others trigger from red flags in your records. What are these IRS audit triggers, you ask?Read More IRS Audit Triggers—and How to Avoid Them
Simple Recordkeeping for Small Business: Must-have Tips
For 40% of small business owners, handling bookkeeping and taxes is the worst part of owning a business. Sound familiar? If so, you might consider shirking your recordkeeping responsibilities. It’s not a big deal, right? Wrong! Recordkeeping is one of the most important things you can do. And to make things easier on yourself, there […]Read More Simple Recordkeeping for Small Business: Must-have Tips
Top 5 Accounting Errors You Might Be Making [+ Tips to Find Them]
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]
Small Business Recordkeeping for Seasonal Companies
All companies need to record business activities to avoid an IRS tax notice or penalties, and to track progress. But, do seasonal companies have the same rules for small business recordkeeping as year-round companies?Read More Small Business Recordkeeping for Seasonal Companies
How to Organize Your Business Finances
The lifeblood of any business — large or small — is financial integrity. Efficiently managing your small business accounting can help determine your success. If you don’t know where to start, consider leveraging accounting software. By getting your finances in order, you will save a lot of hours, headaches, and dollars.Read More How to Organize Your Business Finances
Bookkeeping vs. Accounting: What Is the Difference?
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 program 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: What Is the Difference?
What Are Intangible Assets?
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?
Outstanding Deposit: The Basics for Small Business
To keep your small business’s finances on track, reconcile your books and bank account statement. Sometimes, transactions are only recorded in one financial record when you reconcile the balances. If your books and bank account balances don’t match, you might have an outstanding deposit.Read More Outstanding Deposit: The Basics for Small Business
Amortization Meaning: Definition and Examples
To protect your business and operate under the law, you might obtain licenses, trademarks, patents, and other intangible assets. These items can be costly to a small business. You can use amortization to reduce your taxable income throughout the life of intangible assets. What is amortization?Read More Amortization Meaning: Definition and Examples