Why You Can't Afford to Be Bad at Bookkeeping
Maintaining your books isn't something you should do solely as a tax-savings strategy; it can also prevent you from losing your sanity and getting dragged into a potential lawsuit over commingling your funds. Here are five significant reasons for maintaining a separate checkbook and set of books for each of your businesses:
7 Ways Your Taxes Will Change in 2020
Once you’re done breathing that sigh of relief after filing your taxes this year, it’s time to get right back to work preparing for the next tax season.
We’re already nearly one-third of the way through tax year 2019 — the one for which your return is due by April 2020. If you want to make the most of everything from tax deductions to tax-advantaged accounts this year, now is the time to learn the rules that will apply to your next return.
Take These Steps Now to Make the 2020 Tax Season Much Easier
The 2019 tax season is drawing to a close, and you're probably happy you can forget about taxes again for a whole year. But if you do that, you could be making next year's tax season more difficult for yourself. You may file a tax return only once a year, but taxes affect you year-round. .
3 Major Benefits of Updated Bookkeeping and Accounting Records
Last week in a discussion with a business coaching client, I asked if she had updated bookkeeping and accounting records that would help her make the best business decision for a big question about her business. “No,” she replied, she didn’t have updated books. Without them, any decision regarding product lines, pricing or customer capacity is just a guess!
What Are the Income Tax Brackets for 2020 vs. 2019?
Tax planning is all about thinking ahead. So, now that the IRS has released the new tax brackets for the 2020 tax year, you can (and should) start thinking about how to handle your 2020 finances in a tax-efficient way—even though you haven't filed your 2019 tax return yet.
8 Year-End Business Tax Strategies for 2020
With 2019 about to come to a close, and businesses still adapting to legislative and regulatory changes from the Tax Cuts and Jobs Act (TCJA), several tax planning opportunities are still available to help reduce a business’s tax burden. In this artcile, we take a look at a few year-end tax strategies that can help businesses reduce their 2019 federal income tax bill.
5 Tips for Expanding Your Small Business (The Right Way)
Many small-business owners want to grow their companies, and they want to do it fast. But if you rush into expandsion without a plan, you risk losing everything you’ve worked so hard to build. Take Wise Acre Frozen Treats, which hired too many employees and bought too much equipment before they had the revenue or startup capital they needed; the company went bankrupt in just a few years.
A Simple 6-Step Process to Starting a Small Business
A great small business always starts out as an idea, but you have to transform that idea into action. That’s where many individuals can start to feel overwhelmed. It’s understandable to freeze up at the deluge of things that are required to get a business started, but getting going is actually easier than you might think.