Honestly, we are not big fans of filing extensions. We find that business owners have a hard time moving forward into the new year when they haven’t closed the previous year out. It’s almost as if they have a weight they are carrying and can’t put down. However, We do believe there are two good reasons to consider filing an extension.
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Without a doubt, the number one reason to become an entrepreneur is so you control your own destiny. We are not just referring to how you live your day-to-day life, but your long-term future. When you think about the long-term, you should be considering retirement. As a business owner, you have so many opportunities to create a huge nest egg for your future!
Don’t fall into the trap of making the same mistakes over and over! Running an efficient and profitable business is worth the effort!
Owning a small business makes you very aware of every penny coming in… and going out! While following your passion is why you started your business in the first place, the reality is, it needs to be profitable. Most small business owners try to save every dollar humanly possible, but there are just some things you should not skimp on. Tax preparation is one of them.
When running a business, there is an influx of information you must wade through. When it comes to taxes, we don’t want you to have to make “educated guesses” on whether the information is a truth or myth. You...
No one likes to pay taxes. Most people don’t even want to talk about them. We get it. Taxes can feel overwhelming and lead to frustration. However, understanding how taxes work is essential to setting yourself up for success.
When you can deduct business expenses depends on several factors: whether you are an accrual or cash basis taxpayer, what type of business you are, if related parties are involved, when the item was placed into service and so...
Setting goals may seem like a minor footnote compared to the other items on your to-do list, but we cannot stress this enough; it is the most important part of running your business!
We know there can be a sense of overwhelm for new businesses during tax season. There are so many questions and sometimes not enough time to adequately know the answers. Today we tackle the 1099- NEC in depth to...
We want you to be ahead of the game when it comes to business tax deadlines. These are tax dates you can add to your calendar, set reminders, and be prepared for what’s coming next. While we can’t keep everything...