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How Can Organization Save You Time and Money in Taxes?

by Tracey Hrica, EA Oct 14, 2022

The first step for effective tax planning is to organize that ever-growing accumulation of records in your desk drawers, closets, and other storage spaces. Haphazard records can cause you to needlessly lose money to taxes. But on the other hand, the better the records you keep, the easier it is to search for opportunities, which is what tax planning is all about. For many people, tax season can be a frantic last-minute scramble to fi...

Independent Contractor or Employee? Here’s What You Need to Know About Worker Classification

by Tracey Hrica, EA Sep 28, 2022

Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes, and unemployment tax on wages paid to an employee. Businesses normally do not have to withhold or pay any taxes on payments to independent contractors. The earnings of a person working as an independent contractor are subject to self-employment tax The general rule is that an individual is an indepe...

Managing Those “little” Expenses

by Tracey Hrica, EA Aug 08, 2021

Small businesses are constantly concerned with cash flow.  One of the areas that can have a negative impact on your cash flow, is undermanaging the seemingly “little” expenses. Here are some areas you should keep an eye on throughout the year.  Although it may seem like pennies on the dollar, saving on these expenses can make a difference in how successful your year is. Credit Card Fees  Have you reviewed what you are paying in c...

How to Expertly Manage Your Business’s Bookkeeping with Little to No Experience

by Tracey Hrica, EA Apr 29, 2021

A Beginner's Guide to Bookkeeping No one enjoys bookkeeping.  Unless you are an accountant.  There’s nothing better than shouting, “I’m in balance!” after doing a bank reconciliation. But I digress. Although bookkeeping may be about as fun as a root canal, as a small business owner, one of your essential jobs is learning to keep accurate books. If you want to have a successful business, having your books in order is a must. In...

What Business Meals are Now 100% Deductible per the IRS?

by Tracey Hrica, EA Apr 12, 2021

Are you confused about what rules currently apply to meals and entertainment expenses? I don't blame you.  The tax treatment of these business-related expenses has had shifting requirements over the last few years. The Consolidated Appropriations Act(CAA), which became law at the end of last year, included a taxpayer-friendly change in these requirements. The law stated that you can write off 100% of the cost of business-related food a...

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