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5-Step Roadmap to Guide You Through a Profitable Year

by Tracey Hrica Mar 20, 2023

So, you're determined to live your best financial life! You can see it now. You'll keep your bookkeeping updated every month, stay on top of your numbers, and finally start paying yourself.  This year will be your best financial year yet.  But wait, you just have to figure out HOW to make that happen. That's where good money habits come in! There are five core financial habits that every small business owner should adopt. If you keep ...

7 WAYS TO EASILY BOOST YOUR 2023 BUSINESS CASH FLOW

by Tracey Hrica Mar 13, 2023

What do fuzzy socks bring to mind? For me, it's simple: Winter. And as an accountant, Winter is AKA Tax Season. So, while most people start focusing on the year ahead in January, to us accountants, the new year doesn't begin until the snowflakes are gone, and April showers are preparing the way for May flowers. Like all small businesses, cash flow management is essential to our firm.   Much of our income is seasonal, so luckily, there...

Official Warning: Are you running a business? Or having fun with a hobby?

by Tracey Hrica Mar 04, 2023

This is not a joke! Here’s what to do if the IRS could consider your business a hobby. I’ll admit it; I’m not very “fun.”  I’m really kind of boring - my favorite thing to do is read. All of the time – any spare moment I get! And, I’ve often wished I could somehow read for a living.   That would be my dream job.   I’ve gone as far as listing the possible ways to earn money by reading: Book reviews? Creating home s...

Tax Advice: Income Tax Deductions vs. Tax Credits… Which One Is Better?

by Tracey Hrica Feb 27, 2023

While a deduction can reduce the amount of taxable income, credits can directly reduce the amount of tax owed, dollar for dollar, so they offer a greater tax benefit.  Here's the difference between tax credits and tax deductions: Both reduce your tax bill, but in very different ways.  For instance, a tax credit valued at $1,000 lowers your tax bill by the corresponding $1,000. Tax deductions, on the other hand, reduce how much of your...

Do You Have a Business Plan? If Not, Here is What You Need to Know

by Tracey Hrica, EA Dec 07, 2022

A business plan is a document setting out a business’s future objectives and strategies for achieving them – Oxford Dictionaries A strategic business plan is vital to the health of your business. In general, it’s a written description of your business’s future; specifically, the next three to five years. That’s all there is to it – the contents of a business plan simply describe how your business will work and the steps you ...

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