Blog
You might not have a choice. Having extra time to finish your return is often necessary if you're still waiting for tax documents to arrive in the mail or if you need additional time to organize your bookkeeping. However, filing for an extension involves both pros and cons. Pros: Reduce late penalties. You'll avoid the 5% per month late-filing penalty if you file for an extension, then file your return by the extended deadlin...
The word "audit" is one of the things that scares business owners the most. So I've compiled a list of 7 red flags that could trigger an IRS audit to watch out for: Big deductions for meals and travel If you have minimal business expenses in other areas but are claiming a significant deduction on "meals and travel," you could be inviting an audit. Always make sure you keep the receipt and itemize on the receipt who you met with and ...
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 ...
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...
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...
The Busy Trap: Rethinking Productivity Beyond Busy...
Smart Brevity Count:554 Words | 2 Minutes "Qualit...
Are you tossing and turning at night, unable to sh...
Just submitted your taxes? A sigh of relief, isn't...
Do you ever feel like your business numbers are sp...