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Year after year it never fails that the age-old misconception about tax preparation rears its ugly head in the form of comments like “I want you to get me back as much as possible” or “Last year my tax guy let me deduct my dry cleaning expenses for my suits.” The misconception I’m talking about […]
What are estimated taxes? Estimated taxes are taxes paid on income that is not subject to withholding. In other words, any income that hasn’t already had taxes automatically deducted. If you’re someone else’s employee and get regular checks, you’ll notice that a portion of your wages is taken out or withheld for taxes. That means […]
Make Bookkeeping Tasks Easier with a Schedule If you break bookkeeping down into small and scheduled tasks, then it’s simple to stay on top of things. We suggest setting calendar reminders for yourself and your staff. Here’s how we suggest breaking down your bookkeeping tasks. At the end of this article there’s a link to […]
Outsourcing Bookkeeping Services: How They Help You Build a Better Business Understanding all aspects of your business is part of being an entrepreneur. In the early stages, you have to get comfortable with every department. You are responsible for juggling customer service, sales, marketing, and balancing your bookkeeping. While this experience can be helpful in […]
What is a 1099 employee? During the life of most small businesses, every owner might need help producing the deliverables and enlist persons outside their immediate family for help. Now the decision of how the helpers will be paid must be made. Should I pay this person as a 1099 contractor or W2 employee? Should […]
Taxpayers are usually hustling to finish their tax returns at the last minute. So, get a jump on tax season and check out these five deductions to keep in mind. One thing to note is that deductions (as opposed to credits) can only be taken if you are itemizing your deductions. Alright, now that you […]
First there are two types of “CPAs”, active and inactive. As you can guess an inactive CPA should not represent themselves as a CPA. One day, maybe decades ago they passed the CPA exam. They might not even be up to date on new tax regulations. An active CPA continues to take continuing education course to keep their […]
We’re happy to announce that LessAccounting has recently been acquired by the team behind American SMB Servicesand Big Half, a system of mobile and cloud-based applications for finance, accounting, compliance, and taxes. Users of LessAccounting can expect a number of upgrades and new features to the platform as the new owners leverage its features and capabilities to […]
Bookkeeping Basics for a Growing Business Poor bookkeeping is a very simple, and easily avoidable, reason why some seemingly good businesses take a turn for the worse. Keeping an accurate record of the books is essential in understanding not only a company’s demands but also any financial rewards too. Not only that, but accurately-recorded books […]