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 your employer has done the work for you: Figured out your taxes and sent them along to the IRS in

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 import task dates into your calendar. These recommendations are geared for a service-based business that sends invoices and proposals. Bi-Monthly

As a small business owner, you have many things taking up your time. You manage social media accounts and marketing plans and employees. Managing your company’s accounting may seem like one of the easier things that you do, so you may not notice how much time you lose keeping track of income and expenses in an old spreadsheet—or worse, with pen and paper. Here are some ways that outsourcing your bookkeeping services and choosing a

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 they be paid as an independent contractor or withhold taxes from their compensation as an employee?  The biggest determining factors

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 know, onto the missed tax deductions! Lifetime Learning Credit There’s no class too small. Want to take a class on

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 accrediation. Choose a CPA with Network Of Colleagues Next, there is the network that goes along with being a CPA.

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 provide better tools for business owners and contractors. The founders of LessAccounting are confident that the acquisition will only mean

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 also provide current, up-to-date insight into the current financial situation. These basic bookkeeping elements are vital in assessing any future