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This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for at least 3 years after the due date of the return to which those records apply. However, if the original…

Accounting for Restaurants: A Guide to Setting Your Business up for Success Operating a restaurant is a dream for many, but there’s a lot more to it than meets the eye. There are far more restaurants and food-related businesses that fail than succeed, and that’s frequently because entrepreneurs spend more…

Some Small Businesses Are Recovering. Is Yours? The COVID-19 pandemic isn’t over, but many small businesses are on the upswing. How QuickBooks Online can help if yours isn’t.Intuit recently did a survey documenting the financial losses that many small businesses had experienced since March 2020. Not surprisingly, the report, Intuit QuickBooks…

If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it did retain a deduction for business meals when the expense is ordinary and necessary for carrying on the trade or business and is not…

This helpful tip could save you from over paying sales taxes THE PROBLEM:With the rise of online platforms such as Etsy, paypal, and Amazon, it's easier now more than ever to sell your product to a wide audience!  You supply the product, and Etsy markets, sells, collects payment, takes a…

Make sure you’re company is in compliance in filing all necessary forms for 2020. They are: IRS form 1099 - for all your independent contractors IRS form W-2 - for your employees Any other payments such as rents, interest expense, etc. that would require a form 1099 What forms are…

Definition: Accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged. The term "accrual" refers to any individual entry recording revenue or expense in the absence of a cash transaction Most businesses typically use one of two basic accounting methods in their bookkeeping systems: cash basis or accrual…

One of the ways managers know if their business systems are working are the number of times they have to think about them.  Every moment of thought put into your systems is time and energy that could be spent working and building your business.  In today's business climate, there are…

Within the last ten years, many companies have migrated to cloud-based technology to avoid the budgetary constraints of funding large capital projects for data centers and agile software development. While cloud solutions offer companies many benefits, it still introduces some risks. For example, vendor lock-in is as great in the…