Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute […]

Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors. The COVID-19 pandemic created millions of self-employed individuals and small businesses. Whether they chose to, or circumstances forced them to, these new entrepreneurs had to learn new ways to get paid and to prepare their […]

It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact and preserve financial stability can start with these solutions. They’re accessible options that can make a […]

This is the time of year your CPA will be busy. Maximize your time & efforts with these 5 simple recommendations: Gather all 1099’s issued to your company. Make sure you have completed financial reports, at a minimum a completed Profit & Loss, and Balance Sheet report. Make sure 2021’s Franchise Fee payment is properly […]

When you decided to start your own company, you likely focused on the products or services you were selling, along with your amazing customer service and marketing skills. While running your own small business offers plenty of upsides, it also means you’re responsible for every aspect of operations, including the parts you think are beyond […]

A big part of running a business is working with independent contractors. These are self employed professionals you hire to support a specific aspect of your business. These are different than working with employees because they usually bring in their expertise to solve a specific business problem you’re dealing with. However, in September of 2019, […]

All the Best Practices to Get the Best Financial Outcome From Your Organization If you had to make a list of some of the most critical elements of running a business that most new entrepreneurs don’t think enough about until it’s far too late, bookkeeping would undoubtedly be right at the top. On a surface […]

There are always more things to learn about the applications we use every day. Here are some tips for expanding your use of QuickBooks Online. We tend to fall into the same old patterns once we’ve learned how to make a computer application work for us. We learn the features we need and rarely venture […]

There are unique challenges when running a restaurant business. They are: 1. Accounting for Tips Patrons will include tips in their payments. Is that considered restaurant income? How about paying out those tips to your employees, are those counted as wages? Restaurants can have different methods of tip handling. Whether it’s pooling, mandatory or not, […]

Tax planning season is coming up very soon. It’s critical for you to sit down with a competent CPA and review your business’s numbers for tax planning purposes. You don’t want to get hit with surprises when you file your taxes next year. However, are your numbers in good shape so your CPA can review […]