Running a small business requires a lot of effort, time, and knowledge, and there will be certain tasks that you cannot handle yourself. One of these is the bookkeeping services of the business, but you can hire this out. Hiring a company to handle your bookkeeping tasks offers a lot of great benefits, and one of these is that they will handle creating financial statements for you. An income statement is one of these, and here are two things to understand about income statements: [Read More]
Are You Making These 3 Payroll Mistakes With Your Small Business?
If you're like many small business owners, you are always looking for ways to save money. That might be one of the reasons you're doing your own payroll services. However, you may be making some errors that can end up costing you money or getting you into hot water with the IRS and your state tax office. Here are three common errors to avoid with your payroll. Not Knowing about Changes in Law [Read More]
Why You Should Hire An Accountant To Handle The Books For Your Small Business
Owning a small business comes with a great deal of responsibility. You likely have a very small staff because you are trying to keep as much of the company capital within the business as you possibly can. While it is important to keep your payroll small during the growth stage of your business, bringing on a certified public accountant (CPA) is an expense that you can't afford to skimp on. CPA's have a wealth of knowledge concerning how to handle your finances in such a way that you stand to gain much more than you lose by paying their salary. [Read More]
4 Tax Credits For Low-Income Earners You May Not Know About
A tax credit can help you save money on your income taxes. These four credits are designed to help reduce the amount that you owe in taxes each year. They are specifically designed to help low-income earners save money on their taxes. The savings can be significant and help you increase the amount you get refunded each year. Saver's Credit According to the IRS, if you make less than $60,000 per year, you can claim a portion of the first $2,000 you contribute to your IRA or 401(k). [Read More]