Stephanie Peterson5 days ago3 minPreparing a Service-Based Business for RecessionRecessions are a natural part of the economic cycle and are unavoidable. On average, they typically last about a year but can cause...
Stephanie Peterson6 days ago2 minIndependent Contractor Status vs. Employee One of the most common errors a business can make is not having the correct status for a worker. The IRS is clear on what differentiates...
Stephanie PetersonJun 141 minThe IRS Increases The Business Mileage Rate for 2022Due to the rapidly rising cost of fuel, the IRS just raised the business mileage rate from 58.5 cents per mile to 62.5 cents per mile for...
Stephanie PetersonMar 122 minBusiness Survival During Tough Economic TimesJust as people need to watch their blood pressure, weight, and cholesterol, which are vital health indicators, business owners also need...
Stephanie PetersonMar 83 minImportant Tax Changes for 2022The Standard Tax Deduction Rises in 2022 All taxpayers are eligible to take the standard tax deduction unless they elect to itemize their...
Stephanie PetersonFeb 172 minNew Tax Laws for 2022 - Venmo, PayPal, Cash App, Etc.Due to the American Rescue Plan, which was established last year, payment app providers like Venmo, PayPal, CashApp, etc. are all now...
Stephanie PetersonFeb 143 minImportant Cryptocurrency Tax Rules (Bitcoin & Etc.)Do you own any cryptocurrencies? If so, it is wise to stay on top of tax laws and regulations that may impact your crypto investments....
Stephanie PetersonFeb 92 minIs Your Business in Need of an Accountable Plan?It is essential to reimburse yourself and your employees the right way. Having an accountable plan in place that follows IRS regulations...
Stephanie PetersonNov 14, 20212 min3 Signs Your Books Aren't Ready for Tax SeasonYou Have Transactions Not Categorized If your books contain uncategorized transactions, your financial reports will not be accurate. ...
Stephanie PetersonSep 21, 20212 min5 Common Bookkeeping Mistakes You Must AvoidCommingling Business and Personal Accounts Let's face it; it is not good business practice to blend business and personal finances. Not...
Stephanie PetersonSep 15, 20212 minWould Being an S Corporation Benefit Your Business?It can be tricky to decide what company structure is best for your small business. With corporate tax rates on the rise, many small...
Stephanie PetersonSep 14, 20212 minHow to Avoid the Pitfalls of Messy Bookkeeping Is your bookkeeping disorganized? Typically this occurs due to having insufficient time, an amateur bookkeeper, or failed efforts. By...
Stephanie PetersonSep 9, 20213 minWhat Vendors Should You Send 1099-NEC & 1099-Misc Forms To? (2021)Over the past few years, there have been several changes and updates regarding the reporting rules for 1099 forms. In 2020, the IRS...
Stephanie PetersonSep 9, 20212 minInformation Bookkeepers Need to be Efficient and EffectiveIt is vital to provide your bookkeeper with all the necessary information and documents they need; so they can adequately record...
Stephanie PetersonSep 6, 20212 minThe Significance of Bookkeeping and the Risk of Not Doing ItBookkeeping is one of the easiest tasks to put off for many start-up businesses. As a result, many entrepreneurs elect to invest their...
Stephanie PetersonSep 3, 20211 minBusiness Meal Tax Deduction Changes for 2021 & 2022The Consolidated Appropriations Act, 2021, increased the business meal deduction for the cost of food and beverages from 50% to 100% for...
Stephanie PetersonAug 10, 20201 min4 Major Benefits of Outsourcing Your Business's Accounting 1. Reduces Overhead Costs By outsourcing your accounting and bookkeeping needs, you eliminate employee-related taxes and benefits,...
Stephanie PetersonAug 6, 20202 minThe Importance of a Properly Set-up Accounting Software Accounting software is vital for businesses to track their financial health and tax liabilities. It allows a company to record all of...
Stephanie PetersonJan 31, 20204 minImportant Tax Dates for Small BusinessesEstimated Tax Payments for Individuals The IRS's General Rule States - In most cases, you must pay estimated taxes (Form 1040-ES) if both...
Stephanie PetersonSep 17, 20192 min7 States with Absolutely No Income TaxWith the cost of living on the rise, many Americans are relocating to more affordable places and are looking to seek out ways to save...