Recessions are a natural part of the economic cycle and are unavoidable. On average, they typically last about a year but can cause...

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...

Due 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...

Just as people need to watch their blood pressure, weight, and cholesterol, which are vital health indicators, business owners also need...

The Standard Tax Deduction Rises in 2022 All taxpayers are eligible to take the standard tax deduction unless they elect to itemize their...

Due to the American Rescue Plan, which was established last year, payment app providers like Venmo, PayPal, CashApp, etc. are all now...

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....

It is essential to reimburse yourself and your employees the right way. Having an accountable plan in place that follows IRS regulations...

You Have Transactions Not Categorized If your books contain uncategorized transactions, your financial reports will not be accurate. ...

Commingling Business and Personal Accounts Let's face it; it is not good business practice to blend business and personal finances. Not...

It can be tricky to decide what company structure is best for your small business. With corporate tax rates on the rise, many small...

Is your bookkeeping disorganized? Typically this occurs due to having insufficient time, an amateur bookkeeper, or failed efforts. By...

Over the past few years, there have been several changes and updates regarding the reporting rules for 1099 forms. In 2020, the IRS...

It is vital to provide your bookkeeper with all the necessary information and documents they need; so they can adequately record...

Bookkeeping is one of the easiest tasks to put off for many start-up businesses. As a result, many entrepreneurs elect to invest their...

The Consolidated Appropriations Act, 2021, increased the business meal deduction for the cost of food and beverages from 50% to 100% for...

1. Reduces Overhead Costs By outsourcing your accounting and bookkeeping needs, you eliminate employee-related taxes and benefits,...

Accounting software is vital for businesses to track their financial health and tax liabilities. It allows a company to record all of...

Estimated Tax Payments for Individuals The IRS's General Rule States - In most cases, you must pay estimated taxes (Form 1040-ES) if both...

With the cost of living on the rise, many Americans are relocating to more affordable places and are looking to seek out ways to save...