Adjusting Your Service-Based Business Pricing for Inflation
For the last few years, we have been living in inflationary times. This past June 2022, the U.S. Bureau of Labor and Statistics reported...
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Stephanie Peterson
- Aug 4, 2022
- 3 min
Key Elements Every Invoice Should Include
An invoice is an important document a business uses to help collect payments from a client. They include the cost of the products...
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Stephanie Peterson
- Jul 21, 2022
- 3 min
5 Bookkeeping Errors that are Costing Your Business
Due to a lack of knowledge of proper accounting procedures and regulations, many small business owners often make costly bookkeeping...
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Stephanie Peterson
- Jul 20, 2022
- 4 min
How to Close Your Business with the IRS
Let's face it; many businesses will come and go. The U.S. Bureau of Labor Statistics estimates that 1 in 5 U.S. businesses fail within...
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Stephanie Peterson
- Jul 5, 2022
- 2 min
7 Great Reasons to Switch to QuickBooks Online
A change in software or business procedures can be frightening for some people. For example, if you are currently using a QuickBooks...
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Stephanie Peterson
- Jul 4, 2022
- 2 min
Top 3 Reasons to Outsource Work to Domestic Contractors
In today's busy world, many small business owners are seeking to outsource work. It is an excellent option for entrepreneurs who want to...
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Stephanie Peterson
- Jun 24, 2022
- 2 min
Preparing a Service-Based Business for Recession
Recessions are a natural part of the economic cycle and are unavoidable. On average, they typically last about a year but can cause...
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Stephanie Peterson
- Jun 23, 2022
- 2 min
Independent 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...
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Stephanie Peterson
- Jun 14, 2022
- 1 min
The IRS Increases the Business Mileage Rate for 2022
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...
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Stephanie Peterson
- Mar 12, 2022
- 2 min
Business Survival During Tough Economic Times
Just as people need to watch their blood pressure, weight, and cholesterol, which are vital health indicators, business owners also need...
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Stephanie Peterson
- Mar 8, 2022
- 3 min
Important Tax Changes for 2022
The Standard Tax Deduction Rises in 2022 All taxpayers are eligible to take the standard tax deduction unless they elect to itemize their...
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Stephanie Peterson
- Feb 17, 2022
- 2 min
New 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...
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Stephanie Peterson
- Feb 13, 2022
- 3 min
Important 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....
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Stephanie Peterson
- Feb 9, 2022
- 2 min
Is 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...
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Stephanie Peterson
- Nov 14, 2021
- 2 min
3 Signs Your Books Aren't Ready for Tax Season
You Have Transactions Not Categorized If your books contain uncategorized transactions, your financial reports will not be accurate. ...
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Stephanie Peterson
- Sep 21, 2021
- 2 min
5 Common Bookkeeping Mistakes You Must Avoid
Commingling Business and Personal Accounts Let's face it; it is not good business practice to blend business and personal finances. Not...
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Stephanie Peterson
- Sep 15, 2021
- 2 min
Would 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...
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Stephanie Peterson
- Sep 13, 2021
- 2 min
How 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...
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Stephanie Peterson
- Sep 9, 2021
- 3 min
What 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...
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Stephanie Peterson
- Sep 8, 2021
- 2 min
Information Bookkeepers Need to be Efficient and Effective
It is vital to provide your bookkeeper with all the necessary information and documents they need; so they can adequately record...
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