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As a business owner, unless your business is accounting, bookkeeping is normally the last item on your to-do list. But is ignoring your company’s finances wreaking havoc on your business? According to an Entrepreneur Magazine article, “Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought they were.” Here are some reasons why smart business owners hire experienced bookkeepers to manage the back end of their companies... Read more

Business owners, do you really need to keep all those receipts? The short answer is YES. As a small business owner, you make tons of purchases for your business. If you are like me, you make them all with a debit or credit card because, after all, who uses cash in 2024? Do they even print that stuff anymore? So that means that all of your transactions are on either, your credit card or bank statements, right? Correct. But this is not enough to prove that an expense is a qualified... Read more

In my now 17 years in business, I have learned so many lessons. I have learned what I am good at. What I struggle with. What I love and what I would rather not do. My advice: Don’t be afraid to venture out, figure things out as you go, and step outside your comfort zone. Mistakes are part of growth. When you make a mistake, learn from it, fix it, make amends, and move on!... Read more

Tax Credits and Tax Deductions are great! Both reduce the amount of taxes you will have to pay at tax time but there is a big difference. - **Tax DEDUCTIONS** reduce your taxable income while **Tax CREDITS** reduce the amount of tax you pay. This distinction is crucial when applying for loans, as deductions lower your reported income, while credits only impact your tax liability. For example: - If you made $50,000 and your tax rate is 20% - Tax deductions of $10,00... Read more

Hiring your kids to work in your small business can be a great idea. You can teach them the value of a hard-earned dollar, and their compensation may be tax deductible, minimizing your business taxable income. Here are some things to consider… - Make sure their pay is commensurate with their age, experience, and education. If their title is “manager”, make certain they are capable of and actually managing others. - Paying your children an executive-level salary to sweep the floors is... Read more