If you’re a sole proprietor, you may have considered making your business a single-member LLC. A single-member LLC provides the protection of an LLC entity but with the tax benefits of operating as a sole proprietor, which is appealing to…
As a small business owner, having a guide to compiling personal financial statements is crucial for evaluating your financial health and ensuring compliance with generally accepted accounting principles (GAAP). These financial statements are essential for monitoring the health of your…
Understanding how to prepare for an audit of your small business is crucial in maintaining compliance and avoiding potential financial setbacks. As a small business owner, you may face different types of audits, so we’ll cover various aspects of preparing…
Understanding tax write-offs is essential when maximizing tax savings for your single-member LLC. Dealing with taxes as a business owner can be intimidating, but when you have the correct information and plan appropriately, you can considerably lessen your taxable income….
Filing taxes for the first time as a small business owner can feel overwhelming. But the good news is that you don’t need to figure everything out on your own. Partnering with a small business accountant can be an incredibly…
Preparing taxes is an essential part of running a small business, and enlisting the help of a knowledgeable tax consultant can help ensure that all deductions are taken advantage of while staying compliant with regulations. To ensure you are taking…
If you’re self-employed, you are responsible for keeping track of your income and expenses. Unlike those who have an employer, self-employed individuals must pay their own taxes, so keeping accurate records of income and expenses can make budgeting for taxes…
Attestation is a type of assurance service provided by a Certified Public Accountant (CPA). Although not as extensive as an audit, attestation offers the assurance that the financial information an audit provided is accurate and reliable. Businesses can also benefit…
Although small business owners have a lot on their plate, tax planning should be a priority. Creating a financial plan to maximize your income and reduce your tax burden can help you profit more from your business. The best way…
You have a lot on your plate as a small business owner. From creating a business strategy to marketing, management, and accounting, there are often more things to do than there is time in a day. Delegating tasks can help…