Whether you sell products or services, you may need to create estimates in QuickBooks Online. Here’s how it’s done. It would be nice if you could just instantly invoice every sale. But sometimes your customers need to know what a particular purchase will cost before they make the decision to buy. So you need to […]
The Top 3 Reasons to Outsource Your Accounting
While you may think it’s better to take care of your small business accounting tasks in-house, you may be surprised to know that your business can benefit from having a professional accountant or CPA handle the job for you. Here are the top three reasons to outsource your accounting. 1. Peace of Mind The number […]
The Top 5 Ways Businesses Get in Trouble With the IRS
As a small business owner, you probably know that willfully avoiding paying taxes will lead to severe problems with the IRS; however, IRS problems aren’t always a result of a business owner’s intentional actions. These are five ways business owners can get into trouble with the IRS that they might overlook or not realize. 1. […]
Treatment of Business Expenses Paid with PPP Loan Funds
In December 2020, Congress passed the Consolidated Appropriations Act, 2021. The Act includes the COVID-related Tax Relief Act of 2020, which provides for the full deductibility of business expenses paid with PPP loan funds. A Refresher: What are PPP Loans? As a reminder, the Paycheck Protection Program (PPP) is a Small Business Association (SBA)-backed loan […]
Business Start-Up Costs — What’s Deductible?
Launching a new business takes hard work — and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount. The tax law places certain limitations on tax deductions for start-up expenses. […]
What is the Small Business Health Care Tax Credit?
Eligible small employers who provide health care coverage to their employees can receive a Small Business Health Care Tax Credit from the Federal government. Here’s what you need to know about who qualifies and how to take advantage of the credit. What is the Small Business Health Care Tax Credit? Small business owners make numerous […]