Proper preparation is a must for all taxpayers but if you own a small business, there are a few additional steps you need to take to get ready for tax season—and, depending on your business, that may include IRS Forms 1096 and 1099.But what, exactly, are IRS Forms 1096 and 1099? Does your business need to submit both forms or even either to the IRS? And, if so, how do you fill out the … [Read more...]
Why We Recommend QuickBooks Desktop Over QuickBooks Online
QuickBooks Online vs. QuickBooks Desktop: An Overview QuickBooks Online and QuickBooks Desktop are both small business accounting software applications from Intuit that offer complete double-entry accounting along with automatic processing of closing entries.Though both applications offer many similar services, and the allure of “easy-to-use” and “always accessible” online software is … [Read more...]
Accounts Receivable Management
One of the most difficult aspects of owning a business (and one few people think about when starting a business) is managing overdue invoices. When clients refuse to pay, don’t pay on time, or ignore your attempts to collect payment, it’s tough to know what to do. Late payments and unpaid invoices can hurt your cash flow. But as a small business owner, you don’t want to jeopardize the client … [Read more...]
Important 2019 Tax Deadlines
When asked about tax deadlines, most people think of April 15th— the traditional due date for filing tax returns. Yes, this is an important due date. But you should be aware that there are many additional deadlines throughout the tax season, and that meeting all your deadlines can save you a load of stress (and possibly costly penalties).[Tweet "Whether you’re filing as an individual or a … [Read more...]
Tips to Manage Cash Flow Early in the Year
We’ve talked about cash flow before. It's the lifeblood of your business, so it’s important to pay attention to it. And whether your company’s cash flow is high or low, there are always strategies to improve it. What causes that beginning-of-the-year dry spell? Every business is different, but many businesses experience a dip in cash flow in January and sometimes into February. There are many … [Read more...]