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guide to 1099s for online business onwers

The Guide to 1099s for Online Business Owners

All information on this site is provided for general education purposes only and may not reflect recent changes in federal or state laws. It is not intended to be relied upon as legal, accounting, or tax advice. We strongly encourage you to always consult with a tax or accounting professional about your specific situation before […]

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did you receive multiple 1099's for the same amount of money

Did You Receive Multiple 1099s for the same sources of money?

All information on this site is provided for general education purposes only and may not reflect recent changes in federal or state laws. It is not intended to be relied upon as legal, accounting, or tax advice. We strongly encourage you to always consult with a tax or accounting professional about your specific situation before […]

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How much do I pay myself when I own my own business?

One of the questions I get the most is “how much do I pay myself in my business?” First of all, there is not a clear cut answer for this. I know that you see many online entrepreneurs posting about how much money they made in their business all over the internet. But that is almost always […]

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Can you pay your child to work in your business?

Is it actually possible to pay your child a paycheck in your business and be able to pay less tax in your business? The simple answer is: yes. But it’s also a little bit more complicated than that. There are still guidelines and rules that you have to follow when you pay your child in your business. Does paying […]

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How to Avoid the Big Tax Mistakes in Your Business

Tax mistakes. They happen. Most of them are avoidable though. Need help remembering the biggest tax mistakes that most business owners make? Check out this article.The number one way they are avoidable though, is by doing your bookkeeping. Plain and simple. And the fact that most people don’t like to do their bookkeeping is a problem in and of […]

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The Biggest Tax Mistakes Many Business Owners Make

You may or may not be surprised by the amount of mistakes that business owners make on a regular basis when it comes to their taxes. And maybe you are making one or more of these mistakes as well. Mistakes with your business money and your taxes can cost your business quite a bit of money, and […]

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tax law changes affect your business

How the 2020 Tax Law Changes Affect Your Small Business

The past several years have been riddled with lots of tax law changes. Some of them may affect you and your business and some may not. But as a business owner, it is your responsibility to know what affects you and what doesn’t. Unfortunately you do not get mail to update you on the laws and regulations […]

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How to catch up on your bookkeeping

Are you the kind of person who just avoids doing your bookkeeping in your business? It really just isn’t something you like doing, plus it stresses you out. What if you do something wrong? And that wrong thing sends a bat signal to the IRS that you need them to show up on your doorstep to audit you? So […]

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Price vs Value: What’s the Difference? What do I use?

When you have your own business, you have to put a price on your products and services so that people can buy them. But before you can figure out the price, you also need to figure out the value of what each item is worth. It’s also important to note that prices and values are really just […]

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The Top Reasons Why You Should be Using Quickbooks Online

Bookkeeping software will make your business bookkeeping and accounting that much easier. And you know you need one. You’ve been doing some research on which program is the best one that you will use in your business.  My personal favorite software is Quickbooks, and specifically, Quickbooks Online.  Quickbooks has a desktop version and an online […]

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Will bookkeeping and accounting be replaced by robots or AI?

With the rise of AI and more computer automated everything, the question does come up a lot about whether or not bookkeeping and accounting will be replaced by robots or AI.  If you think about it, there is a possibility that it could be.  But let’s look a little deeper at it here for a […]

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How to Choose the Best Accounting Software for Your Online Business

There are so many options available to choose from when it comes to your business bookkeeping. And you know you need to have a software that you work with to record your income and expenses.  How do you even know which program to pick? Start with making a list of the things you really want […]

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How to Stop Wasting Time with Your Bookkeeping

When you do your own bookkeeping for your own business, it can be a pain and it can also just be a huge stressor in your business.  But there are still ways that you can reduce the amount of time you waste on your bookkeeping.   How can you stop wasting time on your bookkeeping?  […]

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Common Bookkeeping Misconceptions

It’s easy to think that bookkeeping is really just data entry.  The transactions that happen in your business just need to go into the right categories, so that when it’s time to file your tax return, it’s simple and easy to just fill in the categories.   But bookkeeping is actually so much more than […]

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Warning Signs that Show up in Your Profit and Loss Statement

The profit and loss statement, or what is more commonly known as the income statement, is a simply a statement that tells you your revenue minus your expenses.  But when you look at this statement in more detail, it is a tool for you to evaluate your business, manage your business, and can even help […]

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Top Bookkeeping Frustrations for Business Owners

As a business owner, you know that you need to do your bookkeeping.  It’s important for your taxes. But it’s also important for your business. It’s how you gauge your progress in your business.  But bookkeeping is just a whole boatload of frustrations for the busy business owner.  Here are several of the frustrations that […]

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Why bank reconciliations are important for your business

A bank reconciliation is the one part of your bookkeeping that tends to get overlooked the most.  A bank reconciliation is a comparison of what went through your bank account to your bookkeeping program. This helps to make sure everything is included and that there are no double transactions.  This is also why you want […]

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Most Common Bookkeeping Setup Mistakes

As a business owner, it’s not always easy to set up your bookkeeping system for yourself.  You can definitely try. But do you know how many people have asked me what cash versus accrual means? Or what is a Chart of Accounts?  Or that they should have an accounting period set up for their business?  […]

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Tax Strategy or Tax Compliance: Which do you focus on?

Tax strategies have one main objective: to increase your wealth. The sad thing is, more people end up focusing on tax compliance than they do over tax strategy.  Partly because, many don’t know the difference between the two and they don’t like to look at their numbers. But also because it costs more money to […]

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Working with a Bookkeeper: How to Get the Most Value out of a Bookkeeper

Whether you have a bookkeeper that is in house in your business and an employee or you outsource your bookkeeping to an agency, your bookkeeper is still a very important part of your business.  Maybe you are the type of business owner who doesn’t like to look at your money and that’s why you really […]

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