A common question that business owners ask is: How do you pay yourself? Depending on how you set up your business, the question may be how do you pay yourself from an LLC, sole proprietorship, S corps, or other business structure. The type of business entity you run will impact how you pay yourself and […]
For the most part, business travel expenses are tax deductible, meaning that you could lower the amount of taxes you need to pay. When it comes to tax-write offs for travel, the IRS provides specific guidelines around what you can claim. Mainly, your trip needs to be primarily for business purposes. However, there is some […]
Whether you are running your own freelancing business or are looking to hire an independent contractor for your company, you’ve probably heard of a 1099 form. There are many different types of 1099 forms. When it comes to independent contractors, you’ll typically deal with the 1099-NEC. In this article, we’ll go into the specifics of […]
Most business owners understand that they need to keep track of their income and expenses but many get tripped up when figuring out what accounts are debits and credits. By getting a firm grasp on the concept of debits and credits, you’ll have a leg up when it comes to completing your accounting accurately. Debits […]
If you’re a small business owner, you know that keeping track of all the moving parts can be challenging. Most small business owners keep track of their profit and loss statement, but the owner’s equity is equally important (and often overlooked). In this guide, we will explain what owner’s equity is and how to calculate […]
Are you trying to figure out how to create an invoice? With about 61% of most payment delays being due to billing issues, you don’t want to fall in the same pit as the rest. In fact, you want to get paid as soon as possible for the goods or services you provide. Creating an […]
In accounting, there are two primary methods—accrual and cash basis. The main difference between accrual vs. cash basis accounting is in how and when you record income and expenses in your books. Each accounting method has advantages and disadvantages, so it is important to understand their differences before choosing which to use for your business. […]
Doing payroll may not be your favorite part of running a business. If you haven’t yet, the first step is to learn how to set up payroll. It can be quite bureaucratic juggling all these forms—whether it’s a W-2, W-9, W-4, or something else—and by the end, you might not even know where to start. Not […]
Running a small business is a big job and you may not have the time or experience to manage your own books. If you’re considering hiring an online bookkeeping service, one of the first things you’ll want to know is how much does a bookkeeper cost? Below is an overview of small business bookkeeping and […]
Receipts play a surprisingly important role in running a business. Whether you track receipts to reimburse employee expenses or to prepare for a possible audit, you should keep track of them with one of these best receipt apps. What is a receipt scanner app? A receipt scanner app takes a photo of your receipt and […]
