Running a business involves managing various expenses, and savvy entrepreneurs always look for ways to maximize their tax deductions. While you might be aware of common deductions like office rent and equipment purchases, there are some lesser-known expenses that are 100% tax deductible.
Congratulations on reaching a significant milestone as a small business owner--the point where you need to make your first hire!
As you embark on this exciting journey, you'll encounter important decisions regarding how to classify your employee for tax purposes. In this blog post, we'll help you understand the major differences between the two common classifications: W-2 and 1099, helping you make an informed choice for your business.
Reviewing your business finances and Knowing your numbers is crucial for running a successful business. Has your accountant ever presented you with a statement of your profits that did not match the amount in your bank account? Are you curious as to why that is the case? Let's find out some common reasons for having differences in profit and bank balance.
What is profit?
In-house bookkeeping is the traditional form of business bookkeeping, but companies are increasingly turning to outsourced bookkeeping solutions because of the advances in technology and a growing economy. While each of the two options comes with pros and cons, I laid out the differences between the two.