Unless your industry was one of the few that were helped by the 2020 pandemic, your small business has likely experienced financial and other difficulties and may still struggle. With all the economic upheaval, social movement, government programs, executive orders, and administrative changes still going on, it may be difficult to estimate your company’s 2021 budget needs and expectations.
The end of one year and the beginning of the next should always prompt small business owners to think about their business resolutions for the coming year. This is true for 2021 more than any other recent year, after enduring what 2020 brought. These six resolutions not only apply to most small businesses for the coming year but are useful for years to come.
Tax laws have gotten complicated in recent years and professional CPAs not only keep up with tax law changes, but also know how to use them to a client’s advantage. In fact, there are many situations in which hiring a CPA could save you a lot of money.
If you are investing in rental properties, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.
In our past blogs, we’ve talked about some of the tax deductions you can get as a landlord. But guess what? None of those tax deductions matter if you don’t have the records to claim them.
Your appointment with your tax preparation services is the next day, and you don't have any idea where your files are. You find yourself scrambling around to secure your records as you prepare for the meeting. You look on your computer, in drawers, and in countless files. You finally find some of your records and hope you have enough to get the job done. Sound familiar?
As a small business owner, you may have learned the hard way how important it is to stay on top of cash flow management. Have you ever found yourself in a situation where payments are due, but the money is not available? It can be difficult to manage the cash flow on your own. An alternative is to contract out your bookkeeping services to a Certified Public Accountant (CPA).
Many small business owners pay too little attention to their financial statements. Unfortunately, these owners don’t understand just what the statements have to offer. They should become familiar with three basic financial statements – Balance Sheet, Income Statement, and Cash Flow Statement.
Bookkeeping is a necessary step that needs to be utilized in your company, and many small business owners fail to implement an effective bookkeeping system. If you aren’t managing your accounting in the right way, then it is more difficult to make ongoing financial decisions for your company.
In our past blogs, we’ve talked about some of the tax deductions you can get as a landlord. But guess what? None of those tax deductions matter if you don’t have the records to claim them.