Category: Business Tax

Bookkeeping 101 for Small Business: Everything You Need to Know

Bookkeeping 101 for Small Business: Everything You Need to Know

Key takeaways: Bookkeeping isn’t just about taxes—it helps you track cash flow, qualify for funding, and make smarter financial decisions. Learn why keeping accurate records is essential for your business’s success. You don’t have to be a finance expert to set up a solid bookkeeping system. With advice from tax pros, we’ll break down the basics. Avoid costly mistakes and stay tax-ready with simple strategies. Discover common bookkeeping pitfalls, how to manage your records efficiently, and when to consider outsourcing.… Read More
Why Year-End Tax Planning Matters for Small Businesses

Why Year-End Tax Planning Matters for Small Businesses

The year-end is already hectic for many businesses. Trying to finish up your bookkeeping and handling year-end tax planning can seem like something that can be pushed back. Try not to.  Smart tax planning in the final months of the year can save your business money and prevent headaches during tax season. When you wait until the filing deadline approaches, you may miss opportunities to reduce your tax bill and risk making costly mistakes. Taking time now to review your… Read More
How Do Tax Write-Offs Work for Small Businesses

How Do Tax Write-Offs Work for Small Businesses

Spend an hour on social media watching videos about small business tax deductions and  you’re likely to walk away thinking your small business can get a tax-write off for anything: your home, car, meals, clothing, and all kinds of other expenses.  Reality doesn’t always line up with the hype though, and in this case it can be very expensive to take bad advice.  Tax write-offs can be very valuable to small businesses by reducing the total amount of tax you… Read More
Owners Draw vs Salary: How Should Business Owners Pay Themselves?

Owners Draw vs Salary: How Should Business Owners Pay Themselves?

Key takeaways: The main ways small business owners pay themselves is through salary and/or owner's draw. Your business structure determines which options are available to you. Owner draws provide flexibility but require careful tax planning, while salaries offer consistency and automatically handle tax withholding. Understanding the tax implications of each payment method can lead to significant savings—especially for owners of S corporations who balance reasonable salaries with distributions. You no doubt went into business expecting to make money. To do… Read More