Understanding the Importance of W-9s As a business owner, managing vendor relationships requires more than just timely payments and services. One crucial aspect that often gets overlooked is the proper documentation of these transactions, specifically through the use of W-9 forms. This form is pivotal for ensuring tax compliance and smooth financial operations, yet it…
As the year draws to a close, many business owners begin to focus on their financial statements and potential tax liabilities. With just a month left, it’s a prime time to implement strategies that could save money and reduce tax burdens. Here, we’ll explore three straightforward tax-saving tips every business owner should consider before the…
Our firm does not do taxes, even though I did them for 12 years. When I began my practice that was a service I simply did not want to offer. However, we do partner with CPAs and other tax professionals to be certain that the guidance we provide our clients is in line with…
One of the most often asked questions I get is “what is the difference between cash and accrual.” Most small business owners DO NOT understand the difference – even after I explain it. It is one of the most confusing topics amongst them. So let me see if I can help a little bit.…
We are all in business to make money right? But we are not in the business of paying Uncle Sam. We want to keep as much of our money as we possibly can, especially from him. So as a small business owner, what do you do? You learn the difference between cash basis and accrual…
Every year a gazillion tax preparers and tax accountants lock themselves in a room from mid-January until April 15th and push out as many tax returns as they possibly can. Tax returns that show you how much money you owe Uncle Sam or how much he owes you if you’re lucky. Included with your return,…
Every person in the world feels that they do not have to do right by the tax man. So why would you think someone running a business would be any different? Every day business decisions are made that revolve around cash flow and who always gets the short end of the stick? The owner’s salary…
Managing your finances yourself can be a very daunting task. If it’s not your wheelhouse it can be overwhelming, confusing and frustrating. And when those feelings set in, often times everything gets murky and transactions aren’t coded properly, if they are recorded at all. So here are 7 do’s and don’ts that you should heed…
Have you ever had to pay out of pocket for a job or business related expense that you were unable to receive a reimbursement from your employer? To most Americans, unreimbursed employee business expenses are one of the least understood areas of the tax code. Many of us believe it is an automatic deduction and…
