by Karla Dennis | Dec 20, 2018 | Blog
This post was originally published on Sept 25, 2015, and updated on December 20, 2018. Being self-employed is one of the best-kept secrets in the tax code. s a matter of fact, the self-employed individuals have their own tax code; a lot of hidden deductions, a treasure trove of deductions that are for the self-employed individuals. I will show you what you can deduct as a self-employed person. During strategic tax planning, I will show you how to take these deductions based on your unique vision, and that’s really the key. We have to have your unique vision written out to discover the deductions that are unique to you. We are going to be deducting a portion of your mortgage; perhaps a portion of your rent, home expenses, car expenses, travel expenses, entertainment, computers, software, cell phones, printers- and guess what? Even your kids’ allowance. That’s really important, especially in my world because I have four kids, and getting those kids’ allowance deductible is really important to me. read...
by Karla Dennis | Nov 2, 2018 | Blog
Can You Spot a Good Bookkeeping Service? It is a special kind of person that chooses the profession of bookkeeping. He or she has to revel in accuracy and details. A bookkeeper has to have a passion for numbers to really enjoy the job, but did you know that there are some qualities that many bookkeepers have in common? While you don’t want to ask too many personal questions to your bookkeeping service, you may enjoy hearing what many bookkeepers seems to have in common. First, a good bookkeeping service will be organized. Since bookkeepers love organization it is no wonder that their office space will be organized as well. There will be a place for everything on the desk. The computer files will all have appropriate names and jobs. It is the job of a bookkeeping service to be organized and that organization should stretch into their office as well. Another characteristic that a bookkeeping service will often have is that they are good with money. After all, you trust them with your money; they should be good with their own cash flow as well. In fact, many bookkeeping services find that their employees are good with their personal finances as well. They are notoriously good savers and seem to manage money well. Another funny quirk about a bookkeeping service is that many of the bookkeepers like to reconcile more than just money. In fact, the Tupperware drawer, the matching socks, and the organized lunch boxes are just the beginning. To really enjoy bookkeeping you have to enjoy the organization so much that enters all aspects of your...
by Karla Dennis | Oct 11, 2018 | Blog
Why Small Business Owners Should Keep Accurate Records This post was originally published on July 17 2013, and updated on October 11 2018. If you haven’t heard recently that audits are on the rise, you might want to start paying more attention because small business owners are being attacked more often than individual tax filers. When we hear that our government does not have money to balance the budget, we can assume that they are going to do something to generate more revenue. The biggest revenue stream we have as a government is income taxes; this is why we will see an increase in audits. Because small business owners have the greatest opportunity to under-report their income and over-report their expenses, the IRS has made a conscientious effort to guide its revenue-generating efforts towards small business owners. read...
by Karla Dennis | Oct 4, 2018 | Blog
The Role of Bookkeeping: This post was originally published on July 22, 2013, and updated on September 27, 2018. To understand the role of bookkeeping you must know whether or not the money devoted to different assets are yielding the best rate of return, and furthermore, decide whether you are effectively on your way to meeting the goals with the business or not. How does one do all this? You achieve it through detailed accounting measure to convert. Detailed accounting will convert all of the measures into monetary terms as a way to guide you on the road ahead. read...
by Karla Dennis | Sep 27, 2018 | Blog, Business
This post was originally published on July 17, 2013, and updated on September 27, 2018. With the recent change in the Tax Cut and Jobs Act, new business owners are asking what is the best entity set up, and current business owners are asking if they should move their C corporation switching to an S corporation. The answer really depends on what the long-term goals are for the business. What are your long-term goals for the business? The right structure doesn’t just depend on the state of your business today; it also depends on where you would like to be in three to five years, or even longer. read...
