If you’ve been self-employed for any length of time, then you’ve probably heard the horror stories about fellow business owners being audited. In fact, the IRS tends to pay close attention to sole proprietorships of all sizes and is particularly tough on businesses that deal mainly in cash. Offering decades of industry experience, the team […]
Taxes for the Self-Employed – What You Need to Know to Avoid Audits Read More »
It’s no one’s favorite time of the year. After the New Year, many small business owners start anticipating the dreaded end of the fiscal year, also known as tax season. And while finding the money to pay Uncle Sam can be tough for the cash-strapped small business owner, there are some ways to minimize the
Top 10 Tax Deductions for Self Employed Read More »
As another tax season approaches, you might be wondering about the various responsibilities that await your small business. From deciding what deductions are valid to determining what forms to fill out, the stress level is often high for those who run their own companies. Fortunately, accurants is here to help. Here are some of the
Key Differences Between a W-2 and a 1099 Read More »
If you’re the owner of a small business, the odds are good that the following statement is familiar: You couldn’t do your job without your employees, but sometimes dealing with your employees can feel like a job. Rarely is this more accurate than in the world of payroll. Referring to the steps and processes involved
Understanding the Basics of Payroll Read More »
Wondering how to keep your kids busy during the summer months? If you’re a small business owner with older children, you might want to think about bringing them onto the payroll. While we’re not advocating for making your kids work 40 hours a week, a little time at the family shop or office can be
5 Reasons Why You Should Hire Your Child For Your Small Business Read More »
Small business owners have to make numerous decisions, not the least of which is determining the best method to handle accounting. Typically, businesses use one of two principal accounting methods, known as cash method and accrual method a (also referred to as cash basis and accrual basis accounting respectively). IRS defines an accounting method as a set
Cash Basis vs. Accrual Basis Accounting Read More »
A recent Huffington Post article revealed a startling statistic: as of 2013, self-employed individuals paid the highest income tax rates of any group in the U.S. One reason for this is the undue burden these workers face as a result of the self-employment tax. Whether you freelance occasionally or own your own small business, you
What Is Self-Employment Tax? Read More »
It’s no secret that most small business owners are operating with limited budgets. If you aren’t taking advantage of mileage deductions, you might be missing out on a valuable opportunity to slash your tax bill this spring. Whether you drive your personal vehicle to meet with clients, attend trade shows, purchase supplies, or pursue continuing
Mileage Log: Little Work, Lots of Money Back Read More »
If you want to stay on the IRS’s good side in the coming year, it’s important to keep up to date on the latest small business tax requirements. Below is a brief primer about the 1099 form and what it means for your SMB this year: Understanding the 1099 Form Contrary to popular opinion, the
As a small business owner, you likely enjoy the great opportunity to be your own boss while working in a field you truly love. Unfortunately, self-employed people in this country also face a more significant tax burden. As a freelancer or small business owner, you are responsible for paying the self-employment tax in addition to
Top 10 Tax Deductions for Small Businesses Read More »
