Where do you see your business in 5 years? 10 years? What are you doing to get yourself there? Here’s the deal – we have to know what the end goal is in order to get there. So let’s goal set together. In 5 years you want to… ⚡️ Hire more employees? ⚡️ Take 2…
Let’s discuss filing 1099s for your business or RECEIVING 1099s for work done. For Businesses Filing 1099s Here are the three criteria you need to meet to give someone a 1099-NEC: ◼️ You made the payment to someone who is not your employee (including parts and materials). ◼️ You made the payment for services in…
I’m going to drop some knowledge on you today. We’re going to debunk common business, finance and marketing myths. Business myth #1 – if you’re an entrepreneur, you don’t need to worry about strategic planning. We’ve heard this before. Well let me tell you – that’s exactly why you need to be doing this! EVERY…
Don’t set any rules to “auto-add”… trust me on this. Every set of books we see where the business owner feels completely in the dark about their books, there is an auto-add somewhere in there wreaking havoc. How does this happen? You are doing everything they’re supposed to – categorizing your expenses and diligently adding…
It’s the final countdown. If you requested an extension on your taxes, you have a little over two weeks to finish your taxes and get them filed without penalty. What happens if I miss the October 15 tax extension deadline? 💸 You’ll owe more interest. A tax extension gives you more time to file your…
“Who pays for it?!” “Nobody…. You write it off” “WHO writes it off??” 😂 This is probably one of my favorite Schitt’s Creek episodes. And coincidentally, it’s one of the questions we get the most. Fear not! We have a worksheet for that. We’ve compiled a list of the most common business deductions for small…
This is going to hurt. But it’s the truth ⚠️ You’re spinning your wheels in your business, sometimes feeling like you might just spin out of control. You became a business owner so that you could call the shots. So that you could stop being everything to everyone. Yet here you are still trying to…
Is your business profitable? There’s SOME money in your bank account and your profit and loss says you made really good money. So where did it all go? The reality is that just like with your personal money, if you’re not budgeting, you’re likely to overspend and eat into your profits. Profit shouldn’t only be…
When should I hire a bookkeeper? Do I hire one right away or do I wait until my company is a certain size?? There’s good news and bad news. The good news is that it depends and the bad news is that it depends. But in all seriousness, the factors to consider don’t really include…
How should I pay myself? We get this question on a weekly basis from new or potential clients. Especially for Single Member LLCs or sole proprietors, this question comes up often. They think, “I’m not on payroll and I’m worried about taking money out incorrectly.” They are right to tread carefully. If you start paying…
Are you paying yourself yet? If you’re not, let’s make a plan for how we can change that asap. If you’re looking at your business finances without factoring in a decent pay for yourself, you’re doing yourself and your business a disservice. You would never ask an employee to work for free, would you? Here’s…
🚨Big News from the IRS 🚨 The IRS is increasing the standard mileage rate to 62.5 cents starting on July 1, 2022. There will be two rates for the year – and you will need to track your mileage from 1/1/22-6/30/22 and know that number separately, then track 7/1/22-12/31/22, if you want to take full…
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