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Filing by the October 15  Extension

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 […]

Just Write it Off! … Wait a Minute

“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 […]

Business Strategy

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?

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?

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 […]

Paying Yourself via Owner’s Distribution

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 […]

Three Reasons You Should Be Paying Yourself in Your Business

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 […]

2022 Changes to Business Mileage

🚨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 […]

Five Things Business Owners Can Do at Year-End to Lower Their Taxes

#1 Buy that big item you’ve been waiting to buy – equipment, vehicle, computer Bonus depreciation allows businesses to deduct a more significant percentage of the cost of their purchased assets the year they are acquired instead of depreciating them for years. Depreciation is the gradual charging to expense of a fixed asset, this means […]

Are you paying yourself?

Are you paying yourself?

This one might ruffle a few feathers, and that’s okay. Are you paying yourself? Like, in actual money? We often run into entrepreneurs who are not paying themselves. They’re getting by and aren’t too bad off because of a myriad of reasons, but the reality is they are running a business without paying themselves a […]

Are you using Venmo to accept payments for business?

I know, I know.. it’s incredibly convenient. But it’s also a nightmare for tracking your sales. Plus, having too many streams of income can be downright overwhelming. Not to mention most people are not using a Venmo business account. There are two options to help! Square just came out with a new live link that […]

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