Exploring The Accounting World

When you establish a small business, you need to make sure you have all of your finances in order. Failing to pay enough attention to your finances can leave you in hot water with the IRS and put your business at risk. Many small business owners continue to make the same financial blunders. However, if you are aware of these mistakes, you can take steps to avoid your business falling prey to them.

Being a freelancer and leaving the traditional dynamic of employer-employee relationship behinds means that you shoulder a larger tax burden as you have to pay both the employee and employer contribution to Medicare and Social Security, which is often referred to as the self-employment tax. However, the number of expenses that you can deduct from your taxes also significantly increases as a freelancer. #1 Health Insurance Costs Although you are responsible for paying your health insurance costs, you are also able to take a direct deduction from your income for your health insurance premium.

If this past April, when tax time rolled around, you felt like your tax bill was a little too big, make sure that you take steps this year to get your tax bill under control. Here are five different areas of tax law that you may want to consider looking into to get your tax bill under control. #1 Property Taxes It can be advantageous to pay this year's property taxes as well as next year's property taxes all at once.

Are you thinking about starting your own small business? In a constantly evolving work landscape, becoming your own boss may be the key to navigating the future and helping ensure a stable income.  But, becoming an entrepreneur comes with a lot of new questions. Key among these is how it will affect your finances over the next few years To help you understand and make the most of your new business's impact on your wallet, here is a quick guide to how it will change your taxes.

Small business owners usually know that they need to hang onto all of their receipts, invoices, and billing statements, but they don't usually maintain organized records. Whether you are operating an S-corp or have a less complex business entity, accurate records must be kept. Businesses can end up owing a hefty sum if they don't estimate their quarterly state tax payments correctly, and there are many times fines that become applicable as a result of these kinds of oversights.

QuickBooks can help keep your business's financial records in order. However, the program relies on human data entries to maintain the records. Mistakes made in the entries and incorrect usages of the software can result in errors that could prove costly. To ensure your company is getting the most out of your online version of QuickBooks, here are mistakes to avoid: Leaving Your "Items" in Disarray In QuickBooks, your inventory is defined as "

Starting a small business is a big investment in time and, most notably, money. For the average person, cutting corners and saving money sounds like the name of the game. However, it does pay to pay when it comes to your finances. Don't think so? Here are just some of the costly mistakes that can come about when you take your finances into your own hands. Not Understanding How to Review Reporting

Whether you're a college student yourself or the parent sending on off, it's an expensive proposition. Between the rising cost of higher education, the cost of living near campus, or the never-ending need for supplies, your wallet can definitely take a real hit. So, how can you help ensure that you cover those expenses with the least stress? One way is to make sure you're getting the most out of your taxes during this time.