Best Virtual Accounting Services In Tampa Bay Virtual accounting or outsourced accounting may sound like a situation where you ship jobs far away while losing all control of your finances. The truth is, many virtual accountants these days are folks that live in your...
Paying Taxes on Household Helpers
If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road....
Turn Your Vacation into a Tax Deduction
Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did--and was able to legally deduct every dime that he spent on his vacation. Here's how he did it. 1. Make all your business appointments before you leave for your trip....
What Is Cash vs. Accrual Based Accounting?
The Difference Between Cash vs. Accrual Based Accounting Many small businesses start off using the cash based accounting method which makes sense because it is what we all know and it is easy to do. However, as a business continues to grow, small business owners...
7 Tips For Managing Business Cash Flow
Cash Flow & Your Business The cash flow of a business can be what makes or breaks it. Even if you have lots of customers and your store is packed, if you cannot manage your business cash flow and the bills aren't being paid, it can all start to crumble pretty...
Starting a Business? Five Things You Must Know
Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up...
Using a Car for Business? Grab These Deductions
Whether you're self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking,...
Defer Capital Gains using Like-Kind Exchanges
If you're a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed. But...
Eight Ways Children Lower your Taxes
Got kids? They may have an impact on your tax situation. Here are eight tax credits and deductions that can help lower your tax burden. Dependents: In most cases, a child can be claimed as a dependent in the year they were born. Be sure to let us know if your family...
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