Take out a business loan or have a mortgage for your brick-and-mortar? You may cringe when you see your business interest expense add up. But here’s a bit of good news—there’s a business interest expense deduction you may be eligible to claim (hooray!). Read on to learn more about business interest expenses, including what types […]

Caught the entrepreneurship bug? Congratulations—it’s likely an exciting time for you! You have ideas, plans, and goals to accomplish. But, starting a business can also be a little overwhelming if you don’t have existing knowledge of what you need legally. Check out this starting a business checklist to plan out everything you need to know […]

You’ve decided to start a business. Er … is it a hobby? How do you know if you’re making a little side money from a hobby or running a full-fledged business? Does it matter? Well, the IRS cares about whether you have a business vs. hobby—so you should, too. Read on to learn the difference […]

Employers bear the burden of calculating, withholding, and remitting taxes from employee wages. They must also report them to the correct government agencies. But, what must self-employed individuals do? And what about individuals whose income isn’t taxed? What should those individuals do to pay and report their taxes? If you’re self-employed or receive untaxed income, […]

Spring cleaning is a staple in households for a reason. Over time, things get pretty messy—especially when you’re busy. And in business, the same thing can happen to your accounting books. Do your books need tidying up? Use our bookkeeping clean-up checklist to get started. In this article, we’ll go over: Why bad bookkeeping is […]

If you want to take advantage of business deductions before the end of the year, you may decide to prepay some of your expenses. But, hold up! Before you do that, you need to learn about the 12-month rule for prepaid expenses. What are prepaid expenses? So, what do prepaid expenses include? Prepaid expenses are […]

The average cost to start a business is less than $10,000. But, every business is different. So if you have a million-dollar business idea, you probably want to know what it’s going to cost you. How much does it cost to start a business, exactly? Although there’s no neat little price tag on your entrepreneurial […]

Quick: Off the top of your head, how much money is your business bringing in? How much are you spending? At some point, investors, lenders, and (cough) you will need to know. But don’t panic when someone asks about your company’s revenue and expenses. Just whip out your income statement. What is an income statement, […]

When you start a small business, you need an easy and reliable way to track income and expenses. One way you can manage your books is by using accounting software. But, what’s the cost of accounting software? Find out the factors that can impact pricing and what additional costs to look out for while shopping […]