Top Franchise Opportunities in 2020

If you've been wanting to start your own business but are worried about going it alone, a franchise may be your answer. You'll still operate independently, but you'll be backed by the name recognition, marketing power, supply sources, processes and products of an...

Pass-Through Deductions: What It Is and Who Qualifies

One of the best small business-friendly aspects of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction you can take on your income tax if your business is a pass-through entity. Here's what you need to know about it. What Is the Deduction The TCJA was passed in 2017...

How to Track Deferred Revenue for SaaS Businesses

Subscriptions are the most important revenue stream for software-as-a-service (Saas) businesses. Yet many accountants don't correctly record that revenue in the company's books. This makes it difficult to see your true financial position and make informed decisions....

Thinking About a Second Location? Do These 5 Things First

Is becoming a multi-location business right for you? We've put together a series of steps to analyze the factors involved and help you make a smart decision.     1. Determine whether you're in a position to expand. There are many signs that your business has...

2020 Tax Deadlines for Small Businesses

Keep this chart handy or copy the relevant parts of it into your calendar so you won't miss a due date throughout the year. W-2 Filing (Wage and Tax Statement for Full- and Part-Time Employees) January 31 Form 1096 Filing (Information Return by Employers to the IRS on...

2020 New Year’s Resolutions for Small Business Bookkeeping

Not as on top of your business as you would like? Get rid of bad bookkeeping habits and start some new, good ones. Check out our suggestions for being more efficient and profitable in the years ahead. Update the books once a week. There's a saying for managing...

Xendoo List: 6 Steps to Building a Million Dollar Coaching Practice

You have the smarts, the experience, and the credibility. You know how to coach individuals to perform at their peak and help corporations reach their profit potential. Now is the time to develop your thriving coaching business, right? Right. But remember, starting is...

Best Business Structure for Consultants

As a professional consultant, you spend plenty of time determining how other businesses work. But, how much time have you put into determining the shape of your own business? Choosing the best legal entity for your enterprise will help minimize your risks and maximize...

Accounting Software for IT Consultants

You know the saying, “If you can’t love yourself, how are you going to love anybody else?” Same goes for your consulting practice. If you’re not taking care of your business, how are you going to help clients take care of theirs? No matter what kind of consultant you...

Holiday Gift Books for the New or the Aspiring Small Business Owner

Do you know someone who's just started their small business, or is dreaming of doing so? This gift-giving season, help them achieve success with these 10 great reads. Written by world-renowned experts, they offer wisdom, actionable tips and motivation for the...

Accounting Tips for Coaching Businesses

Whether you're a life coach, math tutor or engineering consultant, sharing your expertise as a sole proprietor gives you the independent lifestyle you want. Here's how to ensure that it gives you the financial rewards as well. The secret lies in good bookkeeping...

How Do I Pay Myself and My Taxes as a Single-Member LLC?

The LLC (limited liability company) is a popular alternative to a sole proprietorship set-up for single-owner businesses. It gives you the same simplified income processing that a sole proprietorship enjoys, plus financial and legal protection similar to a...

Best Accounting Tips for Real Estate Agents and Brokers

As the owner of a new real estate business, you're probably aware of the unique characteristics of this industry. Set up your accounting system the right way, and you'll minimize the labor and stress involved in large-value transactions, extreme income fluctuations,...

Small Businesses, Save on Taxes with These Year-End Actions

Want to pay less tax on your 2019 income? Now is the time to make your moves. In order to be counted, they must be completed by December 31, 2019. 1. Capital Expenditures Invest in new equipment or make other improvements to your business. Any purchase made in 2019...

States with No Income Tax

Imagine being able to erase what you thought was an unavoidable cost of living or doing business. That's exactly what you can do if you reside or locate your business in one of the seven — soon to be eight — U.S. states that don't have income tax: • Alaska • Florida •...

2019 Year-End Checklist for Small Businesses

Every business needs a good tidying and updating at least once a year. The best time to do it is at the end of your tax year, which for many small businesses is the same as the calendar year. Get organized, review the data, and make your plans for a profitable 2020....

The Puerto Rico Tax Haven: Will Act 20 Work for You?

Looking to cut your business income tax rate by up to 90%? Locating in Puerto Rico might be your answer — if you're willing to play by their rules. What Is Act 20? It's no secret that Puerto Rico needs to boost its economy. And because it enjoys special status within...