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...

Make New Customers But Keep the Old

One is silver, but the other is gold! The old song is talking about friends, but it's equally true of your existing customers — they are your most valuable asset. Long-term, loyal customers put money in your pocket with repeat business, new customer referrals and...

Analyze, Plan, Grow: 8 Tips for Scaling Your Business

Is your small business ready to size up? Here's how to put yourself in a position to seize that growth opportunity when it comes along. ANALYZE your Products This is especially important if your expansion involves introducing new products and services. Perform market...

Getting Paid 101: Accounts Receivable for Small Business

Basically, Accounts Receivable is the invoicing, collecting and recording of money owed to you by your customers. It's all very well to see an Accounts Receivable number in the asset column on your balance sheet — but what are you doing to turn that theoretical money...

Recipe for Success: 5 Must-Have Ingredients of Restaurant Bookkeeping

As a busy restaurateur, you may think that bookkeeping chores are the last thing on your priority list. Yet precisely because the business is so fast-paced, it's crucial to keep your numbers current. One small variance in profit margins or cash flow can turn into a...

Bookkeeper or Accountant: Which One Do You Need?

What's the difference between bookkeeping and accounting? For most people, they mean the same thing — the experts responsible for a company's finances. Traditionally, though, bookkeepers and accountants have different duties and skills. Let's take a look at those...

Bullet-Proof Your Accounts Payable with 3-Way Matching

How do you know whether the supplier invoices you're paying are accurate — either accidentally or on purpose? The answer is the 3-way match system. Here's how it works. Step 1: Purchase Order Make it a rule that your business does not buy anything without having a...

Loan Options for the Woman-Owned Small Business

Did you know that before the Women’s Business Ownership Act of 1988, many states required a woman to have a male guarantor for her business loan? Times have certainly changed since then. In fact, 40% of U.S. businesses are now owned by women. You'd think banks...

What Not to Charge to Your Business Credit Card

You've probably read in some of our other blogs that you shouldn't put personal expenses on your business credit card (and vice versa). But there are also some business-related expenses that shouldn't really go on that card, either. Why Have a Business Credit Card? In...

Hiring an Independent Contractor? You’ll Need These Forms

Whether you're a small start-up with no employees or a larger company just dipping its toe into the "gig economy," here's what you need to know about contracting with a freelancer. What Is an Independent Contractor? Unlike a full-time, part-time or temporary employee,...

Why Should a Sole Proprietor Bother with Accounting Software?

You're just a small business. Is it really necessary to go beyond an Excel spreadsheet to keep track of finances? Well, it may not be absolutely necessary, but it sure would save you a lot of time and hassles. Here are 4 ways spreadsheets let you down — and accounting...