What is an Income Statement, and Why Should You Care?
Picture this: You’re running your own business, and things seem to be going well. Your customers are happy, your products are selling like hotcakes, and you’re raking in the dough. But as any savvy business owner knows, success isn’t just about making sales – it’s also about managing your finances. That’s where the income […]
Inventory Management for E-commerce Businesses : Tips for Running a Successful Online Store
As an e-commerce business owner, inventory management is one of the most crucial aspects of running a successful online store. It’s important to keep track of the products you sell, how much of each item you have in stock, and when to restock to avoid selling out or having too much inventory. Here are […]
What is the Importance of Accurate Financial Records?
Financial records are critical to the success of a business. Whether you are an established company or a start-up, it is important to have accurate and up-to-date financial records to ensure that your business runs smoothly and reaches its full potential. Here are a few reasons why accurate financial records are so important: […]
What does an IRS IDR look like and how to avoid getting one?
An IRS Information Document Request (IDR) is a written request for additional information or documents related to a tax return or tax liability. An IRS IDR is typically sent to taxpayers as part of an audit or examination, but may also be sent as a request for information in response to a tax return or […]
How Your E-Commerce Store Can Maximize its Cost of Goods Sold Deduction
As an e-commerce business owner, it’s essential to understand the Cost of Goods Sold (COGS) deduction and how it can impact your tax liability and overall profitability. By knowing how to calculate and claim this deduction correctly, you can save money on your taxes and improve your bottom line. In this blog post, we’ll explore […]
Employee Retention Credit: How This Government Program Can Help Your Business Keep Employees During the Pandemic
Are you a business owner struggling to keep your employees on board during the COVID-19 pandemic? If so, you’re not alone. Many companies have been hit hard by the economic fallout of the pandemic, and retaining employees has become more challenging than ever. But did you know that there’s a government program that can help? […]
Making the Most of the Vehicle Deduction
If you’re a business owner who relies on your car to getaround, you’ve probably heard that you can save money on your taxes by taking a vehicle tax deduction. A vehicle tax deduction is a write-off that business owners can take for vehicles they use for business purposes. If you are claiming the home office […]
How to Save on Taxes with the Home Office Deduction
You work from home, but you don’t have an office in your house. Or maybe you have a home office, but you also have an actual brick and mortar location you work from as well. In both scenarios, you might be wondering if you can claim a home office deduction to reduce your tax liability. […]
How to Choose your Legal Entity
One of the first decisions you have to make as a new small business owner is choosing the type of legal entity to operate under. While seemingly minor, this decision will have a significant, long-standing impact on both the liability protection and tax implications for both the business, and yourself as the owner. It is […]
What is a Limited Liability Company (LLC)?
As a small business owner, one of the most important decisions you have to make is choosing the right legal entity for your business. This choice can have a major impact on your liability protection and tax implications, both for your business and for yourself as the owner. It’s important to carefully consider both the […]
