Anyone interested in IRS publication 17 and small businesses will be interested in the Intuit study that demonstrates how the cloud will change small businesses. Many more businesses are moving to cloud computing in some way, for efficiency and success in the long term. Cloud technology offers numerous opportunities for small and large businesses alike.
Specialized services present one opportunity for small businesses, particularly in their seamless integration into back-office functions. Cloud services represent an efficient, tailored solution for small businesses, allowing them to concentrate their efforts on their specialties. They need not spend time and resources on tasks that … Read more at 2009 Tax.
The thought of doing your own bookkeeping is pretty daunting right? That’s the general consensus. Having your own business involves enough work as it is. Why not just leave the accounting bit to the professionals. Fair enough. If you never want to deal with tax offices and worry about learning financials so be it. But you would be surprised how easy it can be.
These days there are superb accounting package and courses. You can sort out your tax online. Even the small things like recording invoice amounts into an excel sheet can save you precious time and money with … Read more at 2009 Tax.
Occurrence of disputes during the course of business operations is accepted as normal and considered a part of business. Nevertheless, there could be times when you might require taking up legal services for the settlement of these disputes. Business legal fees could be very steep at times making it difficult for small business owners to use such services. However, there are ways by which you can save money on the business legal fees. Some of these tips are as follows:
Choice of attorney
It is very essential to choose the right attorney for your case. Lawyers specialize in different areas … Read more at 2009 Tax.
Tax time is a very stressful time for a great majority of people. Small business owners can be especially nervous. “What form do I use? Is this the right attachment? What is a business expense, and what isn’t? What type of expense is this one? Can I prove if necessary? Is this fully deductible as a legitimate business expense, or can I claim only a portion of it?” Boil all those common questions down to the core issue that will prove or disprove legitimacy and type, and the battle is almost won. The most common mistakes small business owners make, … Read more at 2009 Tax.
Bookkeeping serves as a foundation for sound financial decision making and planning and therefore it is essential that financial records are kept up-to-date. Some businesses procrastinate the mundane process of maintaining financial records because it involves a lot of time and effort. When this happens, it is better to find a bookkeeper so that you can get more time to concentrate on core business activities. Some common bookkeeping mistakes that can be avoided by paying more attention are as follows:
Inaccurate Record Keeping
Business managers can lose important receipts or ignore small expenses that seem insignificant to them and this … Read more at 2009 Tax.
So, the holidays are over and you’re adding up your books (you’d BETTER be adding up your books-tax time is coming!). You know full well to add up your monthly income and common deductions like EI and CPP for your employees. But what are some deductions that you may have missed that could be costing hundreds of dollars? Here are some weird small business/self employed deductions that may never have occurred to you.
- Cost of replacing materials. If you’re a writer/artist/photographer, etc and you need to buy new equipment, you can claim the new piece as a tax deduction. Even