Bookkeeping and tax tips to help you understand your small business finances.

A Comprehensive Guide to the IRS Fresh Start Initiative
The IRS Fresh Start Initiative, launched in 2011, is a program designed to assist taxpayers, particularly first-time offenders, in managing and paying off their tax debts. This initiative has been a beacon of hope for many individuals and small businesses, providing them with an opportunity to rectify their tax situations without the burden of extensive interest and extra fees. This article will delve into the specifics of the Fresh Start Initiative and how it can be beneficial to taxpayers.
Strategies for Small Businesses to Increase Gross Margin
Gross margin, a key financial metric, is the percentage of total sales revenue that a company retains after incurring the direct costs associated with producing the goods and services it sells. For small businesses, improving gross margin is crucial for financial health and sustainability. This article explores strategies that small businesses can employ to grow their gross margin.
What to Do if You Can't Pay Your Income Taxes on Time
Don't panic! The IRS offers options to help taxpayers facing financial difficulties. Understanding your options, such as filing for an extension, setting up a payment plan, or exploring offers in compromise, can help ease the burden and avoid severe penalties.
How Does the IRS Determine Tax Brackets?
The IRS (Internal Revenue Service) determines tax brackets based on a progressive tax system in the United States. This system is designed so that taxpayers with higher incomes pay a higher percentage of their income in taxes. The tax code...
What is GDP?
Gross Domestic Product (GDP) is a measure of the size and health of a country's economy. It represents the total monetary value of all goods and services produced within a country's borders over a specified period, usually one year. GDP...
What Causes Inflation?
Inflation is a phenomenon that occurs when the general level of prices in an economy rises over time. When inflation is high, the value of money decreases, and consumers can buy fewer goods and services with the same amount of...
What is the Difference Between a "C" Corp and an "S" Corp?
When starting a business, one of the important decisions an entrepreneur has to make is the type of business structure to adopt. In the United States, there are several types of business structures to choose from, including sole proprietorship, partnership,...
What is the Debt Ceiling and How Can it Impact My Business?
The debt ceiling is a critical aspect of the United States federal government's finances, and it is essential for business owners to understand its implications. In this article, we will explain what the debt ceiling is and how it can impact your business.
Meals & Entertainment Tax Deduction
The Meals and Entertainment tax deduction allows small business owners to deduct 50% of the cost of meals and entertainment expenses that are directly related to or associated with the active conduct of their trade or business.
What Triggers an IRS Audit?
There are several factors that can trigger an IRS audit. Some of the most common triggers include:
Can I Take a Tax Deduction if I Don't Have a Receipt?
If you are unable to provide a receipt for an expense that you would like to claim as a deduction, you may still be able to claim the deduction by providing other documentation or evidence to support your claim.
What Key Performance Indicators Should I Use to Improve My Business Performance?
There are many key performance indicators (KPIs) that you can use to improve the performance of your business.
Top 10 Things You Should Do Before the End of Your Fiscal Year.
As the end of your business fiscal year approaches, it is important to take the time to review and prepare for the upcoming year.
What is a Business Plan and Do I Need One?
A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and actions that will be taken to achieve them.
Cryptocurrency Income Tax Reporting
If you own or trade cryptocurrency, it is important to understand your tax obligations, as the Internal Revenue Service (IRS) considers cryptocurrency to be property, not currency.
How Do I Report My Stock Purchases and Sales to the IRS?
If you buy and sell stocks, it is important to accurately report your transactions to the Internal Revenue Service (IRS) on your tax return.
Capital Gains Tax
Capital gains tax is a tax on the profit that an individual or entity realizes from the sale of a capital asset, such as a piece of real estate, a stock, or a business.
Why it is Important for a Small Business to Invest in Technology
Investing in technology is crucial for small businesses in today's digital age.
What Entity Type Should I Choose for My Business?
Choosing the correct business entity type is an important decision that can have significant legal and financial implications for your company.
How do I Create a Budget for My Business?
To build a budget for your business, follow these steps...
Should I Keep a Separate Bank Account for My Business?
It is generally a good idea to have a separate business bank account when you are running a business.