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

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.

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.

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.

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...

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...

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...

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,...

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.

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.

There are several factors that can trigger an IRS audit. Some of the most common triggers include:

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.

There are many key performance indicators (KPIs) that you can use to improve the performance of your business.

As the end of your business fiscal year approaches, it is important to take the time to review and prepare for the upcoming year.

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.

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.

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 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.

Investing in technology is crucial for small businesses in today's digital age.

Choosing the correct business entity type is an important decision that can have significant legal and financial implications for your company.

To build a budget for your business, follow these steps...

It is generally a good idea to have a separate business bank account when you are running a business.