Here’s a question: Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes (Social Security and Medicare tax) on the member’s or partner’s share of the entity’s income? Incredibly, the answer is not always clear. If you are a general partner in a […]
If you are reading this post you probably report your business on Schedule C of your Form 1040 or Form 1065 (for Partnerships). Have you noticed that the self-employment tax significantly drains your cash? The S corporation may plug a good chunk of that leak because only the W-2 wages that the S corporation […]
The IRS noticed that average gas prices across the United States exceeded $5.00 a gallon and took action. Small businesses that qualify to use and do use the standard mileage rate can deduct 62.5 cents per business mile from July 1 through December 31, 2022. That’s up 4 cents a mile. This brings […]
Are you loving the 21 percent corporate tax rate and now keeping more money inside the corporation? If so, beware of the accumulated earnings tax. You can easily overlook it. You likely don’t have the proper documentation to avoid it. And it’s expensive. The accumulated earnings tax is a 20 percent corporate-level penalty […]
It is getting increasingly popular for individuals to use self-directed IRAs to invest in alternative investments—that is, investments in things other than stocks, bonds, CDs and the like. The single most popular alternative investment for self-directed IRAs is real estate. With real estate values continuing to climb, you may be thinking about establishing your own […]
Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax on the earnings. To clarify that it expects you […]
Do you own or advise a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new federal filing requirement coming. Back in 2021, Congress passed a new law called the Corporate […]
You have read horror stories about how the IRS audits business owners and deems their 1099 independent contractors W-2 employees—and then assesses tens (or hundreds) of thousands of dollars in back payroll taxes, interest, and penalties. Are you one of those horror stories? Okay, let’s say you are one of them. You know that you […]
You may not have thought of this, but taking a cruise ship to Mexico for a business meeting is acceptable as a deductible form of transportation. Because Mexico is in the tax law–defined North American area, the law says that you need no stronger business reason to deduct your trip to Mexico than you need […]
We absolutely, positively don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible. But with knowledge, it’s avoidable. Let’s eliminate commuting and make those trips from your home to your office deductible. The law gives you two ways to eliminate commuting from your home to your outside-the-home office: 1. Make a […]
Most companies can benefit from the advice and expertise of a Chief Financial Officer. But, for most small and medium businesses, the cost of another full-time addition to the C-Suites just doesn’t make sense. Enter the virtual CFO, a professional from outside the organization who fills the role as needed. Not sure how a virtual […]
Every month, attorneys have complex accounting to do, and this task can get away from you if you don’t keep up with it or if you don’t have a professional accountant on-staff. An attorney’s monthly accounting includes billing for clients, payroll (weekly or bi-weekly or bi-monthly), and managing their Interest on Lawyers Trust Account (IOLTA), […]
Are you thinking about streamlining some of your financial functions to help trim costs and increase your ROI? Or perhaps you want to hire someone to take care of your accounting and financials so you can focus more on the income-producing aspects of your business but don’t have enough in your budget to employ a […]
Many freelancers work as a sole proprietorship, which means that they are not incorporated with the secretary of state. Though a sole proprietor can register as a business, it is not required. The sole proprietor works under his or her own name. A sole proprietor can also be a married couple working together. According to […]
Anyone who has launched an e-commerce business from the ground up may not initially understand how complicated finances can become without an accounting strategy in place. The joy of rapid growth and success can turn into confusion and stress if you don’t come up with an accurate, efficient and secure way to reconcile matters including […]
Intuit has increased the price of its Quickbooks Online product significantly over the past year. For some users, this has amounted to a change of more than three times their monthly cost. As a small business owner, these changes may no longer be a fit for your budget. Here are a few options that might […]
Chief financial officers play an important role for businesses of any size. From supervising bookkeeping to preparing financial statements to projecting future performance, a CFO ensures the business stands on solid financial footing. But hiring a full-time CFO may be out of reach for small and mid-sized businesses. It’s quite expensive to pay the salary and […]
The concept of cloud computing is continually gaining ground around the world. As a business owner, you are most likely using one of the many available cloud applications in your workplace. This could include Google Drive, Dropbox, and Salesforce. If you have realized the benefits of using these cloud applications, then cloud accounting for your […]
It’s often tempting for business owners to attempt to handle their accounting and bookkeeping needs themselves. After all, business owners are accustomed to wearing many hats; why not save money by carrying out your bookkeeping and accounting services yourself? Unfortunately, this “can do” attitude which is essential in so many business areas can lead to serious problems […]
Are you searching for outstanding Miami bookkeeping services? At ABusinessManager.com, we know Florida accounting and tax regulations. We offer professional, customized accounting and bookkeeping services for small and medium size businesses throughout Miami and all other Florida areas. It is our philosophy that small companies, like large ones, should be able to access best-in-class bookkeeping, accounting, consulting and […]
When you founded your business, you planned on doing all the key tasks to help assure they were done “your way” and “the right way”. That’s the way every business starts out … with the owner tackling every job. Soon, you become overwhelmed, and tasks get deferred. Deadlines for tax deposits are forgotten. Reconciling the […]
Since the 2008 recession small and medium sized businesses have been on the rise. At the same time financial management and breaking even each quarter is still a big concern for many businesses. In this light small businesses should look to save on expenses and leverage productivity. Hiring a full fledged CFO can increase business […]
It takes hard work, patience, and sacrifice to get a business off the ground. That effort gets wasted when entrepreneurs try to tackle both the business and financial aspects of their company. This often leads to the bleeding of financial resources that no company can survive. It’s hard to be both a good business owner […]
If you are a small business owner, you undoubtedly face a myriad of tasks that all have to be accomplished immediately. Juggling everything can be hard. Outsourcing your accounting and bookkeeping functions to a bookkeeping service or accounting service is a wonderful way to improve your operations and save money. According to Forbes Magazine*, 85 […]
Every business regardless of size will benefit from a qualified business accounting solution. Our small business accounting services have been designed to provide a cost-effective solution for businesses of all sizes. Whether you are just starting out or expanding we can create a customized accounting solution that meets your needs and keeps you on budget. […]
Outsourced Accounting Services can help your business by saving money and freeing up valuable time for managers and owners of the business. Many businesses decide to hire in-house accounting staff which can be a costly mistake. You can save at least 25%-50% compared to hourly or salaried staff by utilizing outsourced accounting services in your […]
Tax time is just around the corner and it is never to early to start getting ready. Our experience has shown that many business owners start focusing on their year-end accounting, bookkeeping and preparations for tax time during the late summer and early fall months. These business owners are making a wise decision to prepare […]
The population in Florida is growing rapidly and many that move or relocate to Florida plan to start a business or relocate their existing business. Choosing the ideal location for your business is crucial if you want to be successful. Here are some of the worst locations for starting a business in Florida: Tallahassee, Florida […]
With the economy taking an uptick lately and other States seeing major increases in revenue streams due to legalization of certain things it is only normal for hungry business to seek out the places that yield not only increased infrastructure but hopeful revenue. Here is a list of 5 cities in the Florida area that […]
Get on track with our affordable small business bookkeeping services in Jacksonville. We provide customized, affordable bookkeeping services and accounting services to small and medium size businesses in Jacksonville and all other Florida areas. With over 15 years experience in the business bookkeeping industry we have the expertise to help your business thrive. You will receive timely monthly financial statements, […]
