Blog

Should You Hire an Employee or an Independent Contractor?

  Last week we discussed how to determine if it is the right time to hire help. This week we will help you determine if you should hire an employee or an independent contractor.   There are benefits to both.  There are several factors to consider:   Type of work you plan to hire out:

Read More

When to Hire an Employee

  Remember when you started your business? The simple times of working out of your home and handling everything yourself?  Remember having time for family, friends, and relaxation? Has your business grown to the point that you are not able to handle all of the responsibilities by yourself? Do you find there is not enough

Read More

Contractor Versus Employee

Have you Hired an Independent Contractor or Employee? It is critical that as a business owner, you correctly determine whether the individuals providing services are employees or independent contractors. Determining Whether the Individuals Providing Services are Employees or Independent Contractors   In determining whether the person providing service is an employee or an independent contractor,

Read More

Establish your Business Entity

  Are you starting a new business? You will need to decide if you want to run your business as a sole proprietorship, a partnership, or a corporation, and whether or not to become an LLC.   Here’s a quick reference. An LLC is a legal designation for your company to help protect assets from

Read More

SETTING UP A HOME OFFICE

  Select the Right Spot The space you choose for your home office should be well lit and properly ventilated, with enough room for furniture, supplies, storage compartments and other items you use on a regular basis. Watch window placement for glare issues. Keep in mind your space needs to be used only for business

Read More

Balance Sheet Accounting

  Too often in business the balance sheet is neglected. The balance sheet  is one of three important informational statements for your business.  It is a report that will show you the value of your company. The balance sheet has an important function at tax time. Here is a balance sheet review:   Balance Sheet

Read More

Do You Need a Separate Checking Account for Your Business?

  A question that I often receive is, “Do I need a separate checking account for my business?”   It is highly recommended to have your business money in a separate account.  By setting up a separate bank account, you have established a record of business income and expense that will help at month end

Read More

Simple Record Keeping Strategies

  Organization is the name of the game. If you don’t have a solid record keeping strategy, you will struggle to be tax ready. Bookkeeping will be a nightmare if you don’t have an effective filing system.   Here is some simple record keeping strategies to follow: Record transactions by category: All money received from

Read More

Afraid of an Audit? Don’t Forget these Thirteen Deductions!

  Don’t mess with the IRS, but take every legal deduction you can! That doesn’t mean you should cheat yourself, in fact tax law states that you are to report all income and all related expenses. In other words, you are required to file an honest tax return and have the paper work to prove

Read More

Is My Telephone or Cell Phone Tax Deductible?

  By Evyln Carlile & Shelly Cedarblade   The answer should be simple, you need a telephone to operate your business and therefore it should be deductible as an “ordinary and necessary” business expense. However, as you may have guessed, it is not that simple!   IRS Deductions The IRS deductions rules state that “the

Read More