Accounting Tips

small business financial information

Sources of Finanical Information on Small Businesses

A previous post on this blog for Accounting Month described the relationship between the business financials and the business plan. For business owners, business managers and future business owners who are starting a business, or for anyone who needs to make financial projections, it helps to do research when you actually know where to look for the information. If you don’t know where to look for the information, then it is super difficult to complete a business plan or [...]

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How to Avoid an IRS Tax Audit

The following is advice that I’ve received from accounting professionals on how to avoid an IRS tax audit. Keep in mind that I (the author of this article) am not an accountant myself or any type of IRS official. It’s still good advice, but for better advice, consult the right professionals. There is a rumor based on statistics that the IRS selects the people/businesses that they audit from those who file their taxes on time. Its a random, lottery-type selection [...]

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nolo tax savvy for small business by Frederick Daily and Jeffery Quinn

How to Deduct Vehicle Expenses for Small Business Owners

Vehicle expenses are one of the largest expenses for businesses who own vehicles and one of the biggest deductions you can claim on your taxes as a small business owner. This article will give you all the actionable information you need, summarized from the book, Tax Savvy for Small Business by Frederick and Quinn. Follow these steps to deduct vehicle expenses from your small business taxes. Step 1: Keep a mileage log to record vehicle use. You’ll need this data [...]

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nolo tax savvy for small business by Frederick Daily and Jeffery Quinn

29 Tax Deductions for Businesses (the most common)

“There is nothing sinister in arranging one’s affairs as to keep taxes as low as possible . . . for nobody owes any public duty to pay more than the law demands.” – Judge Learned Hand. The tax deductions that come with owning a business are one of the biggest motivations for owning a business. Taxes are calculated based on the business’ income after expenses (recall the income statement). It’s also a progressive tax, meaning the more you make, the [...]

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How to Do Bookkeeping for Small Business

A previous post on this blog suggested that business owners do the bookkeeping themselves instead of hiring a bookkeeper. Or if you decide to hire a bookkeeper, the post suggested to make their service supplemental to your own instead of replacing you as the bookkeeper. While a good piece of business advice is to work on your business and not in your business, bookkeeping is one of the few activities where business owners can save time and money by [...]

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How to Find a Good Accountant for Small Business

Every business owner needs a super team. There are multiple professionals on this team which may include lawyers, accountants, consultants, marketing experts and others. When aggregating this team, it is important to find the right professional for your business to avoid as many mistakes as possible and maximize the effectiveness of your business. Since this is Accounting Month on the Mirex Marketing blog, it is only appropriate to have a post that explains how to find a good accountant [...]

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CPA vs Enrolled Agent: What is the difference?

Certified Public Accountants (CPAs) and Enrolled Agents are both qualified to perform accounting tasks for your business. When business owners are shopping or looking around for a good accountant for their business, they may come across both of these professionals. Since the next post will explain how to find a good accountant, it may be helpful to understand what the difference is between a CPA and an Enrolled Agent (EA): Certified Public Accountants (CPA): Certified Public Accountants generally have a 4-year [...]

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Business Financials and The Business Plan

The blog posts that were published last week were a good start for Accounting Month on this blog and they can be a fantastic resource for business owners, business staff, and start-up businesses who need to learn accounting. Here is a list of them for review:40 Basic Accounting Principles that you need to know to understand Small Business Accounting Cost of Goods Sold – Additional Principles that Businesses with Inventory Must Know 65 Accounting Terms and Definitions Should I Hire a Bookkeeper? [...]

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3 Business Financials: The Balance Sheet, The Income Statement and The Cash Flow Statement.

There are a few financial statements which help to portray the financial and economic condition of a business. Yet, there are three main ones which were introduced in the previous post 40 Basic Accounting Principles. The main 3 Business Financials are the balance sheet, the income statement, and the cash flow statement. These are the top financials that business owners, business managers, and lending institutions look at. The following explains what these financials are, what they might look like [...]

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