Choosing the “Right” Expense Category

Surefire ways to stress-less and work more quickly when trying to decide how to categorize your operating expenses. One of the most consistent items I see business owners struggle with is the attempt to categorize their expenses to the “right” account. Now when I talk about account, I’m not talking about your bank or credit […]

Wave Accounting Tutorial – Converting to Cash Method

Wave accounting is an excellent free resource for small business, but it does maintain an accrual based accounting system. However, a large portion of the United States small businesses use cash method as their accounting method, so we need to convert from accrual to cash prior to reporting taxes to the IRS or state. This […]

Phone Apps have Great Tools for Entrepreneurs

Do You Truly Understand WA Sales & Use Tax?

Being a small business owner in a state that has sales tax has its own set of challenges.  It seems easy at the start.  A customer comes in and purchases a product, sales tax is paid to the seller and the seller holds onto the sales tax.  The seller carefully makes sure not to spend […]

Squeezing Wallet

3 Solutions to Managing Your Bookkeeping on a Budget!

Unless they have saved up the capital, or have an investor, many small businesses start out with limited cash flow. This often results in some hard decisions being made regarding what services can and cannot be included in the startup operations. However, if one cannot afford to outsource services, then the owner needs to be […]

Credit Card Rewards – Taxable?

Cash back on credit cards sounds like free money, right?  It makes a lot of taxpayers feel like they are getting away with something, since there usually is no such thing as free money to the IRS.  Through competition between credit card issuers for prized consumers, the amount of cash back rewards are continuing to increase.  It […]