Guidelines for Document Retention

Please use this as a set of guidelines, and not as a replacement for any advice your Attorney, Tax Professional, or CPA has provided.   Documentation to retain includes, but is not limited to: Invoices & Bills Account statements Credit card receipts and statements Contracts and/or Lease Terms Cash register tapes Deposit information (cash and […]

Review of SBA blog: 5 factors of audit risk

I have heard clients say before, “If it wasn’t for the IRS, I wouldn’t need a bookkeeper or accountant”.  Of course, this is far from true, as a good accounting system consistent with GAAP (Generally Accepted Accounting Principles) provides consistent, useful financial information for external users (investors, for example) and internal users (owners and managers). […]

How to Prepare a 1099

When everyone is so focused on getting their books cleaned up for 2014 taxes to the IRS, it is easy for some of the “other” taxes to fall through the cracks.  One of the important filings due at the end of January (February 2, 2015 this year) is the 1099s.  If you don’t know what […]

Motivating for Success

As a small business owner with a lot on my plate,  I often run into moments of doubt and a lack of proper motivation.   “Why am I putting myself through this?”  Apparently,  according to Katherine Keller, a contributor with entrepreneur.com,  that is the exact question we should be asking ourselves. It is extremely important that […]

LLC vs Corp vs Both

It is important to talk to a CPA when trying to determine how to structure your business. There are benefits to both LLC and Corporate structures, but different reporting requirements for each. An LLC provides some liability protection and ease of equity transfers. Corporations offer better protection, but requires business owners to pay themselves a […]