A seasoned CFO recently shared his frustration: His company had chosen an S-Corp structure to save on taxes, only to find itself trapped in a rigid system that still left them overpaying. “We split profits evenly at around $80k each, but the ‘reasonable salary’ requirements eat into our flexibility,” he explained. This story isn’t unique—it’s...
As a business owner, payroll tax compliance can feel like navigating a maze blindfolded. One wrong turn—like mismatching your Form W-3 and tax return—could lead to IRS penalties, delayed refunds, or even an audit. If you’re wondering, “What line on the W-3 for wages has to match the tax return? Is it Box 5?” you’re not alone....
Many entrepreneurs assume bookkeeping is merely crunching numbers or managing spreadsheets. In reality, it’s a structured approach to documenting every financial activity within a business. Accurate bookkeeping provides critical insights into performance, empowering companies to make informed decisions and achieve long-term growth. This guide explores the fundamentals of bookkeeping, its advantages, and actionable tips to...
Is your business ready for the 2025 tax season? Picture this: It’s April 2025, and you’re scrambling to find receipts, reconcile accounts, and dodge IRS penalties. Sound familiar? For many entrepreneurs, tax season feels like a high-stakes race against time. But what if you could turn chaos into calm? Meet CentsIQ—your secret weapon for stress-free,...
If you’re self-employed and considering forming an LLC taxed as an S Corp, you’ve probably heard it can save you money on taxes. But how exactly does it work? Let’s break it down with a real-life example—no jargon, just clear numbers—so you can see how business expenses, salaries, and distributions affect your bottom line. Table of Contents1...
Table of Contents1 The Shocking Tax Savings of an S Corp in Bellevue2 Understanding Self-Employment Tax in Bellevue3 How an S Corp Lowers Your Tax Bill4 Real Savings for Bellevue Business Owners5 But Here’s the Catch…6 How to Avoid Costly Mistakes7 Don’t Let the IRS Take Your Money The Shocking Tax Savings of an S...
Running a restaurant in Seattle isn’t easy. You already deal with food costs, staffing, and keeping customers happy. Now you need to handle the books without adding stress. This article gives you a clear guide on bookkeeping in Seattle, WA for restaurant owners in 2025. You’ll learn what to do and how to do it...
Bookkeeping doesn’t have to feel like solving a puzzle. Whether you’re a coffee shop owner, a freelance designer, or a solo entrepreneur, understanding the five basic accounts in bookkeeping is like learning the ABCs of your business’s financial health. Let’s break them down with simple examples and actionable steps—no jargon, just clarity. Table of Contents1...
Churches, like any non-profit organization, require meticulous financial management to ensure transparency, accountability, and compliance with regulations. This comprehensive guide explores the intricacies of bookkeeping for churches in Seattle, addressing key questions and providing valuable insights for religious institutions seeking to maintain their financial health. Table of Contents1 What Method of Accounting Do Churches Use?2...
TSheets has come a long way since its early days. From a small startup, it has grown into a powerhouse in workforce management. This evolution didn’t happen overnight. It was a journey of innovation, learning, and adapting to the needs of businesses and their employees. TSheets has made a name for itself by changing how...
Have you ever wondered what it would be like to walk away from a stable, well-paying W2 job to take the leap into business ownership? Not the chaotic world of startups, but the calculated move of buying an existing business with proven cash flow. It’s a scenario that doesn’t get much attention, yet it’s a...
As a freelancer in Seattle, Washington, navigating the complex world of taxes can be challenging. However, with proper tax planning, you can maximize your deductions, minimize your tax liability, and ensure compliance with both federal and state regulations. This comprehensive guide will help you understand the key aspects of tax planning for freelancers in the...
For entrepreneurs and small business owners in Renton, Washington, knowing when to bring a professional bookkeeper on board can be a game-changer for your business’s financial health and growth. Let’s explore the key indicators that signal it’s time to hire a bookkeeper in Renton. Table of Contents1 Signs You Need a Bookkeeper in Renton, WA1.0.1...
Social media has become a hotbed for inaccurate tax advice, particularly on trust taxation and Section 643 of the Internal Revenue Code. Promoters often promise massive tax savings through questionable schemes, but these claims are misleading and can cause serious IRS issues. Table of Contents1 Misinterpretations of Section 6432 What Section 643 Really Says3 IRS...
Bookkeeping isn’t just about keeping numbers in check. It’s a whole process that can get pretty tricky. Whether you’re a pro or just starting out, there’s always something that can trip you up. From dealing with taxes to making sure your reports make sense, every step comes with its own set of challenges. And let’s...
CentsIQ is a bookkeeping and financial services provider. We serve businesses in Seattle WA (Bellevue, Redmond, Kirkland, Renton, Kent, Maple Valley, Covington) , Portland OR, Memphis TN and beyond.
