Small Business Financial ManagementApril 21, 2025

REVEALED: Current Business Loan Rates (April 2025) – What Smart Owners Are Paying

As a business owner, understanding current financing costs is crucial for making informed decisions. At CentsIQ Bookkeeping, we regularly monitor market conditions to provide our clients with valuable insights. Here’s our latest analysis of business interest rates as of April 21, 2025: Current Business Loan Rates SBA Loans (Above $150,000) 📊 Prime + 2.75% Best option...

Small Business Financial ManagementApril 1, 2025

S Corp Tax Benefits: Maximizing Savings While Understanding the Trade-offs

Are you considering filing as an S Corporation to save on taxes? While the potential tax savings can be significant, it’s important to understand both the benefits and the hidden costs before making this decision for your business. The Alluring Tax Benefits of S Corporations “File as an S Corp! You can save SO MUCH...

Small Business Financial ManagementMarch 18, 2025

7 Profit Drains Silently Eroding Your Service Business Revenue (And Expert Solutions)

As a bookkeeper who’s worked with countless service businesses, I’ve seen firsthand how seemingly minor issues can significantly impact bottom lines. Many business owners focus on increasing revenue but overlook the critical leaks draining their existing profits. Left unchecked, these issues can cost your business thousands of dollars annually. Let’s examine the seven most damaging...

Small Business Financial ManagementMarch 15, 2025

Why Business Owners Stay Stuck in Financial Chaos—And How to Break Free for Good

The High Cost of Comfort Zones Imagine discovering your business owes $15,000 in unnecessary taxes because of a simple accounting oversight. Or realizing that a missed form has turned your budget into a guessing game. These aren’t hypothetical scenarios—they’re real consequences of clinging to bad financial habits. At CentsIQ, we’ve seen firsthand how business owners...

Small Business Financial ManagementMarch 8, 2025

Why Smart CFOs Are Ditching S-Corps for Multi-Member LLCs (And How It Could Save You Thousands)

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...

Small Business Financial ManagementFebruary 15, 2025

How an S Corp Saves Taxes: A Simple Example for Self-Employed Beginners

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. Meet Alex: A...

Small Business Financial ManagementJanuary 25, 2025

Beware of Misleading Tax Advice on Social Media: The Facts About Section 643 and Trust Taxation

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. Misinterpretations of Section 643 Some claim Section 643(b) offers a “loophole” to avoid...

Small Business Financial ManagementJanuary 15, 2025

Unlocking Hidden Savings: Creative Tax Deductions for Small Business in 2025

Running a small business is no small feat, especially when it comes to managing finances. One area where business owners can save a lot of money is through tax deductions. But, let’s face it, tax laws can be confusing and overwhelming. That’s why we’re here to break down some creative tax deductions that you might...

Small Business Financial ManagementJanuary 12, 2025

How to Accurately Calculate Your Home Office Tax Deduction

If you’re self-employed or run a business from home, understanding how to calculate your home office tax deduction can save you money. Here are detailed answers to common questions about this deduction: How Do I Calculate My Home Office Tax Deduction? To calculate your home office deduction, you can use either the simplified method or...

Small Business Financial ManagementJanuary 10, 2025

Mark Your Calendar: 2025 Tax Filing Season Begins January 27th!

Who Can’t Use Direct File? Unfortunately, not everyone qualifies for Direct File. You’re ineligible if: Your wages exceed $200,000 (or $168,600 if you had more than one employer). You’re filing as Married Filing Jointly, and your spouse’s wages are over $200,000 (or $168,600 with multiple employers). Combined wages for you and your spouse are more...

Small Business Financial ManagementDecember 31, 2024

How to Convert an S Corporation to an LLC: A Step-by-Step Guide for Business Owners

Some business owners choose to convert their S corporation back to an LLC due to the complexity and administrative burden of maintaining S corp status. This decision often comes from realizing that the S corp structure may have been adopted prematurely or no longer suits the business’s needs. The strict requirements and formalities of an...

Small Business Financial ManagementDecember 22, 2024

How the SBA’s Covid EIDL Loan Write-Offs Impact Small Businesses

The Small Business Administration (SBA) has once again written off billions in Covid-era small business loans, raising concerns about oversight and long-term impacts on borrowers. Here’s what small business owners need to know about the latest developments in the Covid Economic Injury Disaster Loan (EIDL) program. Billions in Covid EIDL Loans Charged Off In fiscal...

Small Business Financial ManagementDecember 20, 2024

Budgeting for Dummies Worksheet: A Guide for Solo Entrepreneurs

If you’re a solo entrepreneur, you know that running your business means wearing many hats. One of the most critical roles you play is managing your finances. Creating and following a budget helps you understand your income, expenses, and profitability. This is where a budgeting for dummies worksheet can help. It simplifies the process, making...

Small Business Financial ManagementDecember 12, 2024

Navigating LLC ownership change: A Guide to Avoiding Tax Liabilities

When it comes to buying and selling ownership in a Limited Liability Company (LLC), the process can be complex, especially when tax liabilities come into play. If you’re in the middle of negotiating a buyout and onboarding a new partner, careful planning is essential to ensure the transaction is fair, compliant, and optimized for taxes....

Small Business Financial ManagementDecember 10, 2024

2025 Top Accounting Platforms for Small Business

What Accounting Software Is Best for Small Businesses? Exploring Top Accounting Platforms Are you a small business owner wondering, “What accounting software is best for small businesses?” Choosing the right accounting platform is essential for managing your financial health effectively. Accounting platforms are software tools that help businesses manage their financial records seamlessly. These platforms...

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