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BookkeepingBusinessFractional CFONovember 13, 2024

A Comprehensive Guide to Taxes for Self-Employed Business Owners: What You Need to Know

Starting your own business can be an exhilarating journey towards independence and financial freedom, but it's crucial to understand the taxes for self-Employed business owners: Self-employed individuals are responsible for paying both income tax and self-employment tax, which covers Social Security and Medicare contributions at a rate of approximately 15.3% on 92.35% of their business profit. To navigate these complexities effectively, it's essential to keep accurate records, make quarterly estimated tax payments, and take advantage of available deductions to reduce your overall tax burden

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BookkeepingBusinessFractional CFOQoENovember 12, 2024

The Ultimate Guide to Single Member Limited Liability Company

In the world of business structures, the single member limited liability company (LLC) stands out as a popular choice for solo entrepreneurs, freelancers, and independent contractors. This comprehensive guide will explore everything you need to know about single member limited liability companies, from their definition and benefits to formation processes and best practices. Understanding Single...

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Advanced AnalyticsBookkeepingFinanceFractional CFONovember 10, 2024

QuickBooks TSheets: Navigating the Time Tracking Landscape

Source: TSheets Intuit In the ever-evolving world of business management software, QuickBooks TSheets has emerged as a prominent player in time tracking and payroll solutions. This comprehensive look at QuickBooks TSheets, now known as QuickBooks Time, explores its features, benefits, and potential drawbacks, providing valuable insights for businesses considering this software for their time tracking...

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BusinessFinanceNovember 8, 2024

EV Tax Credit for Nonprofit Leases: A Comprehensive Guide

Are you part of a nonprofit organization considering leasing an electric vehicle (EV)? You might be wondering about the potential tax benefits and how they apply to your unique situation. In this guide, we’ll dive deep into the world of EV tax credits for nonprofit leases, breaking down the complexities and providing you with practical,...

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BookkeepingConsultingFractional CFONovember 3, 2024

How To Forecast Cash Flow For Small Businesses ($200K-$1M): 7-Step Guide

Understanding Cash Flow Forecasting Cash flow forecasting is the process of estimating future cash inflows and outflows for a business over a specific period. For small businesses, this typically involves projecting cash movements on a monthly basis for the next 12 months Why is cash flow forecasting critical for small businesses? Financial stability: It helps...

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BookkeepingFractional CFONovember 1, 2024

Understanding S-Corp End-of-Year Distributions and Retained Earnings: A Guide for New Business Owners and 5 Q&A

As a new S-Corp owner, navigating the complexities of end-of-year distributions and retained earnings can be challenging. This comprehensive guide will demystify these concepts and help you make informed decisions for your business. Introduction to S-Corp End-of-Year Distributions and Retained Earnings Congratulations on your first year as an S-Corp! While you may have a good...

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BookkeepingFractional CFOQoEOctober 30, 2024

Understanding the Classified Balance Sheet: A Comprehensive Guide

A classified balance sheet is an essential financial statement that organizes a company's assets, liabilities, and equity into distinct categories, offering a more detailed and structured view of its financial position. This comprehensive guide explores the components, purpose, and importance of a classified balance sheet, as well as how to interpret and analyze it effectively

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E-commerceAdvanced AnalyticsBookkeepingBusinessFractional CFOOctober 29, 2024

Understanding Shopify’s Financial Reporting Limitations

Introduction to Shopify’s Financial Reporting Limitations Shopify is a leading e-commerce platform that empowers businesses of various sizes to establish and manage online stores. One of the essential facets of the Shopify platform is its built-in reporting capabilities, which serve as vital tools for merchants to analyze their business performance effectively. These reporting features are...

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FinanceBookkeepingBusinessOctober 28, 2024

A Free Guide to U.S. Taxes on Foreign Inheritance and Sale of Property: How to report foreign inheritance to IRS

Navigating U.S. taxes on foreign inheritance from the sale of property can be complex, especially if you are unsure about how to report foreign inheritance to the IRS. In this guide, we discuss everything from calculating capital gains tax on foreign inherited property to understanding the foreign tax credit for the sale of inherited property. Learn the steps to ensure compliance and avoid penalties for not filing Form 3520, so you can maximize the value of your inheritance while staying on the right side of tax regulations

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BookkeepingFractional CFOQoEOctober 27, 2024

Overcoming SBA Loan Challenges: Real-Life Tips and Mistakes to Avoid

Overcoming SBA Loan Challenges: applying for an SBA loan can be a daunting task, especially when it comes to navigating the paperwork, understanding credit requirements, and choosing the right loan type. In this article, we cover "documents needed for SBA loan application," "mistakes to avoid when applying for an SBA loan," and more, helping you overcome the most common hurdles. Whether you’re struggling with "how to prepare a business plan for SBA loan" or "how to overcome credit score problems for SBA loan," we’ve got you covered with real-life tips and insights.

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BookkeepingConsultingFinanceFinance & BusinessFractional CFOOctober 24, 2024

The Ultimate Guide to Cleaning Up Messy Bookkeeping

Drowning in financial chaos? Cleaning up messy bookkeeping and fix neglected QuickBooks accounts with our step-by-step guide. Discover essential QuickBooks data cleanup techniques and best practices for maintaining accurate financial records. Whether you're a small business owner or a bookkeeper facing a daunting cleanup task, this comprehensive article will walk you through the process of untangling your financial mess and setting your books straight

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BookkeepingFinanceFractional CFOOctober 23, 2024

Bookkeeping for new business startup: Master Pre-Opening Expense Recording

Struggling with how to handle pre-opening expenses for your small business? Learn the ins and outs of bookkeeping for new business startup, from recording owner fund transfers to properly categorizing pre-opening costs. Our step-by-step guide will help you navigate QuickBooks recording startup expenses and understand startup cost capitalization rules, ensuring your business starts on solid financial footing

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BookkeepingFinanceFractional CFOOctober 21, 2024

Mastering Buildertrend Integration with QuickBooks Online (QBO) and Managing Unexpected Bank Charges: A Step-by-Step Approach

Buildertrend is a widely used project management software tailored for the construction industry, offering tools for scheduling, budgeting, and client management. One of its most attractive features is the Buildertrend Integration with QuickBooks Online (QBO), which helps streamline the financial aspects of construction projects by syncing costs, invoices, and payments between the two platforms. However,...

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BookkeepingConsultingFinanceFractional CFOOctober 20, 2024

280E Tax compliance For Cannabis Businesses

Running a cannabis business is no walk in the park. From navigating complex tax regulations to managing large amounts of cash and dealing with the intricacies of vertical integration, cannabis entrepreneurs face unique challenges. In this comprehensive guide, we’ll dive deep into the world of cannabis business finance, offering practical advice and insider tips to...

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