by Juliya Moody | May 13, 2025 | Accounting, Bookkeeping
One of the most common mistakes small business owners make is misclassifying their workers. The IRS distinguishes between employees (who receive a W-2) and independent contractors (who receive a 1099). Misclassifying employees can result in significant fines,...
by Juliya Moody | May 12, 2025 | Accounting, Bookkeeping
Do You Need One for Each Entity? Setting up an LLC (Limited Liability Company) offers many advantages, including personal liability protection and tax flexibility. However, if you’re running multiple businesses, it’s important to understand when you need a separate...
by Juliya Moody | May 9, 2025 | Accounting, Bookkeeping
Understanding what qualifies as a business expense is essential to maintaining clean records and maximizing your tax deductions. In the eyes of the IRS, a business expense is one that is “ordinary and necessary” for your business to operate. This includes things like...
by Juliya Moody | May 8, 2025 | Accounting, Bookkeeping
An IRS audit isn’t always triggered by wrongdoing—but poor records make it far more painful. A detail-oriented bookkeeper is your first line of defense. What auditors look for: Categorized expenses with supporting receipts. Consistent treatment of income and...
by Juliya Moody | May 8, 2025 | Accounting, Bookkeeping
Cloud platforms like QuickBooks Online, Xero, and FreshBooks have become the norm, but most businesses only scratch the surface of their capabilities. Underused features: Bank Rules: Automate recurring transactions to save time. Recurring Invoices & Reminders:...
by Juliya Moody | May 7, 2025 | Accounting, Bookkeeping
Small business owners often treat company funds as their personal piggy bank, but failing to document draws or loans properly can lead to IRS issues. What to watch for: Taking money without classifying it as payroll, distribution, or loan. Not charging interest or...
