Whether you’ve already filed your taxes or you are gathering everything to prepare for “tax day”, you probably have heard through the grapevine, read somewhere your maybe even your CPA told you that starting with 2018, you can no longer deduct entertainment expenses and a lot of the meal deductions we previously were able to […]
The Supreme Court Sales Tax Ruling is changing the game for online retailers. Many states are requiring online retailers to collect and remit sales tax even if they business does not have a physical presence in the states. This will be a major shift for online retailers and for consumers who are accustom to not paying sales tax when shopping online.
Last year we talked about ways your small business could give back. Now, you have made a commitment as a business owner to give to your favorite cause, organization, or initiative, congratulations because that is awesome! But now that you are actively giving back as a business, you will want to record and write off your charitable contributions. Why you might ask? First off, that’s good practice, and second, tax breaks! We are sharing seven tips and tricks for recording and deducting charitable donations.
Are you paying quarterly taxes this year? Don’t worry. You’re in good company. The IRS website says, “As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly.” Although it’s common, maybe you’re new to paying quarterly taxes–and all the other responsibilities that come with being a creative […]
Earlier this year, I collaborated with Brittany Griggs, of Simply for Creatives, and Amy Northard the CPA for Creatives to offer The Creative Finance Academy. The Academy was a four month program that offered financial coaching in the areas of bookkeeping basics, taxes, and charging for your products and/or services. We provided a Facebook group, […]
A solid bookkeeping system provides many benefits to your business such as accurate records and reports that lead to the ability to make sound business decisions. Without a bookkeeping system in place you are not able to provide the required information to the IRS about your business nor are you able to get solid financial […]
So, we made it through tax season! How did you do? Anything you hope to improve for 2017? If you found yourself with a giant bill at the end of the year, there may be a way to fix this. A common misstep small business owners make is not paying 1040-ES quarterly estimated income tax. […]
Filing state sales tax can be in a word, annoying. Oftentimes, state websites are hard to use, verbose, and outdated. The state department of revenue relies on you to collect sales tax from your customers and then remit the appropriate amount to it. How often you remit sales tax to the state depends on how […]
One of the most challenging aspects of being a small business owner can be hiring, training, paying, and managing employees. Building your perfect team takes patience and hard work. It often means researching human resource policies, setting up payroll, starting a new project management routine (we love Trello!), and learning how to trust others with […]
Mark these important dates on your calendar & don’t hesitate to reach out if you need help with your tax prep! April 18th, 2017 – Estimated Income Tax for Q1 (Jan 1, 2017 – March 31, 2017) April 18th, 2017 – 2016 Federal Income Tax Due April 20th – 30th, 2017 – State & County […]