On January 1, 2024, many small businesses will need to report information about their “beneficial owners” to the federal government. These new rules and reporting requirements may be difficult to understand at first, and if not filed properly or in time, can leave your business with hefty fines and penalties.
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One perk of running your own business is, of course, tax deductions! Yes, we still have taxes to pay at the end of the year on profit, which is an anxiety-inducing thought to some, but that’s why it is even more important to take advantage of the allowed deductions. That way you can lower your tax liability as much as possible. This is a question I get a lot, so it will only help you as a business owner to be informed. Ok, let’s dive in.
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Dear Fellow Small Business Owners:
I’m getting flashbacks to almost ten years ago when I was studying for the CPA exam. I’m feeling the stress (although for different reasons now) - cramming all this information into my head, long days, late nights, trying to figure it all out. What does this all mean? Who does it affect? How does it work?
Now I wonder - What effect is this having on my clients & how can I help them? I wake up & I’ve been dreaming about it - my brain is putting the pieces together.
If you’re a small business owner, you are probably feeling the stress too and asking the same questions – how does this all affect me, my business, my employees? How will the relief programs work? This is mostly uncharted territory and it’s moving at a fast pace. We must figure it out as best we can & then act quickly.
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Proper bookkeeping & recordkeeping are essential parts of running your own business. A little continuous effort can save a lot of frustration later. The biggest hurdle that the business owners I talk to run into is that they don’t know how or where to start. Below, I will explain what bookkeeping is and why it is an essential part of owning a business. I’ll also provide some tips to get started.