by cmehnert01 | Aug 10, 2023 | Small business bookkeeping
So, you’ve just started your Etsy shop, and you have a lot of finances to manage. You probably want to keep your business organized so that you know where every penny goes and how much stuff you need to produce based on profit. So how do you organize...
by cmehnert01 | Jul 26, 2023 | Small business bookkeeping
If you gain money that is not automatically taxed, including self-employment income, you may need to make estimated tax payments throughout the year. Estimated tax payments mean sending money to the IRS based on how much you think you’ll owe in taxes for the whole...
by cmehnert01 | Jul 11, 2023 | Small business bookkeeping
Generally Accepted Accounting Principles (GAAP) are the standard framework of guidelines for financial accounting used in the United States. These accounting standards, developed and maintained by the Financial Accounting Standards Board (FASB), provide the foundation...
by cmehnert01 | Jun 12, 2023 | Small business bookkeeping
Form 1099 is the form used to report payments to individuals not covered by a payroll tax or withholding program. “Contractors” or independent self-employed persons receive this report for their income. Companies must send a W2 to employees on the...
by cmehnert01 | May 30, 2023 | Small business bookkeeping
When hiring workers, businesses have to choose between W2 employees and independent contractors. This is a crucial decision that affects the costs, benefits, risks, and opportunities for both the business and the worker. According to the Internal Revenue Service,...
by cmehnert01 | Apr 19, 2023 | Small business bookkeeping
Are you tired of poring over confusing balance sheets and income statements just to understand your business finances? If so, cash accounting may be the simple solution you’re looking for. Cash accounting records revenues and expenses based on actual cash flows...
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