Quick Guide: Accrual vs Cash-Based Accounting
As a small business owner, there are many decisions to be made, particularly when you’re just starting out, to ensure everything runs smoothly and efficiently. One important decision to make is selecting an appropriate accounting method for your business. Accounting methods are simply the rules your business will follow when reporting revenues and expenses. Today, we’ll dive into the two primary accounting methods — accrual vs cash-based accounting — what they mean, and how to choose between the two when setting up your business.
Client Spotlight: Linda Kudrna of Learning Ladder
Linda Kudrna opened Learning Ladder in 1994 to provide the “highest quality of care to the children in the Cottage Grove community.”
And for the past 30 years, she and her team have continued to do just that.
IRS Tax Audits: What You Can Expect
The word “audit” will make any business owner tense, especially when discussing or going through a tax audit from the IRS. However, there are strategies that taxpayers can use to help navigate an audit.
Top 4 Ways Outsourcing Payroll Can Benefit Your Business
Payroll is one of the most important functions of your business, but it can be a daunting task to take on as a small business owner. Compliance with regulations, technology upgrades, and the detailed reporting requirements to Federal and state agencies is a lot for one person to perform, which is why many small businesses choose to outsource their payroll-related activities and reporting requirements to a third-party provider. Today, we’re covering four ways outsourcing your payroll can benefit your business.
End of Year Tax Tips for Small Businesses
As the year comes to an end, we can look forward to schedules filled with holiday parties, time off to spend with loved ones, and finding ways to circle back on projects in the new year. One project that will be especially important for small business owners is preparing for tax season.
Six Key Tax Changes You Should Know
it’s time to start thinking about next year’s tax return, which may look different from prior years because of the pandemic relief bills, tax law changes, updates, new rules, and annual inflation adjustments.
The earlier you begin, the more you can potentially save, and to get a he
Client Feature: Tom Sumwalt of Tom’s Auto Center Inc.
In a two-bay garage in 1986, Tom Schoenmann and his wife, Lisa, opened Tom’s Auto Center with the dream of providing quality maintenance and repairs for their neighbor’s vehicles. Soon after, they expanded to the back of a body shop on Terminal Drive before building their 12-bay garage in 2000. In that time, the shop has hired additional technicians and service advisors to keep up with demand.
Transitioning from Employee to Self-Employed
Starting a small business is exciting, however, if you’re used to working as a full-time employee, the transition to self-employment can be overwhelming when it comes to keeping track of your taxes. Understanding what the IRS expects from small business owners is a key piece in the success of keeping your business running.
Client Feature: Gail Ambrosius of Gail Ambrosius Chocolatier
Gail Ambrosius discovered her love of chocolate as a child, making fancy chocolates with her mom. When relatives would visit, she would take the treats around on trays and everyone would ooh and ahh over them.
4 Ways Your Taxes Will Differ When You File in 2021
As we all know, the ancient Greek quote “change is the only constant” most certainly applies to your taxes, and this year has seen more changes to tax guidelines and requirements than in many other years. So, in today’s blog, we wanted to shine a light on some of the most common ones.
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