Annual federal tax filing is a statement of income and expenditure of the business. Note that any tax to be paid on the profits made by your business is declared in this filing. The return also includes details of the assets and liabilities held by the business. Also note that items such as fixed assets,…
Yes, the cost of moving business equipment, supplies, and inventory from one business location to another is a deductible business expense, as are costs associated with the purchase or renting of a new location. However, make sure to keep good records to substantiate all costs associated with this business move. If you relocate your business…
Usually, the idea of taxes is met with some type of dread as some people usually fall behind on paying their taxes while others simply imagine the amount of money they have left after paying taxes and realize they haven’t enough to keep up with other bills. But taxes are things we must pay as…
As a business owner, you will be faced with the burden of making tax payment- something that you will not have been burdened with if you were an employee. Even though it may have not been apparent to you, your employer was always remitting the taxes that were deducted from your salary to the government….
A concessionaire is the holder of a concession or grant, especially for the use of land or commercial premises or for trading rights. This term is also usually used to refer to one who operates a refreshment stand at a recreational center. In talking about profit margin, one is invariably referring to the degree at which…
Cash flow and profits are both very critical aspects of a business. Note that for a business to be successful in the long term, it has to generate profits while also operating with positive cash flow. Cash flow and profit are both crucial financial metrics in business, and it is not uncommon for those new…
In the United States, there are typically four types of taxes that are taken out of a pay check: federal income tax, Social Security tax, Medicare tax, and state income tax (note that not all states have an income tax, some states may levy additional taxes, and some employees might be excluded from certain taxes)….
The balance sheet of a manufacturing company is made up of the number of assets it owns, along with the capital and liabilities, equity of the owners, etc. at a given point in time, which is generally the year or month – end. The balance sheet more or less shows the owners and the external…
Do you want your business independent of your personal dealings? If YES, here are 7 smart ways to seperate your personal and business finance. There are different ways to pay yourself through your business in the United States, and the method which you choose will depend on your circumstances. To make the process simple and…
Yes, coffee can be written off as a business expense but it will depend on some very crucial factors. Tax deductible business expenses are almost any “ordinary, necessary, and reasonable” expenses that help to earn business income. Deductible expenses are those that can be subtracted from a company’s income before it is subject to taxation….
Do you want to know if it is possible to claim VAT back even if you are not VAT registered? If YES, here is everything you must know on how to claim VAT back. VAT registered businesses are allowed by law to charge VAT on their sales, and they equally may be able to reclaim…
Do you want to know how stores report delinquent accounts? If YES, here is a 10-step guide on how to report delinquent accounts on taxes for retail stores. Delinquency rates in the American retail industry have been growing rapidly over the past five years – faster than any other consumer credit product. This misfortune is…
Do you want to analyze and determine your profit margin? If YES, here is detailed guide on how to use a time-series analysis to calculate your profit margin. Business forecasting over the years has been crucial to every organization’s capability for both strategic and tactical business planning. With the aid of a detailed time series…
How do you record the cost of constructing a new parking lot at the company’s office building? As an asset? Liability? Capital expenditure? I advice you read on to find out. Unlike land, buildings are subject to depreciation or the periodic reduction of value in the asset that is expensed on the income statement, and…
Do you run a small business like restaurant, retail shop, etc? If YES, here are 50 best mobile POS system that come with printer & phone app and their cost. Mobile POS systems are simply POS systems that are established in the cloud for use on a tablet or mobile device. For mobile POS devices,…
Do you need small business tax deduction tips that will help you save money? If YES, here is a checklist of 20 expenses you can write off as a business owner. The Internal Revenue Service offers business owners a fair number of small business tax deductions to help their businesses along. It is a fact…
Do you want to track your expenses but lack the know-how and tools? If YES, here are 17 helpful tips on how to keep track of your business expenses at no cost. Irrespective of the type of business you run or operate, it is inevitable that you will incur one form of expense or the…
Do you want to pay less tax while making more business income but lack the know-how? If YES, here are 50 best ways to reduce taxable income for small businesses. Like it has always been said, the only constant thing in life is death…and tax; and this is true for both individuals and businesses. Small…
Is your company tight on cash but you want to stay afloat and still grow the business? If YES, here are 21 best working capital management tips, strategies and techniques you can apply to salvage your business. The concept of working capital can be traced back to old Yankee peddlers who would fill their wagons…
Do you run a manufacturing company and you want to plug financial leaks? If YES, here are 15 best practical accounting tips for small manufacturing businesses. One of the most lucrative professions that people love to take to is the accounting profession. This is one course that will never go into extinction as accountants will…
Did you take a loan or grant for your company? Or your business is strapped for cash? If YES, here are 20 best tips on how to manage working capital effectively. As a business owner, one of the major lessons that you must ensure you learn before launching your business is how to manage your…
Cash flow in business has to do with money that comes into a business; that is receivables or income and expenditures. There should be a proper cash management system in any Business or organization for the business to remain successful. If you are an entrepreneur, you should master cash flow process in your business so…
Every business needs a good accounting system for the survival of the business. By accounting, I mean cash book, payroll records, sales invoice, credit book, credit purchase book, debit book, cash payment vouchers, payroll records, assets records, stock book and bank transaction book. Before the era of internet, all these books were maintained separately and…
Do you want to make a budget plan but lack the know-how? If YES, here are 7 easy steps on how to create a budget plan for your small business and stick to it. Anytime a person is starting a business, it is advisable that a budget plan is created because this business budget can…
What’s the importance of bookkeeping to a small business? Why do entrepreneurs need accounting skills? What is the importance of accounting to a small business? Well, i advice you read on to get the answers you seek. Bookkeeping accounting may look like a great time waster to most small business owners but it is a…