Business ownership is no longer the domain of a small percentage of the population, at least not according to the IRS. If you freelance or have a side gig, you have a business. Today, over one-third of the workforce runs a business in addition to having a full-time job. Without any other documentation, you are […]

Over the last two years Samantha has been steadily growing her marketing business. Compared to the first year her income has doubled, but somehow she finds herself still struggling to pay all her bills. Although her lifestyle is much more lavish now than a year ago, she doesn’t understand why she still struggles. Lifestyle creep […]

Small business owners prefer to organize their businesses as LLCs, and for many the best tax strategy is to have their LLC taxed as an S Corp. This strategy allows owners to effectively manage the amount of Social Security and Medicare taxes they pay. Sometimes this strategy can be complex to execute and small business […]

As the tax year comes to a close for her business, Elvina contacts her accountant to discuss filing tax returns. Elvina’s small business, which provides counseling services, has allowed her to finally pay down the business credit card debt from prior years. Her accountant informs her that she has a profit of $50,000 and thus […]

Wiley noticed that his business showed a loss for last year. He feels that can’t be true so he decides to set an appointment with his accountant. “I know we made money last year, but the income statement is showing a loss!” exclaims Wiley as soon as he sits down. Taken aback, his accountant pulls […]

Steve started a business three months ago providing personal training services online. Like many new business owners, Steve didn’t start with any accounting or tax knowledge, and has had to pick it up on the fly. Last week, while discussing his tax compliance with his CPA, he asked what he can and can’t deduct. Instead […]

On a slow day in November, Tim logs into his accounting software to see where his profits are this year. His business has been on an amazing growth trajectory since last year: sales grew tenfold while expenses barely doubled. He has been living every business owner’s dream with cash pouring into his business seemingly without […]

Mary has been operating her life coaching business for two years. Three months ago, she was able to leave her full-time job to focus solely on her business. This major transition away from a full-time job is what business owners aspire to. However, Mary has also realized that she needs to have a better handle […]

Small business owners start out investing the majority of their money back into their own business. This makes sense since you want to grow the business and benefit from the growth in the future. As the business grows there has to be a shift to more diversification and retirement planning for business owners. With a […]

In January 2019 I decided that I would focus my business in a new direction by January 2020. I intended to fully shift from managerial work to accounting work. I had recently passed my CPA exam and had a clear vision on what I needed to do. This wasn’t a spur-of-the-moment decision; I had been […]