How to Update Accounting Books Quickly and Accurately
BookKeeping Express Blog
by BKE Team
1y ago
Every business owner knows keeping the books up to date is essential. The law requires it, and in any case, up-to-date numbers are critical for understanding the state of the business. But many owners and managers need help with it. They procrastinate, lose track of invoices sent and payments received, and fail to record receipts or other important details. Or they simply make mistakes when entering data, resulting in wasted time trying to correct errors later.  Only a few years ago, a blog post like this would have started with the basics first – “Get organized! Be consistent!” – before ..read more
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How to Update Accounting Books Quickly yet Accurately
BookKeeping Express Blog
by BKE Team
1y ago
Every business owner knows that keeping the books up to date is important. The law usually requires it, and in any case up-to-date numbers are critical for understanding the state of the business. But many owners and managers have trouble actually doing it. They procrastinate, lose track of invoices sent and payments received, and fail to record receipts or other important details. Or they simply make mistakes when entering the data, resulting in (in the best case) wasted time trying to correct errors later.  Only a few years ago, a blog post like this would have started with the basics f ..read more
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How to Deduct the Cost of a Business Party
BookKeeping Express Blog
by BKE Team
1y ago
Parties and other events are a great way to engage and reward employees and customers, and it’s also an opportunity to find tax deductions. The rules keep changing, though, so you’ll want to make sure you understand them – and the documentation you’ll need – in order to stay on the right side of the law. FIRST THINGS FIRST – STAY UP TO DATE It’s common for blogs on tax topics to say, “this is not tax advice,” but in this case, it’s particularly appropriate. This topic has been a (relatively) fast-moving target lately, and many blog posts about it are outdated. Tax laws for business-related ent ..read more
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Small Business Tax Deduction Checklist - Part 2
BookKeeping Express Blog
by BKE Team
1y ago
Last week’s blog listed many tax deductions you should be aware of as a small business owner, but there is still plenty to discuss. This week, let’s complete our list of deductions your company may be eligible for, and discuss how to take full advantage of them.  Mileage. The mileage deduction allows individuals to deduct the cost of using their personal vehicle for business purposes from their taxable income. This requires meticulous records of trips and miles including date, starting point, destination, and purpose. Consider using one of the various apps that are available to help kee ..read more
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Small Business Tax Deduction Checklist - Part 1
BookKeeping Express Blog
by BKE Team
1y ago
With tax season approaching, you will want to take advantage of any and all deductions legally available to you. And if you aren’t satisfied with this year’s write-offs, you’ll want to start looking ahead next year to ensure you are aware of and actively documenting everything you could be deducting. Here is a checklist of common small business tax deductions. Not all of them will apply to your individual business, of course, but many will, and you’ll want to be sure you work with your accountant and bookkeeper to be sure you correctly interpret, keep track of, and maximize your deductions ..read more
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Six Simple Steps to Protect Yourself From Financial Fraud
BookKeeping Express Blog
by BKE Team
1y ago
Financial fraud is the number one consumer complaint in the United States, and it can have devastating consequences for victims. It can take many different forms, from credit card theft to identity theft to online scams. The internet is full of blogs about detecting fraudulent activity after the fact, such as monitoring your credit reports and reviewing your accounts, but there are also many steps you can take to prevent fraud before it ever happens.  Let’s discuss some simple but very effective steps you can take to prevent becoming a victim in the first place.  1.     Alw ..read more
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How to Reduce Your Business's Taxable Income
BookKeeping Express Blog
by BKE Team
1y ago
The end of the year is approaching fast, and when tax time comes many businesses will be wondering how they could have paid less. If your business is one of them, now is the time to start thinking about the coming year, and what changes you could make to reduce your bill next time the taxman comes around. Here are several options to consider. CHECK YOUR CORPORATE STATUS Changing the taxable structure of your business is not an every-year event, but if your business has grown, shrunk, or otherwise changed in some way, it may behoove you to consider adjusting your business type to take advantage ..read more
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Cloud-Based Invoicing Apps for General Contractors
BookKeeping Express Blog
by BKE Team
1y ago
CLOUD-BASED INVOICING APPS FOR GENERAL CONTRACTORS INTRODUCTION Accounting and invoicing for general contractors have always been a paperwork-intensive process, tracking a variety of construction-specific tasks like estimates, sourcing subcontractors, handling change orders, and partial-completion invoicing. With the advent of office and personal computer technology, general contractors were able to turn to specialized onsite software to address those needs, and now with the rise of cloud-based apps and services, the options for solutions -especially for small and mid-sized businesses - have e ..read more
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7 Overlooked Tax Deductions for Business Owners
BookKeeping Express Blog
by BKE Team
1y ago
As a business owner, it’s always important to be aware of every deduction that could reduce your tax burden, but with so much on your plate, it can be hard to remember them all and to record them when they occur. Here are seven valuable deductions that we often see clients overlook. HOME OFFICE DEDUCTIONS A home office deduction used to be considered something of a “red flag” for the IRS, as it was often abused, but with the explosion of work-from-home, it has become a more common and justifiable write off. Despite becoming more common, though, the rules are still strict, so it’s important to ..read more
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How to Pay Yourself as an S Corp
BookKeeping Express Blog
by BKE Team
1y ago
INTRODUCTION You work hard as the owner of a business, and you deserve to keep as much of your profits as Uncle Sam will allow. At a certain point in your growth, you may find that filing your taxes as an S Corp could reduce your tax burden and put more money in your pocket.  Filing as an S Corp eliminates the self-employment tax on all income that many small businesses pay, while at the same time keeping some income out of reach of things like Medicare and Social Security taxes. It offers you the opportunity to take part of your income as a W-2 salary, with the associated federal program ..read more
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