Tag Archives: Small business

Why Hiring a Tax Professional is Your Best Business Option

Tax Act

Whether you are self employed, run your own business or do not get taxes paid through your employer for another reason, hiring a tax professional can be a great decision and can save a good amount of stress and headaches at the end of the tax year. Here are some of the top reasons to hire a tax professional next time your tax return is due, so that your taxes don’t have to be taxing.

1. It’s their profession
Because most accountants will have spent years filling in tax forms, returns documents and producing the required evidence, they will be … Read more at 2008 Taxes.

5 Critical Accounting Tips for Freelancers

Tax Act

Freelancing has its privileges. It’s nice to be able to pick and choose your work, set your own hours, work from wherever you want to, and call yourself your own boss. However, along with all of those awesome pluses come a set of responsibilities that are unique to the self employed. One such area that seems to stump freelancers more often than not is accounting. Unfortunately, accounting mistakes can be very costly; therefore, freelancers must make special considerations throughout the year to ensure there are no mistakes come tax time. Here are five critical accounting tips for freelancers:

Automated invoicing.Read more at 2008 Taxes.

Top 5 tips for choosing Business Accounting Software

Tax Act

If your current business accounting processes are running out of steam or your business is simply growing too big for the standard accounting package you currently use, upgrading is the logical next step.

Whether you’re a small start-up or a complex enterprise, you’ll be met with myriad of software choices. Let’s look at five no-nonsense tips for choosing the right accounting software package for your needs:

  1. Identify extra features you may need – most businesses will need the basic out of the box finance package as a given which usually includes accounting, sales and purchasing management, asset registering and payroll.
Read more at 2008 Taxes.

Proper Bookkeeping for a Solid Business Future

Tax Act

Business owners would agree that a proper bookkeeping system is not only essential, but it’s also the foundation that will secure your company’s financial future.

Running a business means more than just keeping your clients happy; it requires proper systems that are in place to secure your company’s future, whether this is looking after your employees, providing top-notch customer service, or maintaining a decent set of books. Bookkeeping is one of the most important aspects of managing an organization and failing to look after this important part of your office can ultimately lead to a financial disaster.

The Basics of Read more at 2008 Taxes.

Which Is Best for My Small Business? a SEP IRA or SEP 401k?

Tax Act

A retirement plan for a small business can be tricky to find. You would want a plan that has low contribution minimums and affordable administration fees without sacrificing the benefits that your employees may receive. Of all retirement plans available for small business proprietors and self-employed individuals, the SEP IRA and SEP 401k plans are the top choices. What is a SEP IRA and what are the SEP IRA rules? A SEP 401k? What are their similarities and differences? Which is better for my business?

A SEP IRA is a retirement plan that allows the employer an easy method of … Read more at 2008 Taxes.

Tax Deductions Can Help To Improve Your Bottom Line

Tax Act

Small Business Often Overlooks Tax Deductions

You can have a successful tax season in your small business if you plan all round the year so that the deductions are maximized. This requires that tax matters should be kept in mind at all times, and you must constantly look for methods of reducing your bottom line, while continuing the profitability of the company.

Expenses for Start-Up

The expense of starting a business is quite often overlooked by small businesses and this can give one quite an advantage when the tax season is being considered. It is possible to deduct the expensesRead more at 2008 Taxes.