Top 4 Reasons To Have A Separate Bank Account For Business
Here are 4 reasons to have a separate business account: ONE: Makes bookkeeping much easier. You can easily complete bank reconciliations for your business when you do not need to wade through all your personal entries. Plus, you can easily download and import your...
read moreWhy Your Accountant Should NOT Be Your Bookkeeper
Do you clearly understand the differences between the services of a bookkeeper and an accountant? Both are enormously beneficial to your business, it is important you understand the differences. 3 mistakes to avoid: Never expect a bookkeeper to do the job of an...
read moreHow & When to Deduct Business Travel Expenses
From time to time a real estate agent may travel away from home to attend a conference, seminar, or conduct other business related activities. On these business trips, you may be able to deduct lodging, meals, transportation, and other related business expenses. It is...
read moreHow to Prepare for a Tax Audit
In the back of every business person's mind is the potential for a tax audit. Don't wait until that day comes, be prepared in advance and be familiar with the process and what can be expected. Here are a few tips that may help: What can trigger a tax audit? Tax...
read moreShould You Lease or Buy a Car?
A common question small business people have is whether they should buy or lease their vehicle. Let's take a look at some of the Pro's and Con's of each. Generally, leasing a car instead of buying only makes financial sense if you prefer a new car every 3 or 4 years...
read moreWhich Method Should You Use to Deduct Auto Expenses?
There are 2 methods the IRS allows you to use as a small business professional to deduct your auto expenses. The “Standard” or “Actual” method. Which method is right for you?
This chart may help:
read moreThe “How” & “Why” of Virtual Bookkeeping
Many small business professionals do their own bookkeeping, some will hire a bookkeeper... but what about virtual bookkeeping? How does "virtual bookkeeping" work? Why & when should an agent consider a "virtual bookkeeper"? Here is a flowchart on the...
read moreWhat Qualifies as Business Mileage for Tax Purposes?
Many small business professionals, such as Real Estate Agents, will typically spend a good part of the day in their vehicle conducting business in the local market... this article will discuss what is considered a deductible local business trip? Costs of local travel...
read moreUnderstanding Tax Deductible Operating Expenses
As a small business professional, there are many types and kinds of operating expenses. Rather than just list them all, it is best to understand the criteria of an operating expense. Here is a chart that can that you can use as a guide: A few tips to note: Is It...
read moreWhy Avoid Buying Items Over $2,500
It's all about something called "De Minimis Safe Harbor"... What is "De Minimis Safe Harbor" & Why Should You Care? De minimis safe harbor, allows you to deduct the entire expense of the cost of a single item rather than having to depreciate it over several...
read moreSome posts on this blog contain affiliate links which generate commission if you purchase anything starting with those links. If we post an affiliate link to a product, it is something we use personally use, support and/or would recommend, even without an affiliate link.
Recent Comments