Running a small business is your job, but knowing all the accounting terms associated with your business may not be. For instance, here are some essential accounting terms you should know for your small business. We’ll tell you what they are and what they mean to your
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Unless you’re a bookkeeper or accountant, you probably don’t give much thought to the differences and similarities between these two professions. In particular, they don’t realize how they function in the world of small business. Many people assume that they are two ways of saying the same
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There are two ways to pay your income tax as you go… payroll withholding or estimated taxes. People who do not earn pay from an employer, or those who don’t receive a paycheck, don’t have the opportunity to have income tax withheld. Therefore, they need to file
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The difference between contractors vs. employees performing work or services for your business is more than just 1099s and W2s. In particular, define the role of your workers through two main distinctions…control and relationship. Let’s look at these two distinctions and how they shape your definition for
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It’s easy to leave the bookkeeping and accounting to the bookkeepers and accountants. That’s what you pay them for, right? Although that’s true, the statements that your accountant generates for you on a monthly, quarterly, and yearly basis give you critical information on your business and may
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Too many people file their business tax returns and hope for the best. You must know about entries on your tax return that can flag you for an audit. In this article, we share some of the common risks that people take when completing their business returns.
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Is there a mistake on your tax return? Do you know what to do about it? Actually, everyone makes mistakes, and there is a way to fix errors on your tax filings. Today we’re going to talk about filing Amended Tax Returns… how to file and when
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Have you ever considered whether it makes sense for you to outsource accounting? When you’re a small business owner, maybe even a solopreneur, it doesn’t make sense to have an in-house accountant, does it? Your organization may be small enough, that having an in-house bookkeeper doesn’t even
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For most folks, charitable giving represents a double benefit. The primary purpose of giving is to support organizations that do great works in the community. It gives these groups a chance to continue and expand their services. In many cases, it also serves as a tax deduction
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Ready for your mid-year accounting checkup? This year, more than ever, it’s a great idea to check in with your accountant mid-year. The end of June represents the end of the first half of the year. For most people and most businesses, 2020 has been a whirlwind
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The Small Business Administration (SBA) has made PPP announcements this week. They announced that they are putting modifications in place to help make it easier to apply for forgiveness on PPP loans taken out during the Coronavirus Outbreak. Recipients of PPP Loans will be happy to hear
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Have you received your Payroll Protection Plan (PPP) money? If so, that’s great! You may be wondering what’s next. It is essential to understand the loan and some best practices for getting the most out of it. Let’s take a look at the critical facts. What is
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Are you afraid that your customers won’t be able to pay for the goods and services you provide? These are troubling times for small businesses across the globe… Will you be able to keep your business afloat until things return to “normal?” What will business look like
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Are you scratching your heads over taxes? Our tax code is so complicated and changes every year. But, filing your taxes is something you can’t avoid. One of the first decisions you’ll have to make is whether to take the standard deduction or to itemize your taxes.
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It’s tax time again! It’s hard to keep up with the changes and know what your best strategy is. At JStevens Accounting, one of the things we help people with is deciding whether to use the standard deduction when calculating their taxes, or itemizing deductions to lower
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As tax time approaches, you need to gather all the information necessary for tax preparation. Whether you use an accountant, tax preparation service, or do your taxes yourself, there are some things to avoid if you are worried about an audit. Let’s talk about some of them
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They say that the only things certain in life are death and taxes. Let’s look at these two events and how they affect one another. If you’ve ever been involved in settling an estate, then you know that it’s never straight forward, and there are usually complications
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Divorce is a complicated experience that changes your life in a big way. One more thing this change brings is the changes to your taxes. These can be disorienting, especially if you’ve been married for a long time. But, no matter the length of the marriage, your
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For Richer, For Poorer… When it comes to taxes… it’s complicated! Adding a new marriage into the mix can make things easier, or even more complex when it’s time to file. Here are a few things to keep in mind as you begin looking at your first
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Paying taxes may seem confusing when you are a freelancer or sole proprietor/ JStevens Accounting has all the answers to help you understand this process better!
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As the second generation owner of JStevens Accounting, we are excited to continue our growth year after year. Continuous training and education is a priority as we want to provide the best services to our clients now and far into the future. More About Jen Stevens
