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In order to file your tax return properly, it is important to keep track of these financial records.

One of the most common questions we hear from business owners is, "How can I finance my business?" Feel free to contact us if you have any other questions!

Bookkeeping Tip - Make sure you have a separate bank account for your business.

Knowing your rights as a taxpayer is essential. Here is a guide from the IRS that will help you get to know them better.

Taxpayer Rights | Internal Revenue Service As recommended by the National Taxpayer Advocate, the IRS has adopted a Taxpayer Bill of Rights.

The IRS publishes a list of acceptable business expenses, known as Publication 535, to help business owners properly track their spending and file taxes. However, if you’re still unsure about whether a purchase is considered a business or personal experience, it’s best to confirm with an experienced tax professional to avoid future problems with the IRS. https://bit.ly/3xBWbYy

Top Tips for Separating Business and Personal Expenses | www.financialhotspot.com As a first-time business owner, you might be unfamiliar with the concept of separating personal and business expenses. Mixing the two not only makes it hard to determine your business' financial health but also causes tax complications. Other than cost savings, separating your expenses shields you f...

Do you have virtual assets like Bitcoin? Don't know what needs to be reported? Find out in this article

Virtual Assets: What Exactly Needs To Be Reported To The IRS? Investors in digital assets like cryptocurrency and non-fungible tokens (NFTs) will face new IRS questions. Here's what to know.

Don't get caught off guard by your tax bill in retirement, read about estimating your taxes in retirement here:

Estimating Your Taxes in Retirement Do you have to pay taxes in retirement? Use this guide to determine how types of retirement income are taxed so you can plan accordingly.

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund. See if you qualify here

Earned Income Tax Credit (EITC) | Internal Revenue Service If you’re a low- to moderate-income worker, find out if you qualify for the Earned Income Tax Credit (EITC) and how much your credit is worth.

This interview will help you determine if your residential rental income is taxable and/or if your basic expenses associated with the rental property are deductible.

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Is My Residential Rental Income Taxable and/or Are My Expenses Deductible? | Internal Revenue Service Determine if your residential rental income is taxable and/or if your basic expenses associated with the rental property are deductible.

There are two primary accounting methods you can use as a small business owner: cash and accrual accounting. Even if you don’t handle your own accounting and bookkeeping tasks, it’s vital to know how each of these accounting methods works so you can choose the correct bookkeeping practices for your company.
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Cash vs. Accrual: Which Accounting Method Is Right for Your Business? | www.financialhotspot.com Precise accounting is a critical component of running a successful business. There are two primary accounting methods you can use as a small business owner: cash and accrual accounting. Even if you don't handle your own accounting and bookkeeping tasks, it's vital to know how each of these accountin...

Working remote or have a home office? Take a look at this article where you can see if you qualify for this deduction.
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Home Office Deduction | Internal Revenue Service Have a home office? If you use part of your home for business, you may be able to deduct expenses for the business use of your home.

Are you a freelancer? Do you know how budget for taxes? Find out here

How to Budget for Taxes as a Freelancer Being self-employed means paying your own taxes each quarter, which can be complicated. Learn how to budget your money and pay taxes as a freelancer.