Before 2022, small businesses and sellers using platforms like Venmo or PayPal only had to report earnings on their taxes if they had 200 transactions and at least $20,000 in revenue. However, this changed on January 1st due to a provision in the American Rescue Plan...
There are two ways to decrease your tax liability. The first way is to increase your tax deductions and the second is to pay attention to tax credits. What are Tax Credits? Tax credits are credits provided by your state or local government to reduce the...
Preparing year-end reports ought to be the “crowning point” of every business’ financial year. With proper planning, solid accounting practices, and expert financial reporting assistance, the process should be readily embraced and not avoided....
Small Business changes imposed by the coronavirus have been difficult to endure to say the least. Everything that we knew as “normal” went away and now, we must face the transformation of today’s habits and create a new “normal”. The...
There are numerous metrics and data points that your small business should be tracking; one of the most important is business income. Indeed, an income statement is an essential financial statement that a business uses to understand its financial performance over a...
You may have heard Ben Franklin’s famous saying,” ‘In this world nothing can be said to be certain, except death and taxes.” Business owners may not be able to avoid paying taxes entirely. However, there are ways to reduce your tax liability. ...
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