Elizabeth Guy from Bean Counter Bookkeeping shares tips and insights for Small Business Owner's and like minded Bookkeepers.

Hello 4th Quarter!

With the coming of cool weather brings the countdown to the end of the year. For small business owners it is the perfect time to really take a look at how your company has been performing during the year because you still have time to make some changes. By reviewing your financial statements you can obtain some great information. StartFragment Looking at your Balance Sheet (a snapshot from a point in time) you can determine how your assets are distributed and how much money you have out as a liability. How is your bank balance? Is it sufficient to pay your current bills? What is your Accounts Receivable balance? Should you be putting pressure on those non-paying customers? Perhaps you c

The Scoop on 1099's

Needing the Scoop on 1099's? It doesn't have to be complicated! Read on to find out if your business should file them, just who get's one, and the easiest way to do it! Question: Should you file 1099's? Answer: If you are engaged in a trade or business you are required to file 1099's. Question: Who receives a 1099 from me? Answer: Without over complicating it, you will give a 1099 to: Independent contractors (not employees) that performed services over $600 to you during your fiscal year. Examples would be your Bookkeeper, Janitor, Computer Technician, etc. Payments made for Rent Royalty Payments Proceeds over $600 paid to an Attorney For a comprehensive list click here. Question: Easies

Six Tax Tips for new Businesses

Are you opening a new business this fall? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know. 1. Business Entity - Decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation. {More on that to come in a later blog post!} 2. Tax Period - Every business must figure taxable income on an annual accounting period called a tax year. The calendar year, January through December, is the most common. 3. Record Keeping

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