Tag: bookkeepingservices
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Why Are Non Profit Agencies Tax Exempt
Nonprofit organizations, also known as tax-exempt organizations or 501(c)(3) organizations in the United States, enjoy tax-exempt status for several reasons, primarily because of the valuable services they provide to the community and the government’s recognition of their contributions to the public good. Here are some key reasons why nonprofit agencies are granted tax-exempt status: Promotion […]
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A Guide To Sending Out 1099s
Sending out 1099 forms is an important tax-related task for businesses in the United States. These forms are used to report payments made to non-employee service providers, independent contractors, and other individuals or entities. Here’s a business guide to sending out 1099s: Determine Who Needs a 1099: Identify all individuals or entities to whom your […]
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Job order costing vs process costing
Job order costing and process costing are two distinct methods used in accounting and cost management to allocate costs to products or services. They are particularly relevant in industries where products or services are produced or customized in different ways. Here’s a comparison of job order costing and process costing: Job Order Costing: Nature of […]
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Tips on tax reduction for businesses
Reducing taxes for your business legally and ethically is a sound financial strategy that can increase your profitability and cash flow. Here are some tips on tax reduction for businesses: Choose the Right Business Structure: The structure you choose for your business (e.g., sole proprietorship, partnership, corporation, LLC) can significantly impact your tax liability. Consult […]
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Guide to Tax Returns for Small Business Owners
Tax season may come as a challenge if you’re a small business owner and most will find it to be such a headache. If this is your first tax season, you will need to check out this guide to tax returns. Prepare your documents to be filed accurately and in a timely manner so that […]
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Three Helpful Invoicing Tips for Business Owners
Invoicing is a common difficulty for small businesses, especially when they first start out. Late invoices can drain cash flow and reduce profit margins that are already tight. It is, however, avoidable. These three Invoicing tips can assist you in effectively sending and receiving payments on schedule. Setting up solid systems for dealing with late […]
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Starting a business in 17 steps
Taking on that daring leap from an idea to starting a business takes courage and determination. It’s a big risk and can certainly be overwhelming but the fruit of your labor will be the sweetest when you have a taste. Every business owner knows that in order to make it out there, they would need […]
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Accounting Terms: Profit VS Profitability
Are they the same? What is the difference between Profitability and Profit? Two accounting terms that every business owner encounters. Although they may look similar, they are not entirely the same. Both are accounting metrics used in analyzing the financial success of a business. Accounting Terms Definition Don’t confuse the two accounting terms. Profit is […]
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Accounting Basics for Small Businesses
Managing finances can be daunting and time consuming but don’t let yourself be overwhelmed by the numbers. Small business owners struggle with this on a daily basis but if you make sure to set aside time to do some of these accounting basics, you’re well on your way to lightening the load on your reports. […]
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Uses of QuickBooks for Small Business
QuickBooks is an accounting software that helps small businesses manage their income and expenses. Small businesses use it to create invoices, reports, journal entries, and to check the company’s financial status. Intuit offers QuickBooks for small business owners and startups. This can benefit a multitude of people—from entrepreneurs to medium-sized enterprises—looking for better financial automation. […]