Tag: Tax Filing
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How to Prepare Your Books for Tax Season
How to Prepare Your Books for Tax Season Tax season can be stressful for business owners, but with proper preparation, you can streamline the process, minimize errors, and ensure compliance. Getting your books in order before filing taxes not only saves you time and headaches but also helps you take advantage of potential deductions. Here’s […]
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The difference between the most well known accounting procedures.
The difference between the most well known accounting procedures. When it comes to accounting procedures, several frameworks and methods are commonly used in business and finance. Here are some of the most well-known accounting procedures, along with their differences: 1. Cash Basis Accounting Definition: Revenues and expenses are recorded when cash is actually received or […]
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TAX EXTENSIONS DEADLINE
TAX EXTENSIONS for 2023 are due October 15, 2024 – Deadline to file your extended 2023 tax return to avoid possible penalties. Silicon Harbor can help with preparing your financials for tax preparation and continue to assist with monthly bookkeeping maitenance. Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice […]
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Free 30-minute bookkeeping review! Quickbooks Online or other software
BOOKKEEPING REVIEW We offer a free 30-minute review of your books via Zoom. Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise. For a complete list of our services, please click here. Reach out to our team of Business Consultants […]
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Payroll Taxes- Information to know
Payroll Taxes- Information to know Payroll taxes are mandatory deductions from employees’ wages to fund social insurance programs. Here’s a comprehensive overview of payroll taxes, including schedules and key information: Types of Payroll Taxes Federal Income Tax Withholding: Based on the employee’s W-4 form and the IRS tax tables. Schedule: Withheld each pay period and […]
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What is an Emergency Fund?
What is an Emergency Fund An emergency fund is a savings account that is set aside specifically for unexpected events or emergencies. It’s money that you can access quickly when you need it most, without having to borrow money or sell your assets. In this blog post, we’ll explore what an emergency fund is, […]
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Revenue vs Profit
Revenue vs Profit Revenue and profit are two important financial concepts that every business owner should understand. While they are related, they are not the same thing. Revenue is the total amount of money that a company takes in, while profit is the amount of money that the company has left after expenses have been […]
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What are allowable expenses?
What are Allowable expenses? Allowable expenses are the costs incurred by a business that are considered to be normal and necessary for its operation. These expenses can be claimed against the business’ income to reduce the amount of tax that it has to pay. One common type of allowable expense is office rent. If […]
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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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Useful Small Business Tax Tips and Tricks
It’s wonderful when you start to manage your own small business. You play the biggest role whenever business decisions are made and you have the chance to explore and expand your network. However, it’s not all sunshine and daisies. Avoid the headache by taking advantage of some simple and useful small business tax tips that […]