Starting and running a business is not easy, or simple. Anyone who tells you that is wrong. Maybe it’s easy to perform your duties. Perhaps it’s easy to do something you love, and get paid for it, but there is a lot more that goes into running a business than just doing your “job”. Many times, financial issues cause serious problems for businesses. If you are aware in advance of the issues that might affect you, you’ll be ahead of the rest. (more…)
For the IRS. Expenditures for personal or living expenses, including clothing, generally are not deductible. Even clothing worn in connection with a trade or business is not deductible unless it meets three tests. To be deductible, the clothing: (more…)
Accounting for Small Business, especially for any entrepreneur I know may be your biggest stressor. Crunching numbers can get overwhelming. But without the proper preparation and tracking not having the right cash flow can be the difference between you being a thriving business and closing your doors.
It’s easy for your personal finances to get tangled up with your business finances. But no matter what type of business you’re running, it’s a good idea to keep your personal finances separate from those of your business. (more…)