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Why do I need an accountant for my smallbusiness? Those that do their taxes for themselves may think nothing of taking on this huge responsibility as a smallbusiness owner. The truth is that small mistakes in your finances may cost you a lot in the long run.
Accountancy firmly belongs to the financial sector but it also shares a lot of key features with the service industry. No one can be an expert in all those areas, that’s why finding a helpful blog for accountants is such a great idea. So let’s begin our journey to the land of accountancy! Accountants, bookkeepers, and CPA’s.
Now what’s interesting is that most of the free money started hitting people’s accounts in May. So now let’s talk about the things you can do to avoid an inflation tax if you have a business. 5 Tips That Businesses Can Do to Avoid Inflation Tax. So of course, you need cash as a business.
The SEP IRA allows business owners to deduct up to $58,000 and put that money towards retirement. This is thousands of dollars more than the $6,000 contribution limit that a standard traditional or Roth IRA account allows you to deduct. While other IRA options do allow you to take loans from your account, a SEP IRA does not.
This is especially true for small and start-up companies. So, if you need more guidance with your business’ finances, here at LYFE Accounting, we offer financial advisory services as well. Talk to us today to get started!
Start-up and Organizational Costs. When you first start your LLC, there’s a pretty good chance you had some initial investment costs in things like computers, equipment, R&D. You’re able to deduct up to $5,000 in start-up costs in the first year you open your business.
In this post, I’m going to give you BIGGEST tax write-offs for smallbusinesses. Also, small disclaimer, the information I’m providing in this post is for informational purposes only and is not meant to take the place of legal and accounting advice. My client is a smallbusiness in the construction industry.
There are a lot of compelling reasons you need a bookkeeper, and for most smallbusinesses, it’s generally more cost-effective to outsource the accounting and bookkeeping services to professionals like Xendoo that work with smallbusinesses than trying to do it in-house. Choose an Accounting Method.
As an accounting firm, we get asked all the time. “What should my business entity be? And on top of that, it just wastes valuable time, and investors want to move fast when they’re looking at a start-up they want to invest in. Contact us today to get started! I heard that I should have an LLC.”
So if you’re just getting started or trying to reevaluate your current infrastructure then this post is for you. Now I know a lot of guys out there, especially when you’re in the early stages of startingup, are wondering how to bring on their first employees. Differences Between 1099 and W2 Workers. Contact us today!
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