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Year-End Bookkeeping and Accounting Checklist for Small Business Owners

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25% of business owners are behind on their books. Our online bookkeepers provide catch up bookkeeping services , so you can focus on the future. . Once January arrives, your accountant will request certain forms in order to close your books and file your small business taxes.

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4 Ways Small Business Owners Can Stay Tax Compliant

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While the salary is subject to self-employment taxes, the distributions are exempt, which allows S-Corps to avoid double taxation. . It is always best to speak to a small business tax accountant. They will get to know your business, and determine if S-Corp Election is right for you. . Xendoo is here to help!

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What happens if you get audited and don’t have receipts?

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Some examples of costs that you’ll need receipts for include: Office supplies and equipment Inventory purchases Advertising and professional services Company training and employee education Travel expenses Since this isn’t an exhaustive list, it’s best to track all your business receipts and update your records regularly.

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What happens if you get audited and don’t have receipts?

xendoo

Some examples of costs that you’ll need receipts for include: Office supplies and equipment Inventory purchases Advertising and professional services Company training and employee education Travel expenses Since this isn’t an exhaustive list, it’s best to track all your business receipts and update your records regularly.

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How Do I Pay Myself and My Taxes as a Partnership?

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Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . Even with a significant tax advantage, taxes can still be stressful.

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How Do I Pay Myself and My Taxes as a Sole Proprietor?

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Keeping detailed records of your income and expenses will help you identify when cash flows into and out of your business, and how cash flow may change over time. An online bookkeeping service will be able to take this task off your plate, saving you time and stress. So, how can you maximize your tax savings?

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How to Prepare Your Small Business for the New Year

xendoo

They also provide monthly financial statements, delivering financial visibility and the actionable insight needed for long-term business growth. . Online bookkeepers also provide catch up bookkeeping services to get previous years’ books in order.