For Business Owners

Cash vs. Accrual Bookkeeping

December 29th, 2011 BY Claire Moore

I would guess that most small businesses, those owned and run by one or two people, use the cash basis of accounting. Under this method, you don’t record any revenue from sales until you get the payment and deposit it in your business bank account. Expenses aren’t recorded until you pay them. You might have…

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Retired? Think about working part-time

January 8th, 2011 BY Claire Moore

Even though you’re retired, you may be thinking about going back to work. For some, retirement isn’t as much fun as they thought it would be. After all, you can’t golf all the time. Then there’s the income. With stock values as unpredictable as a lightning strike, you may find that you need to shore…

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What Records Should You Keep for Taxes?

December 30th, 2010 BY Claire Moore

Basic Records for Taxes Basic records are documents that everybody should keep. These are the records that prove your income and expenses. If you own a home or investments, your basic records should contain documents related to those items. Here is a list of documents you should keep as basic records. FOR items concerning your…

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Bookkeeping Primer

December 28th, 2010 BY Claire Moore

Bookkeeping is the day-to-day recording of business transactions. We use the source documents that are created when a transaction occurs to obtain the information for recording what happened. What are these source documents? They are such items as: cash register tapes, sales invoices, purchase invoices, checks, and deposit tickets. This is why it’s so important…

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Working With Your Bookkeeper

A Guide to Getting the Most Value from Your Bookkeeping Service

December 27th, 2010 BY Claire Moore

What Will You Need to Give to Your New Bookkeeper? You will need to decide if your bookkeeper will do your books as of the start of your fiscal year or just begin now wherever you are. Naturally, if your new bookkeeper has to go back several months to enter data, there will be a…

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Independent Contractor vs. Employee

December 24th, 2010 BY Claire Moore

It is critical that you, the business owner, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes…

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