Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs […]
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There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and risk forfeiting their rightful refunds, including earned income tax credits, child tax credits, tuition credits
Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty Read More »
OPERATING AGREEMENT NEEDED FOR NEW ARIZONA LLC LAW For Decades, Arizona Businesses have chosen to be a Limited Liability Company due to it being a preferable legal entity for construction and other industries. Other than some minuscule changes to Arizona law, many Arizona LLC laws remained unchanged since 1992. However, things have taken a little
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Financial advice for small business owners is everywhere – from seasoned financial experts to individuals who have been running their own companies for years. While there is a wealth of beneficial information to read up on regarding general accounting practice, cash vs. accrual basis, and all of the brass tacks that go into financially managing
Bookkeeping Tips for Small Business Owners Read More »
When you choose a piece of accounting software to manage your business’ finances, you have more options than ever, and your choices now include digital accounting systems. With QuickBooks services from BASC Expertise, you get access to QuickBooks in the cloud, which differs slightly than what you may expect with a desktop version of the
Cloud Accounting: Desktop QuickBooks vs. QuickBooks Online Read More »
Your taxes are more than a one-time-a-year endeavor, especially if you own a business. Running a business venture comes with additional tax due dates and the need to plan ahead to both meet those deadlines and ensure that you aren’t overpaying or underpaying with each filing. Failure to do so could jeopardize your business’ success
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Every business regardless of size needs someone looking after their finances. Otherwise, there is no way of knowing what the organization is spending money on and more importantly, which areas of spending are providing a good return on investment. Some smaller businesses and entrepreneurs do their own bookkeeping, but this is not always recommended, unless
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Keeping accurate records is critical for small businesses for a number of reasons. First of all, when you have a complete picture of how much money is coming in, how much is being spent and what it is being spent on, you have a much better understanding of what areas could be cut and what
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