There’s a new government that’s going to affect a number of small businesses across the United States as of the beginning of this year, January 2024.
It’s called the Corporate Transparency Act, and you might have to start reporting information about the ownership of your business to the federal government. It was passed to prevent individuals from hiding or benefiting from the ownership of their businesses to make it easier to hide illegal operations, which supposedly is a tactic that affects national security and economic integrity; sounds a bit scary, doesn’t it? Continue reading Do You Know About The Corporate Transparency Act?→
I’ve been self employed for decades by now, and I wouldn’t have it any other way. We’ve covered the topic of self employment a few times on this blog, but it’s mainly talked about working alone, not working with others. We’re going to explore some of that in this article.
Even though tax season is almost over, it’s a good time to think about the types of information you’ll want to have available for your accountant next year. Hopefully you’ve taken care of some of the information that’s pertinent since the beginning of the year. If not, you might have lost some of your possible deductions and expenses. Here’s a few examples and ideas for how to handle these items.
Business Burger!
Let’s look at meal expenses. Whether you’ve had meals with clients or meals when you’ve been traveling, it’s always a good idea to try to save your receipts. Everything you do isn’t covered unless you can indicate why it might be pertinent. Continue reading Business Expenses You Should Think About Tracking→
When anyone starts working for themselves, they go in thinking they need the same office supplies they had where they used to work. We purchase things in volume, things such as pens and pencils, staples, notepads, and paper clips, along with a lot of other junk.
Years later I still had almost all of that stuff because, it turns out, very few small or independent businesses need things like that. It might make sense to buy one of each of those things just in case but buying in bulk as I did… stupid move. Continue reading 5 Things Small Businesses Need To Purchase At The Start→
At some point every sole entrepreneur thinks about where they should be working. Sometimes it’s at the beginning; sometimes it’s after a year or so. There are multiple considerations to think about if you’re looking to move into a rented space for your office. Let’s take a look at some of those concerns.
Income is the biggest consideration when it comes to making this kind of decision. If you’re new and don’t have any clients, it’s nothing you should even consider. What you’ll learn early on is that it’s harder being self employed at the beginning of your new career, and you want any funds you have to help give you time to get your business up and going. Continue reading Should You Have A Home Office Or Rented Space?→
Accounting & Financial Advice from the Syracuse NY area
