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Understanding how to track business expenses is one of the most important facets of accounting and bookkeeping. The premise behind tracking your expenses is simple: the higher number of tax deductions your business can take, the lower your overall taxable profit and tax bill will be. However, in order to qualify for these deductions, you must […]
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Accounting and bookkeeping can be an arduous and tedious task for any business. However, if your small business doesn’t keep a tight ship in regards to bookkeeping, taxes can be a true nightmare. Without an effective system for your small business, several things can and will fall through the cracks and end up costing you money. The […]
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If you’re a sole proprietor, you are fully responsible for the complete control of your business, which includes being liable for all business debts and financial obligations. As a result, sole proprietors must keep excellent records to meet federal tax regulations. Because sole proprietors do not have income taxes regularly withheld from their business income, they […]
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Expense deductions for businesses can save you a boatload of money on income tax liability. However, if the IRS ever audits you, it’s imperative you are able to produce receipts to prove those expenses actually occurred. The IRS allows taxpayers to make certain deductions without receipts. The agency also allows paid bills and credit card […]
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