Wondering whether your percentage-of-sales donations are tax-deductible? Our resident tax expert explains it all. As you probably know, one of the hottest methods of business promotion these days is the giveback promo. You know, the Tom’s Shoes/Warby Parker/Burt’s Bees model where every item you buy gives something to someone in need. It can be a…
Can I Write It Off? – Donations / Monetary Gifts to Your Business
How does the IRS feel about family/friends helping you out? It was 11.13am on a Tuesday. I was sitting cross-legged on the floor in front of my laptop, listening to Dave Brubeck, banging out some work, looking forward to lunch. My caffeine buzz was wearing off, so I got up to make another cup of…
“Can I Write It Off?” – Business-Related Gifts
Wondering if you can write off business-related gifts on your 2016 tax return? Here’s everything you need to know. Say what you will about the commercialism of Valentine’s Day, it’s great for working folks! Our office was awash with chocolates, cookies, flowers, cards, and boxes of those chalk-textured conversation hearts. (#FunToRead #GrossToEat) Of course, we sent our…
Income Statement vs. Balance Sheet vs. Cash Flow Statement
Why We, at The Bottom Line®, are 100% Xero
Clients often call us up and ask for help with their software. They are having difficulty with Quickbooks, or they can’t get GoDaddy Bookkeeping to compute their expenses properly, or they may want to know how to configure a certain formula in FreshBooks. If the question they ask is an accounting issue, we should be…
Post Tax Season Do’s and Don’ts for Online Entrepreneurs and Retailers
You have just finished your 2014 taxes. It’s time to sit back, kick up your feet, and relax, right? WRONG! If you haven’t been keeping up with your books for this year, you are already four months behind. You’re not going to wait until January again and try to recreate all your expenses, income, and…