It’s time to admit it: You hate tracking your small business finances. There, you said it. Breathe. You hate keeping receipts. You hate going through your monthly expenses and identifying them one by one. You hate matching your invoices against your revenue reports. You hate the nail-biting moment of calculating your profit and loss, wondering…
Point of Sales Systems for Online Businesses
Unity, harmony, and teamwork are important. In the movie, Drumline, Devon, a young black drummer from Harlem, learns how important it is when he is given a band scholarship to a southern college in Georgia. The band’s motto was, “One band, one sound.” One of the pivotal lines in the movie is when Devon’s drum…
Understanding How Much It Is Costing You to Get Paid: Merchant Fees
If you sell widgets, which you buy wholesale for a dollar each and retail for four dollars each, you make three dollars on each widget you sell, right? When you try to balance your accounts at the end of a particular month, you compute the costs of your wholesale widgets. You bought 2000 widgets…
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…
Understanding Your 2015 Federal Quarterly Estimated Tax Payments
If you are new to business, paying your U S Taxes can be a little intimidating. It’s easier as an employee and they withhold the right amount from each of your paychecks. Sure, they take a large amount away, but you have a lot more left, so it doesn’t seem like a big deal….
7 Things You Need to Know About Filing a Federal Tax Extension
If you don’t have your taxes completed by the April 15th deadline, the IRS has a provision to file an extension using Form 4868. This gives you an automatic six-month extension to complete your return. People will usually file a Federal Tax Extension for one of two reasons: They haven’t collected all their paperwork and…
Business Entity Startup and Setup
One question we are often asked is, “What type of business entity should I set up?” The answer is always, “It depends.” There are implications that have to do with the type of business entity you establish, whether you declare yourself to be a sole proprietor, an LLC, or S-Corp. Different levels of government also…
Business Insurance, What It Is and Why You Need It
If you have a home-based business or an online business it doesn’t mean you don’t need business insurance. The question is, are you covered?