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Salt Lake City Bookkeeping Blog

Did You Know? These Small Business Expenses Are Fully Tax Deductible!

Posted by Leanne Armstrong on May 8, 2019 9:00:00 AM

Did you know that not all small business expenses are created equal when it comes to your annual tax return? Most entrepreneurs understand that deductible expenses help to offset many of the costs of running a business. But not every expenditure is fully tax deductible. Understanding which expenses can effectively reduce your taxable income will not only help you estimate your tax obligation for the coming year, it will improve your business planning.

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Topics: Tax Preparation For Year End, Tax Tips, tax strategy, Expense Management

How to Simplify Your Small Business Tax Record Keeping

Posted by Leanne Armstrong on Mar 13, 2019 9:00:00 AM

Maintaining a complete and organized set of records for tax purposes is one of the most important aspects of your small business bookkeeping. Not only does it let you optimize tax deductions, it helps streamline the audit process and prevent costly tax penalties. Simplifying your business tax record keeping comes down to one fundamental task: gathering, documenting, filing, and reporting the right paperwork.

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Topics: Tax Preparation For Year End, Tax Compliance, tax planning, Bookkeeping Service

How To Never File A Tax Extension Again

Posted by Matt Roberge on Mar 15, 2016 8:30:00 AM

Are you going to file a tax extension again this year? Are you pissed about it? If you are in the habit of filing a tax extension each year, you are not alone. According to the IRS, 20 to 25 percent of taxpayers put off their taxes until the final two weeks of the tax season. Additionally, 7% of taxpayers file for an extension each year. However, did you know that a tax extension is an extension on the filing date, but not the due date? That means you may still be subject to penalties and interest even if you file a tax extension. 

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Topics: Small Business Growth, Tax Preparation For Year End, Tax Tips, Outsourced Bookkeeping, Growth Coach

Is Bookkeeping Only For Filing Taxes?

Posted by Matt Roberge on Mar 8, 2016 8:30:00 AM

We get a lot of new prospects this time of year who think that bookkeeping is only good for filing taxes. To be honest, we get a lot of monthly recurring bookkeeping clients this way. 

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Topics: Small Business Growth, Scaling A Business, Tax Preparation For Year End, Growth Coach

[Infographic] 5 Common Bookkeeping Mistakes

Posted by Austin Walker on Oct 22, 2015 7:57:02 AM

It's easy for an owner to disregard some of the small mistakes made with their bookkeeping. It's understandable; short on time, deliverability of products or services to clients feels more important, and it can be difficult to keep QuickBooks straight.

Most of the common bookkeeping mistakes are pretty easy to avoid, and just as easy to set up the right way within QuickBooks.  These changes will save both time and money, especially during the annual tax-time visit to the CPA. 

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Topics: QuickBooks, Bookkeeping, Small Business Growth, Tax Preparation For Year End, Tax Tips, Tax Compliance

5 Reasons You Need A Great CPA For Your Small Business

Posted by Matt Roberge on Jul 23, 2015 7:30:00 AM

If you don't currently have a rock star CPA, you need one right away. When we are dealing with a new SLC bookkeeping client, one of the first things we ask them is whether they have a CPA. If they do, we get their contact info and if they don't, we ask them if they want a referral to one of our trusted CPA contacts. I have learned through my own experience and in working with our clients that a solid CPA is critical to the success of your business. Here are five reasons you need a great CPA.

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Topics: Starting A Business, Tax Preparation For Year End, Tax Tips, Tax Compliance, CPA

Do You Make Time for Your Small Business During the Holiday Season?

Posted by Matt Roberge on Nov 26, 2014 7:00:00 AM

Ahh the holidays are upon us. I typically equate the day before thanksgiving as the official start to the holiday season. It can be an overwhelming time of year on a lot of different levels. You need to make time for your family, try and shop without getting trampled, all while continuing to run your small business.

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Topics: Grow Your Business, Tax Preparation For Year End, Year End Questions, Year End Planning, Year End Bookkeeping

End of Year Tax Planning for Your Small Business

Posted by Marti Major on Oct 29, 2014 7:00:00 AM

Be proactive – start planning for taxes now.

Before the holidays hit, before the snow flies, before the busiest time of the year, you want to start your tax planning. Take the time to think about your 2014 taxes. Failure to plan and implement can cost you big time. Your time and your money are at stake. Leaning into the process and meeting it head on will reward you both in terms of less effort and likely less taxes to pay.

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Topics: Year End Accounting, Tax Preparation For Year End, Tax Tips, Year End Questions, Year End Bookkeeping

Does Accounting Slow Down After The Tax Deadline?

Posted by Matt Roberge on Jul 28, 2014 7:00:00 AM

This past winter I was taking a class with 29 other small business owners. I was having a conversation before class in early April with a CPA and one of our classmates walked up and said, "I bet you guys are psyched for taxes to be done." We both said yes and kind of laughed. Then we started talking again and mentioned to each other how accounting never really slows down. Just because tax season is over doesn't mean that accountants suddenly have nothing to do.

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Topics: Financial Reporting, Small Business Bookkeeping, Tax Preparation For Year End, Tax Tips, Year End Bookkeeping

Bookkeeping Tasks for Every Part of the Year

Posted by Matt Roberge on Jul 14, 2014 7:00:00 AM

There are bookkeeping tasks that need to be taken care of no matter what time of year it is. Many people only do their bookkeeping once a year for taxes but that is the equivalent of running your business blind. The key is that you need to understand what bookkeeping tasks you should be worried about no matter what time of year. 

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Topics: Bookkeeping Procedures, Bookkeeping Processes, Financial Forecasting, Financial Reporting, Tax Preparation For Year End, Bookkeeping Monthly Closeout, Year End Bookkeeping