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Doerhoff Accounting and Financial Services Use Quickbooks

Why Your Small Business Should Use Quickbooks

By Accounting Advice

If you’re a small business owner, staying on top of your bookkeeping can be a huge hassle. There are also financial and legal consequences should you make mistakes. If you operate a small business, you should use Quickbooks! Here’s why:   It’s Easy To Use Because Quickbooks has been around for such a long time, they’ve had a lot of time to fine-tune it. This means that the end-user experience is about as simple as it could be. Menus and options…

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Doerhoff Accounting Holiday Business Expenses, Tax Advice

‘Tis the Season: 3 Strategic Tax Tips for Holiday Business Expenses

By Accounting Advice, Small Business Advice

‘Tis the season to wrap up the year while still keeping in mind your holiday business expenses. You don’t have to be a Scrooge; there are some ways to enjoy the holiday season while still getting the most out of it. It can become challenging to know what should be considered a business deduction when it comes to holiday expenses, but that’s where we come into play. Keep on reading below to find out about holiday business expenses for taxes! 1….

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tax deadlines

Important Business Tax Deadlines in 2021’s Last Financial Quarter

By Accounting Advice, Small Business Advice

Running a business is hard work – it takes energy and time from your end. It can be easy to forget tax deadlines in the thick of building your business. As you approach the last financial quarter, make sure you know all the important dates. You don’t have to go it alone. Read on for all the last financial quarter tax deadlines you’ll want to keep track of in 2021: Types of Business Taxes to Track Before getting to deadlines,…

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deducting business expenses

The Best and Worst Practices for Deducting Business Expenses

By Accounting Advice

The primary objective of every business, large and small, is to generate a healthy ongoing net income. Of course, revenues minus expenses and minus taxes equals net income or profit. A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best (and worst!) practices for recording and deducting business expenses:  What Are Expenses?  Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can…

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new business costs

Starting a New Business? Be Prepared For These Costs and Taxes

By Accounting Advice, Small Business Advice

Starting a new business can be exciting, but it comes with challenges, and it can’t be approached casually. Each new business owner faces the necessity of business planning, legal and tax planning, and planning for business startup costs.    Before starting a business, it is important to research the industry, the potential consumer base, the operating geography, and the competitive landscape.    What Are Expected New Business Startup Costs?  To avoid IRS problems and possible business failure, business expenses always need to…

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What Are The Tax Obligations On Your Investments?

By Accounting Advice, Small Business Advice

Investing can be a great way to build wealth. At the same time, it is important to take advantage of ways to save money on all investments so that each investor can keep more of his/her gains. Successful investors will choose their investments wisely, watch them carefully, and follow useful investor tax tips. Importantly, keeping good records and obeying tax rules is critical to staying out of trouble with the IRS. What Are Some Ways To Invest? There are numerous…

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tax responsibilities for cryptocurrency

How Should You Report Cryptocurrency on Your Taxes Next Year?

By Accounting Advice, Small Business Advice

Cryptocurrency or “crypto” is a digital form of exchange, not a physical currency. In this form of exchange, values and transactions are stored online in databases that use strong cryptography to secure transaction records, verify the transfers of ownership, and control the creation of additional crypto. The records are maintained by a decentralized system instead of by centralized authorities.   The idea of cryptocurrency has been around for many years, but the concept became reality in 2009 with the launch…

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How This Year’s Tax Return Can Help Next Year’s Tax Filing

By Accounting Advice

Good tax results come from good tax planning. And it’s simply the truth that this year’s tax returns can be beneficial for next year’s tax filing. This Year’s Tax Return Can Help Next Year’s Tax Filing It may be tempting to submit your annual tax returns and then not think about taxes for another year. But there is a better way. Planning ahead can save time and hassle next year and the learning gained in this year’s tax filing can…

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Child tax credit

What To Do About The “Child Tax Credit” Notice From The IRS

By Accounting Advice, Small Business Advice

As part of the stimulus law, there was a provision added that required IRS to begin distributing the child tax credit on a monthly basis for certain taxpayers.  This is nothing more than sending you a monthly check for the child tax credit you received in the past when you file your income tax return.   Many people are confused and think this is another stimulus check (money they never got before).  Here are a few things to consider:  …

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