Alan G. Woodbury, CPA

Below, we have rounded up the top business tax deductions that business owners should be aware of.

https://bit.ly/3SyojE2

Top Business Tax Deductions You Should Be Aware Of | www.financialhotspot.com Running a business is a lot of work. From overseeing day-to-day business operations to hiring employees, attracting new customers, and directing long-term strategy, business owners have a lot on their plates. Accounting and taxes are among the most demanding functions that business leaders must mana...

For small business owners, handling accounting and bookkeeping can become difficult to manage. This is where a professional bookkeeper can offer real support to keep up with your financial records, pay taxes on time, and focus on your business activities clearly. Here are a few facts about bookkeeping we'd like to share with you!

The wrong tax filing mistake could lead to an IRS audit, which amounts to quite an ordeal for a small business owner. In addition to the lost time and productivity trying to answer the demands of the IRS, overpaying and other mistakes will impact your company's bottom line.

Save Yourself Money and Avoid These Top Tax Filing Mistakes Knowing and learning the top tax filing mistakes made by small business owners — and how to avoid making them — can help you save money and time long term.

There’s good news for families who missed out on some or all of those payments: It’s not too late to file for the money.

Parents who missed out on the child tax credit of up to $3,600 have until Nov. 15 to claim it using a simple tool A more generous child tax credit of up to $3,600 per child was available last year. Eligible parents who missed out can still claim the money.

Did you know that K-12 educators can deduct up to $300 for athletic supplies or other qualified expenses when they file their tax return in 2023. Read more on this : http://ow.ly/6baS50K6R1f

From markers to face masks, classroom supplies may be tax deductible | Internal Revenue Service COVID Tax Tip 2022-118, August 3, 2022 — Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training f...

It may be tempting to file taxes on your own as an independent contractor. However, it makes more sense to hire a professional. Contact us today!
https://bit.ly/3DVb0cB

Filing Taxes as an Independent Contractor: What You Need to Know | www.financialhotspot.com The IRS classifies independent contractors as professionals who work on behalf of others while controlling the project outcome. Most contractors are small business owners operating as sole proprietorships, partnerships, LLCs, or S Corps. Running any of these entities makes you eligible to pay income...

Thieves use email, telephone and social media for various online scams. They also send fake text messages. Learn how to avoid text message scams:

Here's How To Avoid IRS Text Message Scams Avoid smishing scams. That text message isn’t from the IRS. Visit https://www.irs.gov/phishing for more information. us:Twitte...

In order to keep your books organized, you have to schedule a regular update of your bookkeeping. Have a clear and detailed discussion with your bookkeeper to schedule daily, weekly, monthly, and annual tasks defined.

Keeping organized and maintained records offers better clarity over your finances, income, and expenses. This will help you know about taxes you have to pay, when to pay, and how much.

Accounting focuses on analyzing and interpreting financial data with summarizing and reporting of information while bookkeeping deals with the recording of financial transactions and maintaining that record.

QuickBooks is one of the most reliable accounting software solutions for small businesses. Intuit offers two versions of the application: QuickBooks Desktop and QuickBooks Online. Although both are dependable solutions for business owners looking to streamline and simplify their accounting functions, they differ in many ways.

Which option is right for your company? Read on to find out.
https://bit.ly/3xUUCVK

QuickBooks Online vs. QuickBooks Desktop: Which One Is Right for You? | www.financialhotspot.com QuickBooks is one of the most reliable accounting software solutions for small businesses. Intuit offers two versions of the application: QuickBooks Desktop and QuickBooks Online. Although both are dependable solutions for business owners looking to streamline and simplify their accounting functions...

If you requested a six-month extension from you have until Oct. 17 to file your tax return. File electronically to avoid common mistakes: http://ow.ly/e48G50KCAEO