Lighthouse Small Business Solutions

Separating your business and personal finances can save hundreds and even thousands of dollars.

Opening a business bank account will allow you to use accounting systems like QuickBooks, Wave, or even excel to help keep records of just your business.

You can also create a business account for Cashapp, PayPal, Venmo, etc. to send or receive all business-related transactions.

This will allow you to not only keep good records for taxes but also help orchestrate in seeing a clear picture of your business without the hassle.

What is per diem? Do you know how to use it?

Per diem is an allowance paid to your employees for lodging, meals, and incidental expenses incurred when traveling. This allowance is in lieu of paying their actual travel expenses.

https://www.investopedia.com/articles/personal-finance/093014/understanding-diem.asp

Understanding 'Per Diem' Per diem is one method for reimbursing employees for business travel expenses. "Per diem" or day rate is a fixed amount of reimbursement paid to employees for daily lodging, meals, and incidental expenses incurred during business-related travel.

With the New Year comes new mileage rates!!

IRS Raises 2022 Standard Mileage Tax Deduction Rates To Cover Higher Gas Prices New IRS standard mileage rates mean tax savings if you’re self-employed and drive your own car for business—and likely more money in your pocket if your employer reimburses you for miles driven.

Beginning January 1, 2021, through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided and the expense is not lavish or extravagant under the circumstances.

Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants | Internal Revenue Service IR-2021-79, April 8, 2021 — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020.

Lighthouse Small Business Solutions is Highly Recommended by locals! We greatly appreciate your support and referrals. It drives our business, and we couldn't do what we do without you!

Come join us this Monday the 25th at 2 pm. There will be refreshments and door prizes!
105 W 4th St. Suite 700
Winston-Salem, NC

Top 11 Small Business Accounting Tips

1. Separate business and personal expenses

2. Track every business expense

3. Accurately record income

4. Consider hiring a professional, even if temporarily

5. Automate accounting practices with accounting software

6. Dedicate time to update your books

7. Keep tabs on labor costs

8. Be prepared for major expenses

9. Maintain inventory records

10. Follow up on invoices and receivables to avoid overpaying on taxes

11. Create financial projections for future years

Do you have time for all of this in your busy business schedule??

That's what we're here for! Let Lighthouse Small Business help make running your business easier!

Lighthouse Small Business Solutions Employees, Location, Careers | LinkedIn Lighthouse Small Business Solutions | 13 followers on LinkedIn. We help business owners better captain their ship through the turbulent sea of business. | Lighthouse Small Business Solutions was founded by Larry Johns in 2009. From a modest beginning, Lighthouse was established by Mr. Johns when he....