How to find a small business accountant in Exeter. You may be looking for tax services at accounting firm or other accounting service in Exeter. This video was embeded at Bookkeeping Services of Charlotte, NC
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Bookkeeping Services: How to Do Simple Bookkeeping Business
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o achieve something in business, one of its most important tools is the financial analysis, based on the business records. Accurate financial records will help to answer some very important issues. Are you making money or losing it? How much? Is your business on sound financial ground, or are troubles lurking ahead? A sound bookkeeping system is the foundation on which all of this valuable financial information can be built.
Bookkeeping is the task of keeping financial records . Most of the people think that bookkeeping is a simple task. It is important for all companies to keep track of all income and expenses, and Ensure that they are regularly updated.
If you use a computer or manual system based on the same principles apply. It is worth going to decide Whether to computerize their accounts at an early stage. While a traditional paper-based system will be sufficient for many start-ups, the role may soon swallow valuable time as your business starts to grow. If you start with computerized accounts, there will be no need to go through the time-consuming process of transferring your paperwork onto a computer package.
Here are your essential bookkeeping do:
Keep simple records of earnings and expenditure
Keep your paperwork safe
Give each invoice a unique number
Preparing financial statements
Check your bank statements
Invest in accounting software
Hire a professional bookkeeper
There are three reasons you need to be on top of the money coming in and going out. You need to know if you have enough cash to get you through the month and finally it’s good to know Whether or not you are actually making a profit!
If you are an experienced bookkeeper bookkeeping and thinking of starting business, you should give it a try as the it is considered on of the most profitable business on account of the low start up capital.
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Small Business Tax Deductions – Top 5
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With tax season
just around the corner it is never too early to start thinking about available tax deductions. Small business tax deductions are important to Ensuring that you are getting all the return that is possible. Some tax deductions for small businesses are:
* Office furniture* Office equipment and supplies* Software and other subscriptions* Insurance premiums* Retirement contributions
In addition to these deductions there are a few other deductions that should be kept in mind while filing. Simply keeping good records throughout the year will help with these items and wants to make calculations at tax time less stressful.
Social Security
If you are self-employed or a small business you have to pay double the social security as you pay as both the employer and the employee. The good news is that you can claim back on your 1040th helped
Home Office
If you have a room in your house that is used exclusively for your small business it may be used as a deduction. The room can not be used for any other purposes to qualify. You can claim a percentage of rent or mortgage and utility bills based on the square footage of your office area in relationship to the square footage of the house.
Mileage
Keep a journal in your vehicle of all small business related travel and expenses. At the end of the year this can be claimed one of two ways. It can either be deducted as a straight calculation of mileage times the allocated rate plus other expenses or it can be completed as a percentage of the total mileage on the vehicle plus expenses.
Travel and Gifts
hotel stays, travel on airlines or other forms of transportation and all gifts are deductible. Saving receipts is critical to be able to calculate this at tax time.
Children working for you
If you are the sole proprietor of your small business and you employ your own child under 17 that child can make up to, 850 and avoid paying any taxes. You will not have to pay Social Security tax and the salary you can write off as a business expense. This same policy applies if you and your spouse are together in partnership and there are no other partners. It does not apply if you are a corporation.
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