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It’s a good idea to double-check a few things, to make sure you’re all set for the coming year. Here are a few things that often fall by the wayside for busy business owners: Check the new mileage rate. New federal mileage reimbursement. It’s adjusted downward for 2020, to 57.5 cents per mile driven. (Source:…

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Plans to increase sales by 20%, add staff, attend conferences, and buy new equipment. A budget can help you achieve those goals. Get it “on Paper“ in a Spreadsheet. Here’s a simple and effective way to create a budget for your business. 1. Start with Revenue. Work out your revenue projections by month for 2020.…

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As year-end approaches, smart business owners start looking at their accounting & financials in small pieces, with the goal of having everything ready for the CPA at year end. With that in mind, we’ve compiled a list of “Accounting Bites” – one per week from mid-October through mid-December. Follow our timeline below to help keep…

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Q.You hired a graphic designer to do a lot of work over the course of the year, paying them $2,250, through PayPal. Should you have a 1099 for the designer? A. NO.  You should record the payment in QB as having been made via PayPal, and QB will know to exclude the payment from a 1099.  It…

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Know when a 1099 is needed Gather the information required  Ensure accuracy of information File on time  Confirm details every year When is a 1099 needed? Here is the IRS requirement (https://www.irs.gov/forms-pubs/about-form-1099-misc) File Form 1099-MISC for each person to whom you have paid during the year: at least $10 in royalties or broker payments in…

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New business owners have dozens of things to spend money on and will often skip over some of the things they don’t think they’ll need.  Consider this case of two best friends who decide to open a business together. The Scenario Bob and Joe have been best friends for 10+ years.  Bob is married and…

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