As your business grows over time you will probably want to expand and hire people for different roles. Luckily, there are many options available for companies who need to find talented workers. As an employer, there are two main types of workers: employees and independent contractors. What’s the difference you ask? For a new [...]
Starting a small business in the 21st century is common as the appeal for a more individual lifestyle rises. There are several mistakes new business owners can make, here are a few of them and how to avoid them. 1. Having Poor Cash Flow. Uneven, unstable, or nonexistent cash flow is the #1 killer of a [...]
Hiring a new employee can be a stressful situation, especially if it is your first time. You don’t want to bring just anybody into the business you’ve worked hard to create, but the fact of the matter is... you need the help. In true GMLCPA fashion, you have to make it fun! Here’s our [...]
Cash flow is one of the factors in a business that gets overlooked the most, but it also happens to be one of the most important factors in a business. Cash flow maintenance is more than knowing how much money is being earned and spent, and it does not matter how close your business is [...]
Military service members take many sacrifices and have special obligations in order to serve their country; naturally, their taxes are affected. There are a number of special tax breaks they are entitled to and this post will be to inform our service members of what exactly they entail. Residence or Domicile: Because there are times [...]
One of the most exciting adventures in life is starting a new business. It opens a world of opportunity to extend helpful services and make life easier for those around us. However, in the beginning stages of building a business there are several unavoidable expenses but by following these 8 tips on increasing profits you [...]
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both [...]
You know that QuickBooks saves a lot of time. But have you explored how it does so by memorizing transactions? Your accounting work involves a lot of repetition. You send invoices. Pay bills. Create purchase orders. Generate payroll checks and submit payroll taxes. Some of the time, you only fill out those transaction forms once. [...]
Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised is taxable depends upon the purpose of [...]
Whether you already own a home or are considering buying one, you should be aware of the many tax benefits that go along with home ownership. There are plenty of reasons for owning a home, including the potential for capital appreciation and the fact that many of the costs are tax deductible, while rent is [...]
