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It’s a New Decade, Do Something Different

by Guest Author | January 27/2011 | accounting, eab-creative-planning-services, evelyn-bandoh, tax
It’s a New Decade, Do Something Different

Guest blogpost by Evelyn Bandoh, founder of EAB Creative Planning Services, LLC.

fireworks - new decade, do something differentIt’s a month into a new decade, stop making your life difficult and do something different. If what you did last year, last week, yesterday, or even two-hours ago did not work well, do something different. As simple as this sounds, the…


Tax organization tip: Set up expense categories

by John Coates | January 26/2011 | accounting, deductible-expenses, expense-categories, tax
Tax organization tip: Set up expense categories

shoebox of receiptsDo you always ask yourself is this a business expense or not? And is it deductible? It’s a common question, especially as tax resources can be a little vague with definitions or by using obscure examples not relevant to your business. One tip is to use the business expense categories, hopefully offered by your local…


Why Should I Hire A Bookkeeper?

by Guest Author | January 19/2011 | accounting, audit, bookkeeping, tax, that-bookkeeper
Why Should I Hire A Bookkeeper?

Guest Blogpost by Eric Mathews, author of thatbookkeeper.com.

Why I should hite a bookkeeperDuring the 34 years I’ve been around, I have come to the realization that I am an anomaly. When I was 14, and my friends were sleeping in or going to the pool, I spent the mornings of my summer vacation at my mom’s office. They needed…


Saving for Taxes with FreshBooks

by John Coates | January 17/2011 | accounting, cogs, profit-and-loss, tax
Saving for Taxes with FreshBooks

Do you ever get stuck at tax time with not enough cash? FreshBooks CEO and co-founder, Mike McDerment, who was a freelancer, had to take out a loan every tax season because he was short on cash when taxes were due. It was an annual bummer. If you want to avoid this predictable cash…


Five Money Mistakes Freelancers Make

by Guest Author | January 12/2011 | finance, freelancing, tax
Five Money Mistakes Freelancers Make

_This is a guest post by Joseph D’Agnese__ & Denise Kiernan, authors of The Money Book for Freelancers, Part-Timers, and the Self-Employed (Crown/Three Rivers, 2010)_.

empty pocket - freelancing money mistakes

Only days ago you rang in the New Year, determined to stick to a fresh round of resolutions. This is, no doubt, the year you intend to get…


6 Tips to Reduce Your Taxes

by John Coates | January 10/2011 | accounting, bookkeeping, tax, write-offs
6 Tips to Reduce Your Taxes

_These tips are based on the United States’ tax system. Please talk to your accountant for specific tax advice._

As a small business, nothing is more important than the preservation of Cash. Losing money to worthless expenses can literally sink a new company before it gets off the ground. Unfortunately, business taxes are one…


Tax time reports in FreshBooks

by John Coates | January 3/2011 | accounting, shoeboxed, tax
Tax time reports in FreshBooks

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Hooray! It’s New Year! Happy New Year! You know what’s right around the corner? Tax season! Paperwork is so exciting and it just takes minutes to run all your reports. Right?

This year, since you used FreshBooks so diligently, you’re going to be done in minutes,…


Part 4: Making FreshBooks work with an Accounting package (like QuickBooks)- Workflow #3 - Cash based entries

by John Coates | December 15/2010 | accounting, quickbooks, tax
Part 4: Making FreshBooks work with an Accounting package (like QuickBooks)- Workflow #3 - Cash based entries

An addition to the original series on FreshBooks and an accounting package.

If you’re using FreshBooks to manage your staff’s time sheets and your billing, but use an accounting package (QuickBooks) to run your more complicated back-end bookkeeping, and if you use the cash basis to record your transactions, here are some helpful hints to…


What are your New Year tax resolutions?

by John Coates | December 14/2010 | accounting, shoeboxed, tax
What are your New Year tax resolutions?

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It’s the New Year and you know what that means! Resolutions for better bookkeeping! Fun right? Unlike the gym, you always need to do a good job on your taxes to save yourself time and save your accountant’s time, which saves you money (more six…


“Accrual accounting was created to fill textbooks”

by John Coates | December 9/2010 | accounting, accrual, cpa, gaap, tax
“Accrual accounting was created to fill textbooks”

“Accrual accounting was created to fill textbooks” said a CPA (Certified Public Accountant) I was chatting with on a recent road trip. Essentially, since accrual accounting is more complicated than cash basis accounting, it fills up more space in textbooks, justifying their length. The CPA further went on to say that most of…