Tag: Small Business Accounting
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Are You Mixing Business and Personal Finances? Here’s Why That’s a Problem.
Many DIY entrepreneurs find it convenient to pay for personal and business expenses out of the same bank account, but this habit can spell trouble. Keeping accounts separate is recommended by the IRS because it simplifies recordkeeping and ensures proper tax treatment. When you mix funds, personal expenses can’t be deducted as business costs, and Read more
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Quarterly Check-In: Are Your Small Business Q1 Numbers in Shape?
Now that Q1 (Jan–Mar) is in the books, mid-May is the perfect time for a financial “check-up.” By pulling together your Q1 reports, you can see whether you’re on track for the year. As one business expert notes, “evaluating business performance after the first quarter can help companies maintain discipline and focus on where they Read more