Do you work from home as an independent contractor or small business owner? If so, you may be entitled to the home office tax deduction. However, many people are confused about how the home office deduction works. Should you be afraid of claiming it? And what should you know to avoid trouble with the IRS? To help you make the best decision, here are a few things this claim does or does not have to be.
Are you a roofing contractor who has been struggling to stay organized and keep up with your finances? If so, proper bookkeeping may be the solution you need. Here are five reasons why roofing contractors should consider bookkeeping for accurate financial records:
1. To Track Income and Expenses
For any business, large or small, bookkeeping is an essential component of success. This is especially true for businesses in the service industry, where income can be sporadic and expenses can fluctuate.
Small business owners can achieve a lot on their own, but sometimes they'll need help from a public accountant. You might think that you don't need public accountant services until you notice the signs discussed below.
Your Revenue Is Growing, But Your Returns Aren't
Nothing excites business owners like watching their customer base grow. The growth comes with an increase in revenue and profits. Unfortunately, that's not always the case with all businesses.
When running a business with few employees, you are likely to have in-house payroll processing. However, as you scale upwards and hire more employees, you need to consider outsourcing payroll services. Unfortunately, it is not easy to know when to outsource payroll services. You might need a few signs to help you determine if it's the right decision for your business. Here are ways to determine whether your business is ready for outsourced payroll services.
Steering your small business towards the right growth path isn't easy, and taking on demanding tax preparation yourself makes it complicated. But you need not sacrifice crucial hours filing returns when you can enlist experienced tax preparation services. Indeed, handing over such business-critical tasks to tax professionals saves you time, and the stress of facing Internal Revenue Service (IRS) audits.
Entering the wrong financial information when filing taxes makes you a person of interest before the IRS.