Balancing the Books

3 Things You Can Deduct From Your Taxes As A Freelance Technology Writer

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As a freelance technology writer, there are numerous items that you can deduct from earnings in order to save money on your taxes. However, in order to deduct these items, you need to keep track of them throughout the year. Knowing what items you can deduct from your overall income can help you make smarter business decisions throughout the year, not just at tax time. #1 Magazine Subscriptions As a freelance technology writer, you need to stay on top of the trends in your field. Read More»

How To Obtain An Accurate Form W-4 From Each New Employee

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One of the first requirements of hiring a new employee is obtaining a specialized form to determine how much income tax to withhold. IRS Form W-4 is used to calculate federal withholding. Employers can ensure that their payroll withholding is accurate by obtaining a completed Form W-4 from each new employee. After explaining the purpose of Form W-4, allow new employees an adequate amount of time to read over the contents of the form. Read More»

Declare Your Financial Independence This 4th Of July

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We’re halfway through the year already, and that means you should already be preparing your business records for next years’ tax returns. The 6-month mark is the time to: review 1st and 2nd quarter financial statements adjust marketing budgets if necessary tweak 3rd and 4th quarter marketing strategies based on previous quarters’ earnings results prepare financials for September 15 payroll tax deposit file annual tax return October 15 if you requested a 6-month extension As you review your 1st and 2nd quarter financial statements, clean up your entries. Read More»

2 Things To Look For In A New Accountant

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When your business grows large enough that you can’t handle your own finances anymore, you might start looking for an accountant. However, with all of the tax professionals and accounting services out there, it might be hard for you to decide who to work with. Here are two things to look for in a new accountant, and why it might matter down the road: 1: Someone Who Has Time For You Read More»

Is It A Small Business Or A Glorified Hobby? Tips For Making Money In A Cottage Business

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One of the best things about being a small business owner is making money while doing something you love or something you are passionate about. This is especially true for cottage business owners who work long hours on their craft and sell it for a profit. The question is, by the time you spend long hours working on a project, are you actually making any money? Are the goods that you are offering worth the investment that you are putting into them? Read More»