Yesterday, guest poster Katrina M. Harrell explained the basics of Owner’s Draw. Today, find out how to deal with Owner’s Draw with your bank and in your Outright account.
Why Owner’s Draw is Confusing when Dealing with the Bank
Your bank considers money in and money out on behalf of or to the benefit of the [...]
more
Posted by: Katrina Harrell, August 12, 2010
Comments: 0
A common question for many sole proprietors is what is Owner’s draw, how do I pay myself and how does Owner’s Draw affect that? This article will walk you through and explain from a business owner’s perspective what owner draw is and how it should be used in your business
Owner’s Draw: What Is It?
Owner’s [...]
more
Posted by: Katrina Harrell, August 11, 2010
Comments: 5
Want to know a great way to save money on your taxes, (and save your tax preparer's sanity)?
Organize your paperwork before you hand it over! It sounds insanely simple, but it will save you money, and get your taxes done faster.
After all, you pay a professional to do your income tax return because they have [...]
more
Posted by: Mariette Knoblauch, April 6, 2010
Comments: 2
Love it or hate it the US is going to have healthcare reform legislation. Without hype or opinion, let's take a look at the tax provisions in the legislation just passed, especially as they apply to small business owners.
more
Posted by: Wray Rives, March 23, 2010
Comments: 5
Even in this electronic age, we still use pencils. Sure, artists who sketch with them (supplies) and accountants who chew on them (meals and entertainment?) probably make up the bulk of demand, and let's not forget those scantron tests students take with good old Number 2, but we all have a few lying around [...]
more
Posted by: Paul O'Brien, February 22, 2010
So you've hired a designer to work on your website or perhaps create a new log for your business and you want to know if the cost is deductible. Good news! It is.
more
Posted by: Paul O'Brien,
Let's assume here that you are not blowing things up. If your business is demolitions (or chasing roadrunners), then carbonite will probably be "inventory." Having a great deal of it might lessen your chances of having an IRS auditor visit you, but you might find Homeland Security taking an interest.
more
Posted by: Lisa Shaw, February 21, 2010
You use your vehicle for business-related purposes such as sales calls, transporting the children or elderly you care for, or delivering Avon products; you live in an area with a snowy winter (which in 2009/2010 seems to be most anywhere). Your vehicle needs to be road-worthy for the driving conditions, and your mechanic or mother [...]
more
Posted by: Lisa Shaw, February 20, 2010
Business owners get stressed over where to properly categorize expenses, when most of the time it does not matter.
more
Posted by: Wray Rives, February 11, 2010
You use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and [...]
more
Posted by: Wray Rives,