Deciphering The Distribution Codes On Form 1099-R

Individuals who receive a distribution from a retirement account typically receive a Form 1099-R after the end of the year. A copy of the form is also provided to the IRS. Form 1099-R contains a distribution code without an attached explanation, so it is essential that tax filers examine the code further to ensure that the distribution is reported correctly. Form 1099-R is used to report distributions from several types of retirement accounts, including IRAs, traditional pensions, and 401(k) plans. Read More 

Two Bookkeeping Mistakes Business Owners Frequently Make

As a business owner, you're bound to make mistakes. However, mistakes made with your bookkeeping can have a significantly negative effect on the cash flow of your business and may result in legal or tax problems. Here are two common mistakes business owners make and how you can avoid them. Being Lax About Petty Cash Receipts Sometimes you have expenses that are too minute to write a check for or that can't wait for you to grab the checkbook. Read More 

Three Tax Tips For Sole Proprietors

As a sole proprietor who is a specialist in your own field, one of the challenges that you can often run into is how to manage your tax responsibilities. After all, your expertise is in your business area, not in tax filings or accounting. One of the best things you can do is to work with a local accountant to handle all of your reporting, account management, and tax filings. Working with an accountant may be the best way to save you money over time, but here are a few things you can consider now to help you reduce your tax liability from the start. Read More 

How To Get Quickbooks Online For Free

Quickbooks is an accounting software program many small business owners use to keep track of their business finances. Even if you do not own a business, you can still use Quickbooks to get a better grasp of where your money goes every month and where you can cut expenses and pay bills off faster. Quickbooks online is the software program available through multiple sources on the internet. Here is how you can get your copy of the basic software package for free. Read More 

Maximize Your Cash Flow Through Expert Analysis - Advantages Of An External Budgeting Service

If you own and operate your own business, it's likely that you have a skill or passion for the industry you're involved in. Unfortunately, in many cases, that may not extend to a natural gift for the financial side of business ownership. Operating within a stable budget is an absolutely essential part of any management strategy, but it can be a challenge to formulate that budget in the first place. Read More