4 Financial Tips for New Freelancers

Whether you’re just starting out as a freelancer or have been self-employed for years, it pays to stay on top of your finances. By making an effort to track your income accurately, put aside money for tax, and plan for your future, you’ll avoid many problems later down the line. If you’re not confident about managing your finances, don’t worry …

How Much Cash Should Your Business Keep on Hand?

Having too much cash can leave you skipping profitable investments or not paying yourself enough, but not having enough cash can leave you in a serious pinch. Here’s what you should consider when deciding the size of your cash reserves. What Are Your Regular Expenses? Most experts recommend that you keep at least three to six month’s worth of your …

5 Things To Do Post-Tax Season

The weeks following tax season are a time for small business owners to exhale, knowing that the dirty work is finally complete. But what many don’t realize is that post-tax season is the perfect time to get organized, plan, and prevent any financial mishaps that occurred the previous year. 1. Speak Up It may seem obvious to talk to your …

3 Reasons You’re Not Collecting Your Receivables and How to Fix It

Are you having trouble collecting outstanding invoices in a timely manner or at all? If so, you’re not alone — Entrepreneur estimates the amount of unpaid invoices owed to small businesses is $825 billion. That doesn’t mean there’s nothing you can do, though. Here are three of the most common reasons you’re not collecting and how to fix them. 1. …

Five Common QuickBooks Mistakes and How to Avoid Them

QuickBooks is a great tool, but if you don’t use it properly, you may not have a true picture of your business’s financial health. Here are the most common errors and how to avoid them. 1. Payments Double Counted Not logging the payments you receive from customers properly can end up doubling your income on paper and throwing off your …

Should My Side Hustle Consider S-Corp Status?

If you have a side hustle, you may be paying up to an extra 15.3 percent in Social Security and Medicare taxes. By setting up an S-Corporation to hold your small business, you may be able to cut those taxes. What Is an S-Corporation? An S-corporation is a special type of corporation that avoids paying a separate corporate income tax …

Everything You Need to Know About Deducting Your Ride

Whether you run a small business or own a large company, your ride could be your biggest opportunity when it comes to the taxes you pay. Every time you meet with clients, deliver an order or go to ship a package, you take on certain costs that could be tax-deductible. Here’s what you need to know. Understanding Vehicle Deductions When …