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 …

When is it time to hand the books over to a professional?

When the idea of doing your accounting for yourself stresses you out! In our experience, there are two reasons that business owners don’t have reliable financial records. 1. They don’t have the time. 2. They don’t have the interest. If you fall into these two buckets, it is time to hire a bookkeeper. Reliable financial records are the heartbeat of …

What does Marketplace Fairness legislation mean for your WA business?

While there is a new and exciting tax reform happening at a federal level, there are also some exciting things happening in the state of Washington. Beginning January 1, 2018, marketplace facilitators with a physical presence in Washington or $10,000 or more in retail sales sourced to Washington, including sales of their own products and sales of products made on …

How to Do a Mid-Year Financial Checkup

Each year, like clockwork, we are provided with little calendar reminders of the changing times. As summer starts, schools let out, business might slow down a little and everyone is thinking about taking time off to rest and relax. As an owner of a small- to medium-sized business, you know how important it is to get all your ducks in …

Employee vs Contractor: What You Need to Know

When you own a business, there are a lot of big questions to answer. One of the biggest is do I hire a contractor or an employee? What is a contractor? A contractor is a person that you hire to provide services, but that you have very little control over. By very little control we mean that you don’t set …

5 Summer Planning Finance Tips for Business Owners

When you own a small business, taking time off isn?t as simple as merely clocking out or giving your employees a heads up about when you will be gone. You make the executive decisions about your business, and without you around, you need to make sure that your business can keep operating. This pressure leads many business owners to delay …

4 Ways To Do Some Spring Cleaning With Your Finances

Now that tax season is over, you may be taking a deserved break from your bookkeeping or making big plans for what to do with your tax refund. While it’s important to take some time to relax, it’s also important to be proactive with your finances and insure that you aren?t falling behind. With tax season behind you, now may …

4 Questions to Ask To Assess Your Company?s Financial Health

If your business has been in operation for a few years, there may be some aspects of your finances you haven?t considered lately. With various tax deadlines approaching, now is a great time to assess financial health and make sure your company is getting where you want it to go. While you?re busy with your day to day operations, it’s …