Cryptocurrency, such as Bitcoin, Ethereum, Monero, and Litecoin among others, has picked up major traction in recent years to the point that it has become a major concern for tax and accounting professionals, the authorities, and cryptocurrency users themselves. People started using cryptocurrency to save money on cash remittances outside the country (for example, a $200 cash transfer to the...
The advent of online shopping has completely turned standard retail practices on its head. Stores that have thrived for decades have been forced to start selling their goods online and compete on the global marketplace. One challenge that many retail owners struggle with is how to charge the right amount for shipping without scaring away...
For accountants, this is the time of year for reflection. We’re passed all of the filing deadlines and we have about 6-8 weeks until we start to hound our clients about W9 Forms and 1099s. I remind each of my clients about 10x per year about W9 forms and I’m hoping for an easy season....
Most small business owners already have a credit card they use for multiple transactions a month but if you don’t it could be costing you hundreds of dollars a year. Even if you already use a credit card you might not be using it to your greatest benefit! In this article I am going to...
While many new businesses do all the right things their first year, when it comes time to pay their estimated (ES) taxes their second year (ES taxes are not required for businesses in their first year) I have seen it become a significant task time and time again. Whether the small business owner forgets to...
In a conversation with a new contact last week, we discussed that in new businesses, trying to set “ideal” percentages is pretty much meaningless. In one industry where that is not the case however is the restaurant industry. If you check my Linked-In and About Me pages, you’ll notice I mention I was both a...
Are you ready to hire your first employee? Maybe you already have a few employees on your payroll but you’re thinking of bringing the operation in house to save money each month. I’m here to tell you that you may be better served to keep it out of your hands. Most small business owners cite...
Starting a small business in Arlington (and for most of Northern VA too) doesn’t have to be complicated, but I haven’t found a definitive guide anywhere of the steps necessary. While most articles available online discuss the general needs of a small business including such popular topics as creating a business plan, choosing a legal...
Imagine that you are somewhere that might qualify for a business expense but you are unsure, such as at a restaurant or parking before an important client meeting across town. The question you ask yourself: Should I use your business or personal card? Unfortunately I have found people default to the business card when making questionable purchases...
Answer: As a bank account. Many clients that I have had disregarded PayPal entirely on their chart of accounts and instead believe it is merely a vehicle for your funds to flow to and from your other (more brick-&-mortar) bank accounts. However, when I’m running through to do the bank reconciliations, I’ll see both payments...