5 Time-Savings Tips for QuickBooks Users

5 Time-Saving Tips for QuickBooks Users

By | Accounting, Business Finance

If you’re running a small business, it’s probably safe to say you don’t have lots of extra time on your hands. With the time you do have, you more than likely want to focus on the big, inspirational, long-term goals that will grow your company (not on the small — but necessary — tasks like writing checks and invoices). When you get the chance to save a few minutes here and there on small tasks, it’s a smart move for your business (and your sanity). Accounting software like QuickBooks is a great way to eliminate hours of time on accounting…

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Little-Known Tax Write-Offs Your Small Business Could be Making

By | Business Finance, Taxes

Tax season may traditionally run from January to April 15, but preparing for tax season is a year-round job for business owners. When we discuss tax liability with clients, write-offs are one thing clients get excited to discuss (because everyone likes to save money!). Below, we explore a few of the lesser-known tax write-offs (or deductions) that correlate to things you may already be doing, but not taking full financial advantage of (such as purchasing software, hiring veterans, or even attending educational programs). Below, view our list to see if you could be missing out on valuable tax deductions this…

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tips for small business financial goals from Pine & Co.

6 Tips to Refresh Your Business’ 2019 Goals

By | Business Finance

Summertime can mean extra vacation time and slower days, but it also marks the halfway point of the year. It’s a good time to take quick stock of the year’s progress and fit in a mid-year review of your small business’ 2019 goals. By June, the excitement of January’s goal-setting can seem like a distant memory. Renew your dedication to the future success of your business by making time to sit down and go over the current progress of your 2019 goals. Review your financial, marketing, management, professional development, and other goals; doing so will help you advance your business…

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Top 10 Deduction Mistakes Small Businesses Make

The Top 10 Deduction Mistakes Small Businesses Make

By | Business Finance, Taxes

When small business owners make tax deduction mistakes, it can be costly. The costs go beyond the likelihood of an audit by the IRS and actually impact the bottom line. Think about this: you could be overpaying your tax responsibility. That would be an expensive bummer because the IRS will more than likely consider it a “gift”. On the other hand, you could miscalculate or over-deduct and face the additional cost of penalties due to the IRS. Nobody wants that. Finally, you could be leaving money on the table by not taking advantage of all the tax savings opportunities you…

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Small Business Accounting 101: Get Your Startup Started Right

By | Accounting, Business Finance

One out of every three business start-ups don’t survive beyond the first two years. One key to success is laying a good foundation for your startup at the beginning. Below are some questions you’ll need an answer to. As you read, keep in mind that Pine and Company is happy to help each step of the way. We get excited about startups being successful. Don’t hesitate to reach out for help. Does your startup have a business plan? A good business plan sets the framework for a new business. Writing one serves a few purposes, not the least of which…

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19 Ways an Accountant Can Benefit Your Small Business

By | Accounting, Business Finance

Small business owners often look for ways to cut costs, especially in the startup phase of their business. However, DIY accounting could be more costly than hiring an accounting firm if for no other reason than missing valuable tax deductions. The benefits accountants offer small businesses go well beyond that, though. Accounting for Startups Starting a business is exciting. The dreaming, the visioneering, the possibilities, the newness of it all… It’s intoxicating. Then comes the time to crunch numbers. It can make you want to feel intoxicated in a completely different way. Accountants serve as good advisors and could be…

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Why Your Business Needs an Accounting System

Why Your Business Needs an Accounting System

By | Accounting, Business Finance, SuccessWatch

A common question we receive from our clients is, “Does my business need an accounting system and, if so, which one should I use?” Our answer, in short, is a resounding yes. Without question, all businesses, small or large, need to be using an accounting system. Without one, it becomes extremely likely that important items will fall through the cracks, causing a huge headache later down the line. But before we get into which accounting systems we recommend, let’s discuss why they’re so important for your business. Why Your Business Needs an Accounting System There are many reasons businesses should…

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Should I Consult a CPA Before Starting a Business?

By | Business Finance, SuccessWatch

Before starting a business, most people know they should consult an attorney, but many don’t think to consult a CPA. In fact, it’s not just a good idea to meet with a CPA before starting your business – it’s a must. Entrepreneurs preparing to embark on a new business venture will often try to save as much money as possible during the start-up phase, but choosing not to seek out professional advice from a CPA is the wrong place to cut corners. Yes, you can certainly set up a new business on a convenient legal website and get by without…

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Should You Consider Outsourced Accounting Services?

Should You Consider Outsourced Accounting Services for Your Small Business?

By | Accounting, Business Finance

Have you been wondering whether or not to outsource accounting for your business? If you’re like most small business owners, you’ve considered hiring a CPA to manage your books or keep track of payroll. But have you ever really found the help you need to streamline your financials and stay on top of taxes? On the other hand, has the DIY approach been failing you? You see, the vast majority of small business owners don’t come from backgrounds in finance. While they may be equipped with the entrepreneurial spirit, expertise in their field, and knack for business, the accounting aspect…

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Qualified Business Income Deduction

7 FAQs About the Qualified Business Income Deduction

By | Business Finance, Taxes

There are lots of nuances to the proposed 199A deduction for qualified business income (QBI). This post is in no way exhaustive, but it will hopefully answer enough basic questions to give you a better idea about what to discuss with a tax professional regarding the possibilities of receiving this deduction. (You should do that sooner rather than later, by the way. Time is running out to implement any needed changes for the 2018 tax year. You could potentially be leaving tens, or even hundreds, of thousands of dollars in the government’s pocket rather than yours.) What is qualified business…

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Why Your Business Should Offer Retirement Benefits

By | Business Finance, Retirement

According to the AARP, nearly half of all working Americans have no access to a retirement savings plan through their employers. (That’s about 32 million people.) Additionally, small businesses with 100 or fewer employees are much less likely to offer retirement plans than are larger businesses. Meanwhile, a 2017 Pew Trusts Report has found that small business owners are more concerned than ever about retirement for both themselves and their employees. The AARP has also reported that American workers find it difficult to regularly save for retirement without access to a savings plan through work. In fact, workers are 15…

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how to choose the right accountant

How to Choose the Right Accountant

By | Accounting, Business Finance

Having a skilled accountant at your fingertips is an invaluable asset for any business owner. Accountants can help you keep an eye on cash flow, payroll, taxes, and much more. Regardless of which stage your business development may find itself, to say that having the assistance of an experienced accountant is an important asset is an understatement. Perhaps you’re getting ready to start a business. Maybe you’ve already started your business but need to look at new money management options. Or, maybe you’re a seasoned entrepreneur who simply isn’t happy with the accountant or CPA firm(s) you’ve been using. If…

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side gig taxes

Managing Taxes When You Have a Side Gig: What You Need to Know

By | Business Finance, Taxes

More than 44 million Americans are currently making money from other sources in addition to their full-time jobs. On the side, some are Lyft drivers, dog walkers, crafters, and tutors. Others are writers, artists, bakers, and social influencers. Call it what you will – the side hustle, freelancing, the side gig, independent contracting – one thing is true: when you’re working your side gig, you’re your own boss. At least, that’s how it works in the eyes of the IRS. And when the IRS is calling the shots, you’ve got to follow their rules. So, how does filing taxes go…

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How Small Businesses Can Save on Their Next Tax Bills

How Small Businesses Can Save on Their Next Tax Bills

By | Business Finance, Taxes

We’re all about being proactive. It’s who we are. We prefer to stay way ahead of the game because simply put, it’s the smart thing to do. So, as 2018 begins, we think it’s time to start thinking about how to begin saving on your next tax bill (yes, already!). There are some tried-and-true methods to getting off on the right foot, but due to new tax reform changes, there are a few things you’ll want to begin keeping an eye on now. Here’s what to start doing in 2018 to lower your 2019 tax bill: See if You Qualify…

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2017 business tax deductions and credits

12 Year-End Business Tax Deductions and Credits for 2017

By | Business Finance, Taxes

You may already know that we’re big believers in proactive tax planning, especially for business owners. The earlier you begin to plan for tax season, the better your tax savings are likely to be. Of course, if you’re a business owner paying quarterly taxes, you’re probably already fairly on top of your financial game. (If you haven’t been keeping up with your quarterly tax payments, though, you probably need to read up about quarterly taxes here.) But as we begin to bring 2017 to a close, there still may be time for you take advantage of some other tax credits…

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