September 2016 Blog Posts

  • 11 Business Facts You Won't Believe

    September 30, 2016

    11 Business Facts

    You Won't Believe these 11 Business Facts!

    1. Wal-Mart averages a profit of $1.8 million every hour
    2. Apple’s iPad retina display is actually manufactured by Samsung
    3. U.S. corporations are reportedly hiding $1.6 trillion in profits offshore
    4. Candy Crush brings in a reported $633,000 a day in revenue
    5. The most productive day of the workweek is Tuesday
    6. If Bill Gates were a country, he’d be the 37th richest on earth
    7. If you have $10 in your pocket and no debts, you are wealthier than 25% of Americans
    8. Seventy percent of small businesses are owned and operated by a single person
    9. The Rubik’s cube is the best-selling product of all time (The iPhone is second)
    10. The world’s 100 richest people earned enough money in 2012 to end global poverty four times over
    11. More than 80 million “mouse ears” have been sold at Walt Disney World to date

    Contact Us About Your Business, Finance, Accounting or Tax Needs

    I am not a robot

  • Tax Preparation in 2016

    September 16, 2016

    Tax Preparation Services in North Royalton

    We are at the end of Q3 for 2016 and you need to be thinking about taxes for your business.
    We have put together 3 critical tax tips for Freelancers.

    3 Tax Tips for Freelancers

    Be accurate about your earnings

    Freelancers are susceptible to audits, so don't want make any big errors when it comes to reporting your earnings. Of course, you'll be getting 1099 forms from your clients, but only if you did enough work with them.

    If you've done a bunch of tiny jobs this year, the government wants to know about that income. Go back through your invoices and make sure you know what you actually earned.

    Know your deductions

    Deductions are business expenses you can deduct from your taxable income. For example, if you made $60,000 last year but spent $10,000 on business expenses, you only have to pay taxes on $50,000.

    Below are the most common deductions for a freelancer:

    • Office supplies
    • Books, magazines, reference materials
    • Telephone/Internet service
    • Promotion/advertising
    • Office rent
    • Gas and electric
    • Memberships
    • Messengers, private mail carriers, postage
    • Business insurance
    • Tax preparation
    • Travel
    • Business meals and entertainment
    • Equipment
    • Software
    • Business loan interest
    • Legal and professional fees
    • Taxes and permits
    • Home office space



    Be sure to talk to your tax professional before claiming major deductions, as there are often specific stipulations for each write-off. For example, if you're primarily working from home, you can only write off the amount of square footage that's used as a dedicated workspace.

    But claiming a crazy amount for certain deductions can trigger audits. If a deduction you're making seems unreasonable to you, chances are the government will think so too.

    Know your forms

    The government likes to make their forms extremely confusing & extremely similar. Here are the ones you should probably be familiar with:

    W-9: You should have already filled out this form for the companies who hired you. Just basic info here: social security number, name, address. Not a form you're going to have to worry about now.

    1099: This is the form your clients will send to you by late January or early February, assuming you did more than $600 worth of work for them. Again, this is a fairly simple form listing the amount of money the client paid you — also known as the amount of money you now owe taxes on.

    1040: You'll use this form to file your income taxes. There are three different types of 1040 forms: 1040, 1040A, and 1040EZ. They are basically the same thing. The only difference is the amount of information required to fill them out. For example, the 1040EZ form doesn't allow you to claim dependents. To keep things simple, just fill out the 1040 form. It has everything you need.

    Contact Us About Your Business, Finance, Accounting or Tax Needs

    I am not a robot