MoneySmall Business

How to Direct Source Products to Sell Online

Sourcing profitable products is job number one for most online sellers, and there are many ways to fill up those virtual shelves. When you work directly with product manufacturers, you cut out the wholesale middlemen — and their markups — leaving you with more profit in…
MoneySmall Business

Best Accounting Software for Macs 2021

In earlier days, a big part of choosing the best accounting software for Macs involved finding out which programs were compatible with which systems. Now, things are much more universal — especially for online, cloud-based accounting software. But some accounting software…
MoneySmall Business

How to Pay Yourself as an S-Corp

Structuring your small business as an S corporation, or S-corp, can save money in federal taxes, but owners have to tread carefully when deciding how to pay themselves. Taking too low of a salary or skipping one altogether can lead to unpaid taxes and federal fines. An…
MoneySmall Business

How to Manage Payroll for Your Small Business

Paying employees accurately and on time is essential, and a well-managed payroll system can help your small business get the job done while avoiding costly mistakes. To establish a good system, determine which parts of the payroll process you want to manage in-house and…
MoneySmall Business

What Is a Qualified Business Income Deduction?

No entrepreneur looks forward to filing their business taxes, but everyone looks forward to saving on their tax bill. Now small businesses and self-employed people may be eligible for a big tax break: the qualified business income deduction. This deduction is available for…
MoneySmall Business

How Long to Keep Business Tax Records

One part of being a business owner means keeping records for everything, including what you’ve earned, what you’ve spent and where you’ve traveled. It can become easy to get swamped in paperwork, and you may be tempted to toss your records once your business taxes are…
MoneySmall Business

How Bonus Depreciation Affects Business Taxes

A concept that can be confusing and frustrating for small-business owners — especially come tax season — is depreciation. With depreciation, when you buy an asset (like a computer), even though the money has already left your bank account you can’t recognize the full…
MoneySmall Business

Which QuickBooks Product Do You Need?

QuickBooks is well-known for its vast suite of small-business accounting software and currently offers six distinct products: QuickBooks Self-Employed, QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise and QuickBooks for Mac. One of the four…
MoneySmall Business

What Is a Payroll Schedule? How to Choose One

A payroll schedule determines how often employees get paid, and choosing one for your company is among the first decisions you’ll make as a business owner. Even if you’re the only employee in your business, establishing a payroll schedule for yourself can create a more…
MoneySmall Business

How to Create a Stellar QuickBooks Online Budget

When it comes to small-business accounting, the first question my clients usually ask me is, “How much money do I have?” So I show them their balance sheet. Their second question is, “How much money did I make?” And that can be explained with the profit and loss…