As a business owner, it’s common to have expenses that overlap between business and personal use. The tricky part is figuring out what portion is deductible. Done correctly, this can save you money at tax time. Done incorrectly, it can raise red flags with the tax office. Here are some detailed examples to guide you: Home office costs If you use a dedicated space in your home for work, you can deduct a percentage of household expenses such as rent or mortgage interest, utilit

Your chart of accounts is the foundation of your bookkeeping. It organizes all your income, expenses, assets, and liabilities into categories. When it’s set up properly, you get clear financial reports that make decision-making easier. But when it’s messy, it can: Hide the true picture of your business finances Lead to miscategorized transactions and duplicate accounts Cause you to miss out on valuable tax deductions Waste time and energy trying to fix mistakes at year-end Ex

Not all bookkeeping problems are the same and the solution depends on your situation. Here’s how to tell which service fits your business best: Catch Up Bookkeeping This service is for business owners who are behind. Maybe you haven’t entered transactions in months, your bank accounts haven’t been reconciled, or reports haven’t been prepared. Catch up bookkeeping is about bringing your books up to date so you have a complete financial picture. Examples: Transactions from the

As a solopreneur or start-up owner, managing your books can feel overwhelming, but it doesn’t have to be. The right bookkeeping software...