Precision in Production: The Ultimate Guide to Manufacturing & Sales Bookkeeping for Profitability
Recently, I’ve noticed a concerning trend where product-based business owners approach their financials with the same mindset as service providers. In reality, managing manufacturing & sales bookkeeping is nothing like balancing a checkbook for a consultant or a marketing agency. For instance, a service business primarily tracks money in and money out. However, in manufacturing, […]
Stipend vs. Reimbursement: The Tax Truth Every Business Needs
Effectively, issuing a stipend seems like an easy way to reimburse employees for meals or travel. However, simply labeling a payment as a stipend does not automatically make it a tax-free loophole. Specifically, the IRS focuses on the substance of the transaction rather than its name. Therefore, understanding the strict tax rules surrounding every stipend […]
Payroll & 1099s: A Simple Guide to Contractor vs. Employee
Effectively, managing Payroll & 1099s is one of the most critical compliance tasks for any growing business. However, mixing up employee wages with contractor payments creates a bookkeeping nightmare and invites IRS scrutiny. Specifically, understanding the distinction ensures accurate tax filings and prevents costly penalties. Below, we break down exactly how to record Payroll & […]
Sales Tax Guide: Nexus, Compliance & Audit Protection for Sellers
Effectively, navigating the complex web of state sales tax regulations is one of the biggest challenges for growing businesses. However, failure to register, collect, or file correctly often leads to aggressive assessments, penalties, and interest. Specifically, for ecommerce and multi-state sellers, understanding where you owe sales tax is critical to survival. Below, we outline a […]
Mastering Payroll Taxes and Filings: A Strategic Guide for Business Owners
I recently encountered a small business owner who was treating their payroll responsibilities as a simple administrative task, unaware of the severe risks involved. In reality, managing payroll taxes and filings is often the most dangerous compliance minefield a growing company faces. A single missed deposit deadline or a miscalculated withholding amount, for instance, can […]