How much record keeping is necessary?
Bookkeeping is an important business activity because it helps you maintain your financial records. Keeping accurate records and books is required by tax legislation, and “poor accounting” can become the reason of many serious problems. If you run your business blindly, without good bookkeeping, you won’t achieve success. But you don’t have to do accounting transactions on your own because you can have us by your side!
How do I know what expenses are tax deductible?
Tax deduction cuts the total income that you’re taxed on, and it means a lower bill. It’s some dollar amount that is allowed by the IRS to be subtracted from your AGI (adjusted gross income). You can claim tax deduction by itemizing deductions or taking the standard ones. The overall procedures are quite complicated, so the wisest decision is entrusting it to real experts – to us. Online accounting knows everything about taxes and is ready to help you reduce your tax liabilities.
What is the best way to maintain accounting records?
Accurate maintaining of accounting records is an important part of successful business. Unfortunately, this aspect is frequently neglected by most startup company owners. This mistake makes them operate their business blindly. One of the easiest ways of keeping accounting records is using good software, created specifically for this goal. Other useful tips are establishing business bank accounts, scheduling a specific time for keeping your records in order, and hiring an experienced bookkeeper. Our online bookkeeper is a good idea. Online-accounting is proud of its certified staff, so one of the experts of our team can help you keep your accounting records in perfect order. You’ll be able to concentrate on development of your business, and we’ll take care of your bookkeeping.
How do I create tax forms for my employees and contractors?
Hiring an independent contractor differs from hiring an employee. It’s critical to know this difference because your tax liabilities depend on it. The main difference is degree of control. Contractors control their working hours, work for several employers simultaneously under their official business name. Employees don’t care so much about their time, work under their physical name and just do the job they’re told to do. When you hire an employee, you have to file the Form W9, given from IRS. When you hire an independent contractor and pay them over $600, you file a Form 1099 Misc.
Misclassification is a significant mistake, which can lead to some serious consequences. So, if you don’t want lose your time over filing those forms, you can hire us – online accounting. We have a huge expertise in taxes and we surely can tell an independent contractor from an employee. Should I outsource my accounting to an outside professional? That depends on many factors. If you’re not too busy for that, you surely can do all the bookkeeping yourself. But if you want to concentrate on developing of your business and you don’t like accounting activities, you easily can outsource your bookkeeping. Online accounting is a right choice for you because our certified team is experienced in all the accounting activities, including payroll management, investment consulting, tax preparation and reduction.
What is online accounting software?
The modern world is cloud-based, and it concerns accounting activities too. All the invoicing, expense estimating, tax preparation and other activities are done online, with the help of the professional software. Since it runs in the cloud, it doesn’t take up much space on the hard drive. You can operate it in your favorite web browser. Your accounting work is securely kept online, and only you and people you trust have access to it. Accounting software is much easier to use than traditional Excel spreadsheets. It’s also a great alternative to paper-based accounting. We, online accounting services, use top- notch accounting software and we are ready to help you manage your bookkeeping processes with its help.
How does virtual bookkeeping work?
There are three ways we perform our bookkeeping services online:
- Using QuickBooks Online.
- Using a cloud-hosted platform.
- Locally in our office or in your facility.You choose the frequency of our work: we can update your financial books daily, or weekly, or monthly. You also choose what information you will give us to work with: we need to know your private data, but you can remain assured that it won’t be disclosed to any third party without any serious reason. You can send us your documents via Dropbox, Google Drive, email or other preferred method.