home office

How to Run a Business: Home Office Edition

Knowing how to run a business means staying on top of your finances. This is true even if your business is in your home. Perhaps you are a freelancer who works alone or an entrepreneur with employees.

Your home business or freelance career relies on many factors. The ones most in your control are managing your finances and business taxes correctly. To do it, there are three ways to play it smart.

  • Keep your paperwork organized.
  • Be sure to get the right tax forms filed on time.
  • Get help to prevent an amateurish and costly mistake.

Keep Your Home Office Paperwork Organized

If you are an entrepreneur, you and you alone are responsible for staying on top of your paperwork. It is essential to come up with a solid system for ensuring that all your business information is organized and accessible for when tax season arrives. If your business is bigger than one person and you have employees, you probably need professional bookkeeping help.

Many home office systems are available to help you keep your business information in line. This includes your income, expenditures, payroll, all your official business information, and more. Of course, you want to be proficient in the software you choose; otherwise, you may make costly mistakes.

A professional business tax preparer, like those at Slaton Financial Services, already has the software needed to keep you on track. That’s one reason so many small businesses rely on us for bookkeeping and tax preparation.

office homeKnow What Forms Apply to Your Home Business

Filing your taxes as an entrepreneur or as a self-employed individual can feel overwhelming. You should learn in advance what forms to file and make sure to maintain your records to meet those requirements.

Choosing the right tax form depends on many factors. These include the official legal designation of your employment status, whether you are a business owner, freelance worker, or otherwise self-employed.

It is also vital to remember that these forms may have different deadlines for tax preparation. This is the second reason to make sure you have the right forms early and can be prepared to act when it’s time to do so. If you don’t, you may have to repeat the entire process of filing your taxes with extra fees or penalties for missing the deadline.

This problem is even bigger for the home business owner who has employees. Even though you are working from home, you can’t afford to handle your bookkeeping, payroll and taxes like an amateur. Taking a professional approach to all of these issues is essential to staying in business.

Consider Outsourcing Your Bookkeeping and Payroll

All of this is a confusing and complex topic, especially if you are trying to tackle it alone. For this reason, many small business owners prefer to work with financial professionals who can handle bookkeeping, payroll and taxes. It’s less expensive than hiring a full-time employee to handle your finances, and it is just as effective, maybe even more so.

With the pros at Slaton, your home business can be conducted with the same professionalism as a big business. This ensures that you not only file your business taxes correctly, but also reach the proper deadlines and supply the right information — the first time. In other words, it eliminates the guesswork.

When finances are secure and all issues are dealt with up front, a business owner can spend his or her energy on growing the business, and a free-lancer can focus on snagging their next assignment. Please contact Slaton Financial Services if we can assist your small business with any daily, monthly or yearly financial tasks.

business tax extension

How to Deal with the Business Tax Extension Deadline

If your company missed the deadline to file for a business tax extension, we can help get your paperwork in order. There are different deadlines for corporations and LLCs. Some extensions are also automatically approved by the IRS, while others take time. With help from Slaton professional tax services, you can stay on top of business tax extension filing deadlines.

Missing the deadline is serious. If this has happened to you, don’t delay. Contact Slaton Financial Services right away to get help with filing your extension.

If you filed for the extension but you need help with your business taxes, we are ready and able to get them done and filed on time. You have six months to file, but you may need to know what your tax burden is much sooner than that in order to meet it.

IRS Business Tax Deadlines and Related Details

professional tax servicesThere are two filing dates for different businesses, and both have passed. This makes its crucial to act quickly to meet IRS requirements.

  • March 15th is the deadline for corporations and S corps to file an extension with the IRS.
  • April 15th is when single-owner businesses and sole member LLCs need to remember when they need an extension. It’s also the deadline for business partnerships and LLCs with multiple members.

If you filed an extension, keep these things in mind:

  • Most corporations receive automatic approval when they file a business tax extension before the deadline.
  • The extension gives you an additional six months to gather documents and file the business tax forms.
  • That six months is a firm deadline for almost every business. Corporations headquartered in the U.S. rarely receive an additional extension.
  • In some cases, businesses with operational offices overseas may have an extended grace period.

If you didn’t file your return or ask for a business tax extension, don’t delay. You will be charged penalties if you don’t act fast and get ahead of the situation. You need solid financial help from business tax experts at Slaton Financial Services.

How Professional Tax Services Can Help Your Business

Whether big or small, business taxes are complicated. You don’t want to rush through the paperwork and miss a deduction. Working together, we can utilize that extra six months, find all of the legal ways to save you money, and get ahead of any potential financial burdens due to taxes.

Running a business takes hard work, leaving you little time for tax preparation. That’s why so many Dallas and North Texas businesses trust the professional tax services from Slaton. Call now or use this convenient contact form.

 

 

Run a Business General Ledger

How to Run a Business: The Importance of a General Ledger

What is a General Ledger?

If you are just starting out, in business, you may be asking what is a general ledger? That’s a good question because a General Ledger is the foundation for all of your bookkeeping. You need to get that right if you are going to succeed financially.

The General Ledger includes accounting data posted from sub-ledgers, such as accounts payable, accounts receivable, cash management, purchasing and fixed assets. This is the place that you record your debits and credits.

Most businesses today have primary and secondary ledgers for accounting purposes. If your ledgers are incomplete, this will alter your company’s financial statements and result in inaccurate information.

Accounts recorded in a general ledger include:

  • Assets – this account is for items that add value to your business. For example, property, equipment, vehicles, copyrights, or trademarks.
  • Liabilities – this account is to keep track of the debts that your business owes. Some liabilities are mortgages, loans, money owed to vendors, or government agencies.
  • Revenue – this account should represent the total amount of sales profit that your venture earns during a certain time period. Revenue is earned from selling products, providing services, renting equipment, or leasing property.
  • Expenses – this account represents all the costs associated with running your business. This can include supplies, equipment, utilities, building maintenance, lease payments, payroll, etc.
  • Equity – this is determined by basically subtracting your current debts from your known assets.

Business General LedgerThe Connection Between General Ledgers and Business Taxes

Keeping balanced and accurate financial ledgers is crucial when preparing to do your taxes. Here are some basics of tax preparation. Consider using Slaton Financial Services for all your tax prep needs.

Rest assured our team at Slaton keeps up with all local, state, and federal guidelines. We are especially vigilant right now to stay on top of changing deadlines and other issues due to the worldwide pandemic. We can advise you on all the necessary records you need for your taxes. You will not miss any tax deadlines when you choose to go with Slaton to handle your tax preparation.

Call Slaton Today

If you want to get a leg up on the competition, consider outsourcing the general ledger and bookkeeping to Slaton Financial Services. We are trained and ready with the latest software available to keep track of your ledgers, saving you and your business time and money.

Call us today and let us take the responsibility of all your bookkeeping needs off your hands. If it’s after hours, you can fill out this contact form.