Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits.
2 min read
Keeping your tax and expenses in check when you are self-employed
Topics: Accounting Cash Flow Running Your Business
1 min read
The value of real-time management reporting
Improving your financial efficiency requires a clear overview of your key numbers, so you can track your performance and drive improvements.
Topics: Accounting Cash Flow Running Your Business
2 min read
Forecasting cash flow
Cash flow is the lifeblood of your business. And when it comes to cash flow management, preventing cash issues is far easier than trying to solve these issues after the event.
Topics: Accounting Cash Flow Running Your Business
1 min read
Cost management and cutting your expenses
Operational costs will be one of the biggest areas of expenditure in your business. And the more it costs you to produce your products and/or services, the smaller your end profit will be.
Topics: Accounting Cash Flow Running Your Business
3 min read
Working from home during the COVID-19 outbreak? It probably won’t save you much on your taxes.
Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of the biggest deductions available is the one taken for home office space, in this strange and disorienting period of isolation due to the COVID-19 pandemic, many workers who’ve been told to work from home are wondering whether they’ll be eligible for that additional tax benefit. Unfortunately, the short answer to that question is probably “no.”
Topics: Tax Tax - Individual Tax - Business Coronavirus
2 min read
Self-Employed and Independent Contractors Now Qualify for Unemployment Benefits
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees. Under the CARES Act, unemployment benefits are now available for self-employed individuals, independent contractors and others – even some with limited work history – who are unable to work because of the coronavirus emergency.
Topics: Tax - Individual Coronavirus
2 min read
Keeping debt low through proactive credit control
Having a large amount of debt in your business is bad for cashflow, weakens your overall financial health and brings down your credit score as a business.
Topics: Accounting Cash Flow Running Your Business
3 min read
Stimulus Legislation Includes SBA Loan Forgiveness
Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times.
Topics: Tax Tax - Business Coronavirus
3 min read
Running Low on Money? Congress Has Made it Easier for You to Tap Your Retirement Savings
If you are struggling financially due to the COVID-19 epidemic, you will be happy to know Congress, as part of the CARES Act enacted on March 27, has made it easier for you to access your retirement funds during this emergency.
