As of the latest guidelines, the IRS rules regarding the deductibility of meals and entertainment expenses as business expenditures have been shaped significantly by the Tax Cuts and Jobs Act (TCJA) of 2017 and subsequent clarifications. Here are the key points: Meals: Entertainment: Recordkeeping: Proper documentation is essential to substantiate meal and entertainment expenses. Businesses…
We have transitioned to fixed rate pricing because we believe it is fairer and more transparent for our clients. This approach, inspired by the home services industry, ensures you know the total cost upfront, similar to when you hire a plumber, lawn care provider, mechanic, or appliance technician. With fixed rates, you can confidently plan…
Managing cash flow is vital for the success and sustainability of any business. Cash flow, the movement of cash in and out of a business, must be positive to ensure bills are paid, growth is financed, and solvency is maintained. This article outlines essential strategies for effective cash flow management and highlights common pitfalls to…
Payroll management is the heartbeat of any business, ensuring that employees are compensated accurately and on time. In today’s fast-paced world, leveraging efficient tools like QuickBooks Payroll can make all the difference. As a leading provider of modern accounting solutions, Sheldon Bookkeeping is here to share five indispensable tips for mastering QuickBooks Payroll: 1. Stay…
Adopt Sheldon Bookkeeping’s six-point strategy to tackle your overdue tax filings and embrace proactive record-keeping to stay ahead of the game! Keeping your books updated regularly not only guarantees precision but also prevents year-end pandemonium. Don’t allow disarrayed records to impede your progress. Let’s get you up to speed while you pledge to maintain consistent…
The Pennsylvania State government has opened a one-stop business website for small businesses owners. The site offers links and information to state services, such as setting up tax accounts and registering to operate a business in the Commonwealth. The site also includes information about small business funding. The Pennsylvania Business One-Stop Shop is available here.
Bookkeeping serves as the bedrock of financial management, providing businesses with a clear view of their fiscal health. From facilitating informed decision-making to ensuring compliance with tax regulations, accurate financial records are indispensable. In this article, we’ll explore some tried-and-tested best practices for bookkeeping, empowering businesses to maintain precision in their accounting processes. Keep Receipts:…
Bookkeeping lies at the heart of every successful business, regardless of its size. It’s the art of tracking and organizing financial transactions like sales, purchases, and expenses, providing a clear snapshot of your business’s financial well-being. But with various methods available, finding the right fit can feel like a puzzle. Let’s dive into the three…
Sheldon Bookkeeping is shaking things up with a cool new marketing plan that’s all about helping small businesses keep their finances in check. We’re rolling out an updated fresh, easy-to-navigate website and teaming up with CPAs and tax pros to offer top-notch financial services. What’s the big deal? Well, we’re making bookkeeping a breeze with…
Running a business requires juggling a million tasks, and keeping track of your finances shouldn’t be one of them. Enter QuickBooks Online, a cloud-based accounting software that can streamline your finances and free up valuable time. Whether you’re a seasoned entrepreneur or just starting out, here are five compelling reasons why QuickBooks Online should be…
The IRS has resumed sending LT38 collection letters again after the 2-year pandemic pause. If a small business gets one, this notice is not something to ignore or stuff away in a desk drawer. As of now, over 3.7 million US taxpayers are expected to receive the LT38. Automatically generated by the IRS Collection System,…
Just before the holidays, Intuit announced the launch of a global QuickBooks brand platform called “Business Differently.” This platform is focused on reaching solopreneur small business owners. The marketing campaign features a TV spot with football star Saquon Barkley highlighting a solopreneur sports photographer. The campaign extends to social media, influencers and a new solopreneur content…
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