7 Accounting Mistakes You Could be Making as a Small Business Owner

Thanks to the improvements in the realm of DIY bookkeeping and accounting software, it is getting “easier” than ever for owners to handle their small business bookkeeping on their own. But is it really easier?

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PERSONAL DEDUCTIONS IN 2020

Our tax code is often a confusing jumble to rules and percentages. It’s hard to tell if something is tax deductible or not without some advanced knowledge of tax. And of course, they change things up on us all the time. We at Watkins and Company have gathered a list of some of the lesser known deductions that can be taken for your 2019 taxes

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Is it Time to Hire a Bookkeeper??

We hear it often in our Industry “I wish I had hired you guys sooner!” but how do you know when it’s the right time to transition from doing your books on your own to hiring an accounting firm? There are some major benefits to hiring an accounting firm with bookkeeping services:

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Do I need to send 1099’s? Nine Things you need to know as a small business owner

The 1099 Process can seem a bit daunting, but don’t let it overwhelm you. Here are nine basics that you need to know about 1099s

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Two New Mississippi Tax Credits You Need to Know About

There are two new Mississippi tax credits available to individuals who are interested in donating to charity, with the added benefit of a dollar for dollar tax credit.

A Married Filing Joint taxpayer, with an AGI of at least $100,000, can receive up to an $800 credit for a QCO donation and $1,000 credit for a QFCCO donation for a total of $1,800 in tax credits. The list of eligible charities is below:

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New Tax Law: Taking Advantage as a Small Business

Every year, new tax laws and IRS regulations change, sometimes mildly and other times, quite dramatically. However, the TCJA (Tax Cuts and Jobs Act) out paces any recent changes to tax legislation by a long shot. Since much of the new legislation will be in affect for 2018 taxes, it is important for all small businesses to take advantage of this new information. Here are some important changes and advantages that small businesses should consider ahead of preparing their 2018 tax return in accordance with the new tax law.

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Is “BOGO” a “NONO”?

Sales Tax for Special Promotions

Have you ever reaped the benefits of offering discounts, promo codes, and coupon deals? If so, you understand the power it has to draw customers new and old in droves. What you should also understand, is that states expect you to know how to handle the sales tax for those different types of purchases.

With few exceptions, sales tax is the gross receipts or gross selling price received from selling products or offering taxable services. Seems simple enough right? Yet, retailers are often stung for mishandling the taxes charged with these purchases.

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NEW SMALL BUSINESS SUCCESS ITINERARY

Itinerary for New Business Startup

The time it takes for a new business startup to get up and running is best described as a journey. The end of the trip may not be visible or even feasible at the start-ups beginning, and owners will surely experience difficulties along the way. Fortunately, developing a working relationship with a trusted accountant will supply guidance towards successfully reaching business owners’ goals.

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5 Deductions we lost this year and 1 that makes up for them

Deductions lost in 2018

In its efforts to simplify the tax code, Congress included provisions in The Tax Cuts and Jobs Act of 2017 that increased the standard deduction to $12,000 for individuals ($24,000 for married couples) and either modified or eliminated many itemized deductions. As a result, taxpayers and their professional tax advisers are currently exploring ways to best take advantage of the itemized tax deductions still available to them. While record keeping however, it is important to be wary of these popular deductions that will no longer count. 

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3 Items Every Business Owner should have on their 2018 Tax Checklist

2018 TAX CHECKLIST

Tax situations are different for most businesses for the simple fact that all businesses are unique. This makes planning difficult for business owners working without  the proper guidance. The complexity of tax issues that comes from these differences are more than inconvenient. However, there are three things every small business owner can do to avoid penalties in the tax year.

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