QuickBooks Online Review 2022 | What Does My Accountant Say?

Editor's note: I use QuickBooks Online to handle the accounting for my blog and conference business. I turned to my accountant, Brad Case of Taylor & Associates, who uses it every day on my behalf, to provide a quick review for anyone interested in using it. Here's Brad... Running your successful business can be very challenging. Making the sale, providing the service, and/or producing the product can (and should) consume you … [Read more...]

Xero vs. QuickBooks: Which Accounting Software Will Work Best for Your Small Business?

If you haven’t taken any classes in accounting, using QuickBooks can feel overwhelming. People with accounting backgrounds love the software, but it lacks some user-friendliness for those outside of the accounting profession. Since QuickBooks has been the giant in the small business accounting industry for many years, the choices for keeping the books were limited. Thankfully, the small business accounting software market is starting to change, as new accounting apps … [Read more...]

16 Tips for Saving Money on Your Business Expenses Without Working Harder

As entrepreneurs, we all like to see our revenue grow, right? If you’ve ever started your own business you know that increasing revenue doesn’t come without an investment of hard work and burning the candle at both ends of the stick from time-to-time! Every business requires hard work to get it up and running, even if the objective is to eventually produce passive income. You can find many articles, books, and publications … [Read more...]

Best Free Business Checking Accounts [It’s 2022! Stop Paying Bank Fees]

Checking should be free. Don't you agree? I say don't pay a monthly fee for a checking account unless you absolutely have to. After all, you're loaning them your money. All they're giving you is a debit card, some checks, and a few monthly transactions with a teller. If you want free checking - even free business checking - with no strings attached, you should begin by looking at the best online checking accounts. You can … [Read more...]

Which Retirement Plan Should You Choose for Your Business? [Solo 401k vs SEP IRA vs SIMPLE IRA]

One of the most common questions I see from new entrepreneurs is about their retirement plan options. Specifically, I see a lot of people talking about the Solo 401k vs SEP IRA vs SIMPLE IRA.  In short, I find that the SEP IRA is the perfect tool for the part-time entrepreneur who still has a 401k through work. The Solo 401(k), on the other hand, is great for anyone who is fully self-employed in a one-person business. Finally, … [Read more...]

I Chose the Solo (Individual) 401K for My Small Business

After a couple of years away from the corporate world, one thing I did miss was my 401K. The company I used to work for dumped the matching contribution at some point, but I still loved that plan. I could defer taxes on several thousand dollars in income each year. That's a huge benefit in my book. This benefit pushed me to save the maximum each year and amass a decent retirement account for a guy in his thirties. I also had a Roth IRA, which is a great compliment to … [Read more...]

7 Types of Office Space for the Upstart Entrepreneur

Over the past several years, I've been experimenting with different types of office space. I run a solo, online business, and an annual conference with three employees (only one of whom has lived locally). My office needs aren't much. Still, I think it matters where you work. Don't you? I've worked in my old home (the bedroom, the loft, the kitchen table), the local coffee houses, my local library, at a friend's place while he … [Read more...]

7 Money-Saving Benefits of Working from Home (for Employers Too)

Do you work from home? Are you considering it? What about your team? Do they work from home? There are big money-saving benefits for you if you (or your employees) work from home. I've been working from home for several years now since I quit my day job. And my team is entirely remote. I've loved it. More importantly, I feel like I can give some honest feedback about how you can save money by working from home more. Here are a … [Read more...]

The Best Self-Employed Health Insurance Options in 2022

According to the most recent data from the Bureau of Labor Statistics, there are 9.6 million self-employed workers in the U.S. That number is projected to grow to 10.3 million in 2023. One big consideration for self-employed workers is finding health insurance. As I'm sure you know, this is a big topic. Since I’ve had to go through the process, I wanted to provide some information about your options to help you navigate finding … [Read more...]

Am I Required to Make Estimated Tax Payments on Extra Income?

As you know, I have been self-employed for quite some time now. Most of my self-employment income doesn't have any taxes withheld and is reported on a 1099. That means I have to make quarterly estimated tax payments. There can be a lot of confusion about how to handle such estimated tax payments. Coincidentally, I just received a related tax question from a reader: My wife has a full-time job in which taxes are withheld from her paycheck … [Read more...]

Everything You Need to Know About the SEP IRA

This article contains information on the SEP IRA contribution limits. As a self-employed business owner, you may be looking for the right kind of plan to save for retirement. But it is easy to become overwhelmed about which is best for your situation or your company. For self-employed individuals, the SEP IRA may be one of the easiest accounts to set up and keep going. It may also be one of the less costly plans available to business owners. It certainly … [Read more...]

How to Deal with an Incorrect 1099 Form [Helpful Example]

If you receive an incorrect 1099, first reach out to your client and try to get it corrected. If that doesn't work contact the IRS at (800) 829-1040 for instructions. You may just have to include a letter with your tax return stating why there is a discrepancy. Now for a helpful example... Last year, my friend Jason did some independent contractor work for a venture capital-backed company in Houston, about four or five hours away … [Read more...]