Being self-employed offers the freedom to be your own boss, set your own hours, and take control of your financial destiny. However, it also comes with responsibilities, particularly when it comes to taxes. Unlike traditional employees who have taxes withheld from their paychecks, self-employed individuals must manage their own tax obligations. One crucial aspect of this is filing and paying quarterly estimated taxes.

As a property management company, you're responsible for overseeing various aspects of rental properties, from maintenance to tenant relations. However, one of the most crucial responsibilities that often gets overlooked is the requirement to issue 1099 forms to contractors and service providers. Ensuring compliance with these IRS requirements is not just a best practice—it’s a legal obligation.

In today’s digital age, selling online has become easier than ever, opening up opportunities for businesses to reach customers nationwide. However, with this expanded reach comes the complex responsibility of managing sales tax, which can vary significantly from state to state.

As a small business owner, managing your taxes effectively is crucial for sustaining and growing your business. Understanding and implementing the right tax strategies can save you money, reduce your taxable income, and ensure compliance with tax laws. Here are some key tax strategies every small business owner should consider:

Accounting is a complex industry that offers many benefits to business owners and individuals. One misconception people have is that being an accountant automatically makes someone proficient in taxes. This article aims to breakdown the difference between a bookkeeper’s skillset and a tax professional.

In the realm of personal finance, every penny saved counts. One often overlooked but significant area where individuals can save on taxes is through mileage tracking. Whether you're self-employed, a freelancer, or an employee with business-related travel, keeping a meticulous record of your mileage can lead to substantial tax deductions. Let's delve into the benefits of mileage tracking and understand what constitutes business miles versus commuting or personal ones.

Deciding on the right business structure is a critical step for any entrepreneur or small business owner. Among the various options available, electing S-Corporation (S-Corp) status can offer distinct advantages but also comes with its own set of considerations. In this blog post, we'll delve into the pros and cons of choosing S-Corp status, compare it to Limited Liability Company (LLC) status, discuss when it's appropriate to elect S-Corp status, identify the optimal timing for making this decision, and explore how Wrap Up Bookkeeping can assist you in navigating this process.

In today's digital age, cybersecurity is paramount for businesses of all sizes. With cyber threats becoming increasingly sophisticated and prevalent, having strong cybersecurity protocols in place is essential to protect sensitive data, preserve customer trust, and safeguard the continuity of operations. In this blog post, we'll explore the importance of cybersecurity for businesses and discuss key strategies to establish robust cybersecurity protocols.