Contractor/Small Business Services:

As a business that is always on the move, you may not have the time to keep good records of your growing business or even keep track of your receipts.  We want to help you be a success.

How It Works: Contractors without any bookkeeping

You drop off, fax or email your current month's/week's receipts, labor payments and financial information on a routine basis.  We record the information on a spreadsheet or accounting computer file and then file and store the information given until the end of the tax year. Expense tracking (calculating reciepts) as a single service unless taking part of our monthly bookkeeping service (below).

How It Works: Contractors with bookkeeping software, an office or home office:

Have your current month's/week's receipts, labor payments and financial information ready on a routine basis.  We record the information according to your bookkeeping system or a system we help you design. If you use QuickBooks©, we can fine tune your file and keep it up to date so you always know your financial position. This would be a part of our General monthly bookkeeping service.

Advantages:

Financial status reports when you need them

Bank reconciliations done professionally

No worries about lost receipts

Have professional help with payroll/contractor payments

Tax return information ready in advance

Reduces costs for Returns & 1099's

You can concentrate on generating more business

We do the books.

You focus on what you do best!

Are You Self Employed? Here are things you should know.

Many people who carry on a trade or business are self-employed. Sole proprietors and independent contractors are two examples of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips about income from self-employment:

• What is SE Income.  Self-employment can include income of any amount (even cash) you received for part-time (side) work. This may be in addition to income from your regular job. All SE income (cash included) is subject to income tax and self-employment tax.
• Schedule C.  To report self-employment income you must file a Schedule C, Profit or Loss for Business, with your Form 1040 individual tax return. This is not a seperate tax return. 
• SE Tax.  You have to pay self-employment tax as well as income tax if you made a profit. Self-employment tax is your Social Security and Medicare payments. Use Schedule SE, Self-Employment Tax, to figure the tax.
• Estimated Tax.  You may need to make estimated tax payments. People typically make these payments on income that is not subject to withholding (side-work). You usually pay this tax in four installments throughout the year. If you do not pre-pay your taxes throughout the year, you will owe a penalty for failure to pre-pay.
• Allowable Deductions.  You can deduct expenses you paid to run your business that are both ordinary and necessary. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and proper for your trade or business. See our Business Organizer on the Tax Preparation page.

When to Deduct.  In most cases, you can deduct expenses in the same year you paid for them, or incurred them. However, you must ‘capitalize’ some costs. This means you can deduct part of the cost over a number of years (this is depreciation). Again see our downloadable "Business Organizer" pdf on this page.