Accounting Blog

Pitfalls of the Small Business

April 4 2015

You did it! You've successfully shed the shackles of your former supervisor and are now the filing your paperwork with the State to register your business. You've officially joined the ranks of the small business owner.

When the excitement fades, however, the terror may set in. As the owner of a small business, you're primary concern is going to quickly become ensuring that your business survives its first year and thrives in its second. A recent study performed by Bradley University and University of Tennessee found that on average, 25% of all small businesses in the US will fail within their first year. Roughly half of this number, are due to incompetence issues; primarily no experience or knowledge regarding pricing, financing, record-keeping, taxes, and business planning. Having an idea i

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Don't Get Mad, Just Get Educated

March 25 2015

April 15th is right around the corner, and with it, the due date to pay your taxes! If you're floundering at the last minute to get your paperwork together (it happens to the best of us, we know) you may be in the market to file for an extension. Don't get too comfortable though, just because your tax extension gives you an additional six months to submit, you still must estimate how much tax you owe and pay it by April 15th, otherwise you may face IRS late-filing penalties.

Now if you've done your homework, you should be safe, but if you aren't a seasoned tax specialist, you may not understand all of the regulations. The last thing you want is to rest in a false sense of security after filing, only to have the IRS knocking on your door with a few questions a few months down the line. Here are a few painful pitfalls that you may not know about that can help you avoid some unwanted attention:

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Where is Your Money Going?

March 19 2015

Everything on the planet is governed by the laws of evolution. I am not referring to Darwinism, but a form of evolution in which human ingenuity and self-determination guarantee the forward progress of aspects of modern society. From taming horse-power came the eventual taming of gasoline-power. Today we bear witness to a new evolution, that of the money nestled in your wallet and your bank account.Virtual currency refers to the digital representation of value that functions as a medium of exchange/a unit of account. The most common form of virtual currency, or cryptocurrency, that you've probably heard of is the BitCoin.

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