Providing high-quality business education, tax guides, and news.
A business owner filling out their 1040 paperwork

Have A Business? Learn How To File Taxes Quarterly

Should you be paying quarterly taxes? If you have a business, whether you do freelance work, are a sole proprietor, or own a corporation, the answer is likely yes. When you run a business, taxes can get tricky quickly — there’s no one paying taxes for you per a W4 form. It’s up to you

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A man holding a magnifying glass up to a balance sheet

The Best Free Balance Sheet Template

A balance sheet shows your business’s equity at any given time, showing your company’s worth considering its debts and liabilities — essential information for everyone to have on hand. We’ll discuss how a balance sheet works and what type of items your business needs to list and leave you with some links to our team’s

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A photo of Austin, Texas

Texas R&D Tax Credit: Find Out If You Qualify

When we mention the R&D tax credit, you might think of the federal program that incentivizes US businesses to improve or develop new products and processes. However, many states also offer this incentive — and Texas approaches it a little differently than others. Texas offers R&D incentives in two different ways: Franchise tax credits and

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An accountant working with a CRM on her laptop

Revolutionize Your Accounting With the Best CRMs

Has your accounting firm gone paperless? If so, you’re not alone — businesses worldwide are moving their data into customer relationship management (CRM) platforms to better manage their information and streamline their accounting processes. However, if you’re still relying on paper forms and old-fashioned methods, scaling your accounting business is almost impossible. Accounting CRMs offer

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Software developers working on a new app

R&D Tax Credits for Software Development: A Comprehensive Guide

Software development is an innovative field; devs transform business operations and create products driving productivity and efficiency across industries. Many don’t know that most software development companies can qualify for the federal R&D tax credit, providing significant saving opportunities for a range of businesses. Most expenses that your software development company incurs during research and

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A man wondering if his expenses qualify for the R&D credit

What Expenses Qualify for the R&D Credit?

The R&D credit helps businesses reduce their tax liability based on their qualified research expenses (QREs), but determining which expenses qualify can be confusing. Keep reading to see if your research expenses qualify for the R&D tax credit. What Is the R&D Credit?  The federal R&D tax credit is a way that the government incentivizes

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A small business owner planning for tax season

Small Business Tax Planning: The Do’s and Don’ts

As a small business owner, tax season is never fun. But with better tax planning, you can take advantage of deductions and credits that can help reduce your business’s tax burden. These seven strategies discuss the do’s and don’ts of small business tax planning, so you can keep more of your profit in your pocket!

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woman on the computer checking her taxes

Revolutionize Your Accounting Game with Excel Templates

In accounting, you want access to anything that will make your job easier. Something like this will help prevent you from making mistakes and save you time that could be better spent elsewhere. This allows you to improve the quality of work that you provide.  Excel templates can be a game changer for accountants. This

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Two men looking at a model in an office

R&D vs. R&E: What’s The Difference?

When looking at the tax code, instructions, and other forms, you’ll come across a number of different terms, some of which are easy to understand and some which aren’t. The IRS even knows this as they make an effort to include glossaries and definitions with some of their publications.  Unfortunately, not everything is clearly defined.

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Two hands holding cards saying “To Do”, “Doing”, “Done”

Mastering Project Management: The Ultimate Guide for Accountants

Proper project management is a serious asset for accountants. Making use of it allows projects to progress smoothly and minimizes the number of mistakes and errors being made.  If you are an accountant looking to learn how to master project management, look no further. This article is a guide to project management for accountants. It

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“Audience” written on a white board with arrows and a hand holding a marker

Marketing for Accountants

As an accountant, marketing is a necessary part of getting clients and doing business. However, marketing can be difficult and presents an additional challenge on top of traditional accounting. Plus, marketing for accountants often ends up being different than marketing for other professions.  Luckily, there are marketing strategies that work for accountants. This article will

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Person typing on a laptop

Grow Your Accounting Business With These Automation Tips

Automation is one of the easiest ways to improve the functionality of any business. It effectively allows a company to get more work done in the same amount of time.  Accounting automation does this within the accounting industry. This article will specifically look at how automation works for accounting. It will also explore options that

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Woman using a laptop and calculator with money on the desk Image source

Finding the Best Payroll Software for Your Accounting Business

Manually calculating, filing, and paying payroll is tedious and time-consuming for most businesses. If you’re an accountant, it’s highly unlikely you would be able to manually process payroll for all of your clients while juggling your other responsibilities. Payroll software makes processing payroll much easier compared to doing it manually. You can save time while

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Best Books For Accountants of 2023

Accounting isn’t a profession where you can stop learning once you enter it. It is a profession where being better and improving yourself is always a good thing.  One of the best ways to do this is by reading accounting books. Books like these provide you with new information in a format you can easily

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Accountant next to a calculator

What Is Accounting? History and Job Requirements

There’s a good reason why the job outlook for accountants is expected to rise by 6% over the next decade. Whether with financial information related to business or tax help, we often rely on these professionals daily.  However, despite this fact, many people are unfamiliar with what this job entails. So, what is accounting? And

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Business man with empty pockets next to credit card

Liability: What Are Liabilities in Accounting?

Did you know that the total global debt of non-financial corporations has reached a staggering $87 trillion? However, debt (and any other company’s financial obligations) are okay. The reality is that these liabilities are an essential part of running a business.  But precisely what are liabilities in accounting? Understanding this question is integral to keeping

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Balance sheet displaying debits and credits

Debits and Credits: Understanding for Accounting

If you’re like most people, the only context you hear debit or credit applied to is at a cash register or bank account. But the reality is that debits and credits are vital to business transactions and the accounting that tracks these transactions.  That’s why they’re both crucial to understanding. So what’s the difference between

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Digital brain representing artificial intelligence

AI in Accounting: How Accountants Are Leveraging It

Did you know the global AI market is worth an estimated $327 billion? Many people think that AI is only confined to IT applications. But the reality is that the artificial intelligence behemoth has its tentacles in nearly every industry, including accounting.  And the good news is that’s not a bad thing. In this article,

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Computer being connected through cloud computing

Accounting Technology: How and Why It’s Changing

Gone are the days when bookkeeping was confined to actual books. These days, like most industries, accounting has turned to technology to streamline efficiency and save costs.  However, the use of accounting technology is constantly changing as new interfaces and advancements are being applied each year. So how is accounting technology changing? And how can

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Accountant reviewing a spreadsheet with a calculator

10 Accounting Trends to Know for 2023

As an accountant, you know that change is inevitable in your industry. Whether it’s updating tax codes or new disruptive technology, it’s vital to stay on top of the trends in your industry. If you want an learn about the accounting trends in the coming year, you’re in the right place.  In this guide, we’ll

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Tax forms next to a computer mouse and coffee cup

IRS Letters: How to Respond to IRS Notice

Many people think that they’re immune to IRS notices. After all, doesn’t the IRS usually target wealthy individuals and businesses? Sadly, that’s not the case.  Since these targets require investigation and litigation, the IRS focuses on low-income wage earners and small businesses five times more than other parties. If you receive IRS letters, it’s essential

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Business hand in a briefcase holding a house

What Is the Augusta Rule for Taxes?

If you’re like most home and business owners, you likely don’t concern yourself with the intricacies of tax codes. However, that might be a mistake. Certain tax codes, like the Augusta Rule, can provide exemptions on taxable rental income.  But exactly what is the Augusta Rule for taxes? And how do you take advantage of

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Woman with a laptop and money on a table

How to Reduce AGI After Year End [2023]

When it comes to your taxes, your AGI is arguably more important than your gross income. After all, your tax burden is not calculated based on your gross income. Instead, the IRS subtracts some adjustments from your gross income to arrive at your adjusted gross income. This is what is used to calculate your tax

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9 Tax Deductions for Sole Proprietorship to Know

In 2019, there were 27.8 million non-farm sole proprietorships. If you are one of these, you are probably constantly on the lookout for ways to run your business more efficiently.  That is why tax credits and deductions are so great. They allow your business to save money without fundamentally changing how you do business. In

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Two women looking at figures and calculations

10 Example Goals for Accountants to Set Today

Everyone needs goals. Setting goals can improve your productivity at work and generally has a positive impact on mental health.  If you are an accountant looking for good goals to set, we’ve got you covered. We created a list of ten example goals that any accountant can use. Read on to explore them all! Related:

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Accounting Bookkeeping Checklist for New Clients

You’ve completed all the steps needed to secure your next accounting client. But once you do this, you need to make sure you complete a few more steps to get them ready. The onboarding stage for accounting clients can be more overwhelming than in other industries.  After all, you need to gather documents, ask for

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Person filling out tax papers

Best Tax Preparation Services to Use in 2023

Handling your taxes is difficult and can lead to errors if you are not careful. That is why around 46% of Americans use tax software to file their taxes for them. The convenience, accuracy, and professional help provided by services like these are essential to many.  However, not all tax preparation services are built the

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Woman working at a desk

How to Pick High Demand Accounting Niches

It takes a lot to achieve success in accounting. This is why many accounting firms and startups seek something to provide an edge over their competitors. One of these is entering a niche.  Entering an accounting niche provides a range of unique benefits. However, it can be tough to determine which niches are worthwhile.  Let’s

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Two people looking at papers on a table

How to Sell Accounting Services: Step-by-Step

Making your mark in accounting can be incredibly rewarding but is difficult, especially when just starting. The industry has become more competitive; thus, many struggle to find their way and achieve success. However, if you go into the business with a good plan, you can not only survive, you can thrive.  Here, you’ll find a

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April calendar with a cell phone

What is Tax Basis? Definition and Setup

Profit and loss are one of the most basic business concepts. But when tax time comes, these simple concepts can get much more complicated. This happens because the amount of profit or loss you have from the sale of an asset directly affects your tax bill. But by how and by how much? To figure

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What to know about R&D amortization

R&D Amortization: 2022 Changes to Know

Since 1954 business owners have had the option to deduct certain expenses in the year that they incurred them. This was a critical way many offset the costs of researching and developing new products; it drove innovation in many industries.  But, as of now, the rules have changed. Effective January 1, 2022, IRC Section 174

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A man working on his Mac

What Is Revenue Reconciliation? Why It Matters

There are two vital parts to a successful month-end close (especially for startups and SaaS companies): Revenue recognition and revenue reconciliation. Many startups make the mistake of focusing on recognizing and recording transactions, skipping the reconciliation process — a crucial accounting step. We’ll discuss the basics of revenue recognition and reconciliation, what they are, why

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A successful small business owner

5 Common Small Business Mistakes to Avoid

More new businesses were launched in 2021 and 2022 than ever before. Owning a small business lets you go after what matters most to you in a meaningful and impactful way, but it’s also a scary venture for new entrepreneurs. Beginning the process with an idea of the common pitfalls to avoid is crucial to

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Two startup owners pitching to an investor

10 Best Business Funding Sources for 2023

Funding options for your business can seem endless, whether you need short- or long-term financing or if your business is in the startup stage or already established in its industry. That’s why we’ve organized this list of the ten best business funding sources going into 2023 — keep reading to discover the best funding options

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People on Santa Monica Boulevard

California R&D Tax Credit Qualifying Guide

The R&D tax credit is vital to keeping companies at the forefront of innovation by rewarding companies that develop new processes and products. In 2020, California suspended its R&D tax incentives due to the economic shock following the pandemic. However, the state recently had a budget surplus, and in February 2022, Governor Newsom signed into

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IRS Warns About False ERC Claims: What to Know

The Employee Retention Credit (ERC) encouraged businesses to keep their employees on payroll during the height of the pandemic. However, the IRS has some new information for us as the economy tightens. Related: What Is the ERC? In October 2022, the IRS warned taxpayers about third parties promoting claiming enormous Employment Retention Credit (ERC) refunds

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Two business owners meeting in a park

Recovery Startup Businesses: How to Claim ERC

While businesses can no longer pay wages to claim the federal Employee Retention Credit (ERC), they have until 2024 to look back on their payroll throughout the pandemic and claim the credit retroactively. The ERC program may have ended, but that doesn’t mean businesses can’t still claim the credit — wages a business paid after

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wo people working on a SR&ED project

SR&ED Tax Credit Qualification Guide & FAQ

Before you apply for the Scientific Research and Experimental Development credit, it’s important to understand its requirements. If you’re wondering if the SR&ED program can benefit your businesses, if your projects qualify, how the Canada Revenue Agency (CRA) determines eligibility, how this tax incentive program works, or how to claim it, you’re in the right

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5 best banks for startups

5 Best Banks for Startups: Find Banking Today

It’s an exciting time in your startup business, and having a good bank to support you is vital to your success. That’s why having a one-stop-shop bank for your needs will keep you worry-free about finances as your company blossoms. The best banks will provide you with free or low account fee checking and savings,

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A calculator with accounting paperwork

Accounting for Startups: What to Know

Accounting will prove to be a large part of the process of a startup. In comparison, it is not a strict rule to focus large amounts of time and energy on accounting in the early stage of a business. Failure to properly manage and keep track of accounting can often cause many issues later, further

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A startup using the best credit card.

BREX vs. RAMP: Find the Best Credit Card for Startups

A business credit card is the ultimate weapon in the battle to keep your new business thriving. Cash back rewards, credit perks, and all the other needed tools that keep company growth a reality. Business credit cards aren’t just limited to more significant enterprises anymore, and small business credit cards are made just for startups,

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A person working on accounting.

How to Find the Best CPA for Your Startup

You might have heard that with a little bit of money spent and a couple of extra hours of preparation at the start, you can save yourself from several weeks of trouble and loss at the end. In many business cases, this proves to be absolutely true, more often than not.   Thoughtful planning has shown

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person typing into bookkeeping software

Startup Bookkeeping: How to Get Started Right

Many aspects go into running a business. Bookkeeping is a crucial business component, as it can impact your business’s growth and success.  Bookkeeping encompasses various tasks, including data entry, filing taxes, and more. Where do you get started? Read this guide from Tax Robot to learn how to start bookkeeping for your business.  Related: Startup

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Startup team meeting with pre-seed funding investor

Pre-Seed Funding & Investors Guide for Startups

Over 23,000 startups have received seed funding from 2016-2020, which has grown exponentially compared to the decade before. Many businesses see the value of bringing in investors early to help launch their businesses right vs. bootstraps. We’ll explore why pre-seed money is good and how to attract pre-seed investors to your startup business. By leveraging early investors,

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CEO presenting his VC pitch deck

5 VC Pitch Decks That Work [Guide & Examples]

When preparing to raise venture capital, businesses need a dialed-in pitch that can wow potential investors. But VC time is precious, which leaves you limited time to sell your team and your business. That’s why your pitch deck needs to be efficient and concise. We’ll cover how to build a successful VC pitch deck and

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how can the WOTC help your business?

What Is the Work Opportunity Tax Credit (WOTC)?

The Work Opportunity Tax Credit (WOTC) program is a federal tax credit that employers can use when they hire people from specific target demographics, such as disabled individuals. In the past, these workers have experienced barriers to employment. However, there are certain rules that employers must follow to access these credits. If you want an

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Veterans saluting American Flag

Tax Credits for Hiring Veterans: How to Qualify

With an estimated 19 million US veterans, the United States strives to help its Armed Forces veterans find gainful employment once they are discharged. To do this, the federal government offers significant tax credits to companies that employ military veterans. To qualify for these credits, a business needs to jump through a few hoops fairly quickly

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Innovating in technology and research can get you tax incentives

What are Tax Incentives? Beginner’s Guide for 2023

When your small business is in the startup phase, it’s critical to take advantage of all the US tax incentives that apply to your business. Qualifying for government tax incentives can reduce your tax liability up to 30%. We’ll cover the different tax incentives available and why your business should leverage as many as possible.   What

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person preparing their payroll tax deferral deposit

What is the Payroll Tax Deferral? CARES Act Breakdown

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, businesses could defer their employer portion of payroll taxes from 2020 until 2021 and 2022. Over 1,026,282 employers took advantage of this deferral during the economic burden caused by COVID-19. President Joe Biden extended the payroll tax deferral as part of the American Rescue Plan Act.

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person looking over their CP2100 tax notices

1099 IRS B Notice: How to File Properly

If you’ve received an IRS CP2100 Notice or a CP2100A Notice, don’t worry. These mistakes can be remedied. With some work and know-how, you can send a 1099 IRS B Notice to your payees well within the fifteen-day period.  By following our 1099 IRS B Notice step-by-step guide, you’ll confidently send the necessary paperwork to ensure you follow

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