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 …
Accounting Bookkeeping Checklist for New Clients Read More »
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 …
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 …
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 …
In the ever-complex realm of financial management, the right tools can spell the difference between seamless efficiency and potential pitfalls. Research and Development (R&D) tax credits remain a pivotal incentive for businesses to innovate and push boundaries. However, with intricate regulations and ever-evolving guidelines, leveraging these credits can be a daunting task without the aid …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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, …
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 …
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, …
BREX vs. RAMP: Find the Best Credit Card for Startups Read More »
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 …
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 …
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, …
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 …
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 …
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 …
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. …
What is the Payroll Tax Deferral? CARES Act Breakdown Read More »
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 …
If you have a business, you may qualify for a tax incentive from the IRS for hiring those individuals with disabilities. The government uses tax credits to encourage employers to hire people who might have faced employment challenges in the past. When businesses try to hire these qualified workers, they can enjoy many tax breaks, …
Tax Credits for Hiring the Disabled: Incentivize Your Hiring Read More »
Tax season is often a frustrating and nerve-wracking time. You may be concerned about owing money or filling out your paperwork correctly to ensure you maximize your return. The tax system is full of legal jargon and forms that can be difficult for anyone who’s not an accountant to understand properly Tax season doesn’t have …
According to the current tax code, minority-owned businesses have no specific incentives, but entrepreneurs can take advantage of certain tax breaks and credits. There are several recognized minority groups; they include: Black/African Americans Hispanic/Latino Americans Asian Americans Arab Americans/ Middle Eastern Americans Native Americans/Alaska Natives Native Hawaiians/Pacific Islanders Are you searching for additional resources to …
How Does the Federal Government Define a Minority Business? Read More »
The federal government introduced two acts (CARES and FFCRA) to help businesses affected by the pandemic find relief. Both of these acts allow certain companies to claim a credit on their tax returns with IRS Form 7200. We’ll explore what Form 7200 is, who can apply, a step-by-step guide to filling out Form 7200, and …
Qualified small business owners can save come tax time by claiming credits like the R&D tax credit. We’ll walk you through this complete guide to filing Form 8974, claiming your R&D tax credit, and answer any questions you might have. Let’s start with the basics and define some of the forms, credits, and terms we’ll …
For many people, there is nothing more exciting than innovation. Inventors who are engaged in research and development activities have a unique opportunity to lower their tax bills, and it’s all thanks to IRC Section 174. Our tax system is full of technical jargon and complex intricacies, and it’s constantly changing. Even Section 174 isn’t …
IRC Section 174: Get Lower Tax Bill for Inventors Read More »
All the paperwork and technical jargon that comes with tax season make it a challenging time for people and businesses. Unless you’re going through a qualified accountant or tax preparer, you’re going to find yourself swimming in a sea of questions as you attempt to navigate the IRS’s tax instructions and explanations. One of the …
Tax season can loom over companies with all its paperwork, technicalities, and endless hard-to-decipher jargon. There’s a lot to learn about filing your taxes properly and maximizing your return. It’s important to understand the ins and outs of taxes, especially those areas that aren’t well known or understood. The research and experimentation tax credit was …
There are many questions surrounding the Employee Retention Tax Credit (ERC). Many companies understand the benefits, but several changes, requirements, qualifications, etc., can seem confusing. Today we will try and simplify this complicated subject and provide you with a guide to the ERC, including how the ERC works, wage qualifications, how to claim this tax …
When operating a business, there’s a lot of essential paperwork and tax filing that people must stay on top of throughout the year. With so many forms to file, it can be challenging for business owners to remember everything they need to handle, especially if they’re new to the game. In the resource below, our …
If your business has employees, your tax obligations include reporting your payroll and income taxes withheld from their paychecks. While large companies typically file Form 941, small businesses with less tax liability typically file a simpler form—Form 944. Related: Startups—Here’s how to get $250,000 From the IRS We’ll explain how to fill out each section …
As an employer within the United States, you are legally obligated to file a wide range of essential tax paperwork at different points throughout the year. With so much tax filing to stay on top of, our experts at TaxRobot understand how confusing and frustrating it can be to ensure everything is filed correctly and …
Whether you’re dealing with monthly, quarterly, or annual taxes for your business, there are many critical documents you need to fill out and deadlines you need to stay on top of to avoid receiving financial penalties from the Internal Revenue Service (IRS). Sadly, some of the critical tax documents that businesses need to file with …
The research and development tax credit (R&D tax credit) can help many startups and small businesses save on tax time. However, many business owners don’t claim it because they don’t think it applies to them or isn’t aware that it exists. Related: Government Loans for Startups & Small Businesses When you think about R&D, lab …
How to Calculate R&D Tax Credit [Guide & Calculator] Read More »
Filing tax forms as a business owner is a complicated, tedious, but essential part of operating successfully within the working world, especially if you’re filing with the hope of receiving decent tax returns or credits. Sadly, due to the complicated nature of filling out and filing many tax forms, it’s common for tax documentation to …
Most businesses that have employees must file Form 941 with the IRS each quarter to report and calculate their employment taxes. Completed IRS Form 941 will show you how much you still need to pay to cover your payroll tax responsibilities or how much you overpaid during the quarter. If you need to file Form …
If you’re a business owner who’s struggling to make ends meet, tax credits like the Employer Retention Credit (ERC) might be the answer. It’s more accessible than many other relief options like grants or loans. However, understanding how tax credits work can be confusing—don’t worry; we’ll explore everything you need to know about the ERC …
How to Calculate ERC Tax Credit [Guide & Calculator] Read More »
In a world where it seems like everything has already been invented, unique ideas are worthless if you don’t hone them. So, no matter what idea you have for your startup, you have to cultivate it. There are various approaches to growing a startup, including defining its development by lifecycle stages. We’ll explore the five …
Startup Stages: A Guide to Every Step of the Process Read More »
There are a massive range of complicated steps to take and factors to consider when it comes to launching a new startup in 2022. While not the most prominent element of consideration involved, a significant factor that startup developers need to carefully consider is whether or not the services of a startup consultant would be …
Developing a product for your startup is no less than an adventure. You’ll find challenges at every level and around every corner, from finding your audience and analyzing their demographics to creating and launching the right solution and everything in between. We’ll explore each aspect of the startup product development process, from ideation and design …
Product Development for Startups: How to Get Started Read More »
The key to building a strong sales team in any startup is creating the right sales hiring strategy. The sales rep turnover rate is at an all-time high—finding and retaining the best salespeople is crucial to the success of your new business. We’ll explore how and where to find the sales reps that will crush …
How to Find Sales Reps for Your Startup (That Will Crush It!) Read More »
Look at the biggest brands out there—how did they get to where they are? By understanding their competition and tracking their pricing. Knowing how your brand compares to your biggest competitors is the key to getting and staying on top. This is especially true when it comes to pricing. Your customers are more price-sensitive than …
How to Find Competitor Pricing: Track the Competition Easy Read More »
Developing a nonprofit startup isn’t an easy process, especially when getting the needed funding to get initial operations off the ground. Sadly, grants for nonprofit startups are notoriously competitive due to the limited number of grants available. To help you more easily navigate the complex realm of nonprofit startup grants, our team of passionate business …
When it comes to getting a loan for your startup or small business, you really only have two options: private loans or government loans. Getting a loan from a private lender before you have an established business isn’t easy— they are typically reluctant to take large risks. On the other hand, federal government loans were …
Federal Government Loans for Small Business & Startups Read More »
Opening a new business is not easy for anyone. Still, it’s a complicated process for immigrants and members of minorities, who often lack access to the same resources and support that U.S.-born citizens and non-minority individuals typically receive. But that doesn’t mean that opening a successful business as a minority or immigrant is impossible. It …
Small Business Grants for Immigrants & Minorities Guide Read More »
Startup valuation provides insight into the company’s ability to meet investor and customer expectations so that it can find new capital to grow. A startup valuation may factor in assets, business models, total addressable market, and the company’s expertise. Valuing a startup is both a science and art. Whether starting with a simple idea or …
Startup Valuation: How to Choose the Right Method Read More »
There are many perks to enjoy when working for a startup, including owning a piece of the company. Having equity in a company means you have a stake in the business. Startup equity motivates many workers to build and grow the business. These equity packages come in all shapes and sizes, and it is vital …
Company
Support
