Category Archives: Your Questions Answered – Business Accounting

A CPA answers your business accounting questions

What Software Do I Use For My Small Business

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QUESTION:

Dear Taxman – I am starting a small business. What software should I use to keep track of my business transactions?

ANSWER:

Dear Reader – If you are only selling one product or service, Excel is good for tracking incoming and outgoing money in a list format that you can sort and search. If your business is much larger, you offer multiple products or services, or have employees, I would recommend QuickBooks which has many more features and reports that benefit the business owner. I suggest you get someone with a strong accounting background to set it up and train you to use it correctly. In fact, we provide QuickBooks training for business owners in Frederick, Jefferson and surrounding areas.

“Ask The Taxman” originally appeared as a column in The Brunswick Citizen. All responses are written by Jim George, CPA. If you have a question for a CPA, contact us!

Do I File A Return If My Business Had More Expenses Than Income?

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QUESTION: Dear Taxman – This summer I started a lawn mowing business and made about $3,000 mowing grass. However, my expenses were more than my income. Do I need to report it on my tax return? ANSWER: Dear Reader: The IRS requires all business income to be reported when you file your tax return. You… Continue Reading

What Is The Due Date for Filing W-2’s?

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QUESTION:  Dear Taxman – What is the due date for filing my W-2’s with the Social Security Administration? ANSWER: Dear Reader – You’re probably aware that W-2 forms must be provided to your employees by January 31st. The IRS has set the due date for filing your W-2’s with the Social Security Administration to January… Continue Reading

Do I Give my Employees 1099’s or W-2’s?

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QUESTION: Dear Taxman – I have a small business and I am not sure if I should give my workers 1099’s or W-2’s. Can you tell me how to determine which way to go? ANSWER: Dear Reader – It’s not uncommon for small business owners to be confused about the right way to handle their… Continue Reading

Deducting Vehicle Mileage

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QUESTION: Dear Taxman –  I use my car in my business occasionally. I have paid for all my gas with my debit card so I have a record of how much gas I purchase.  Is there anything else I need to do to deduct my auto through my business? ANSWER: Dear Reader – The record… Continue Reading