Receiving an official notice from the IRS can be daunting, especially for small business owners already juggling numerous responsibilities. Before you let the worry set in, remember that these notices are more common than you might think, and they’re often resolvable. At Edgewater CPA Group, we’re here to guide you through this process with expertise and reassurance.
Have you ever had a heart-stopping moment when you saw “IRS” on an envelope in your mailbox? You’re not alone. At Edgewater CPA Group, we understand how intimidating it can feel to receive an unexpected notice from the Internal Revenue Service. But fear not! This guide is here to demystify the five IRS notices you need to know about as a small business owner. We aim to help you keep calm, informed, and prepared for any tax-related surprises that might come your way.
Starting a freelance career is both exciting and daunting. As you navigate this new world of independence and flexibility, it’s essential to recognize a common challenge many freelancers face: managing finances effectively. At Edgewater CPA Group, we understand that transitioning to freelance work can bring several new responsibilities, especially around financial management. Here are four frequent freelance financial mistakes we’ve seen people make and how to avoid them.
As a small business owner, you juggle countless responsibilities daily. Between managing customer expectations, overseeing operations, and planning for growth, it’s easy to sideline the back-office processes like bookkeeping. However, neglecting your financials and closing your books monthly can lead to unforeseen financial pitfalls and stress. At Edgewater CPA Group, we understand these pains and are here to ease your bookkeeping burdens.
As a business owner, managing your budget is crucial for your company’s success. However, sticking to a budget can be challenging, especially when unexpected expenses arise or revenue fluctuates. To help you stay on track with your financial goals, here are three tips from Edgewater CPA Group for sticking to your business budget.
As an entrepreneur, managing your finances is crucial to the success of your business. One key aspect of financial management is budgeting. Creating and following a budget can help you track your expenses, plan for the future, and make informed financial decisions. So, let’s look at four budgeting basics for entrepreneurs and how working with a CPA from Edgewater CPA Group can help you achieve your business financial goals.
As a small business owner operating as an LLC, you may be considering whether or not it’s time to file for an S-Corp tax election. Making the switch can have various benefits, such as potential tax savings and increased credibility with customers and vendors. But how do you know when the timing is right? Edgewater CPA Group discusses four key signs that indicate you’re ready to file for your S-Corp tax election.
As a small business owner, we know you always look for ways to grow and scale your business. However, one of the biggest concerns that many entrepreneurs have is the fear of going into debt. While taking on debt can sometimes be necessary for growth, it is important to be cautious and strategic about managing your finances. If you want to stay out of debt, Edgewater CPA Group can help with our business growth consultations, where we explain how your business can quickly go into debt.
As a business owner, keeping track of your taxes is overwhelming. With ever-changing tax laws and regulations, it’s easy to make mistakes when filing your business taxes. However, correcting those mistakes is crucial to avoid penalties and fines from the IRS. If you find yourself in this boat, Edgewater CPA Group can help with your tax resolution. Here are four tips on how to correct your business taxes.
Navigating the world of accounting can be overwhelming for a new business owner. Understanding key accounting terms is crucial for managing your finances effectively and making informed decisions for your business. Edgewater CPA Group works with many new businesses in Carmel, IN, helping new owners navigate all things accounting, including these five key accounting terms.