
Monday, July 03, 2023
Are you your own boss? Do you have a trade or business that you run as a sole proprietor or independent contractor? Maybe you’re a member of a partnership, or you have a part-time business on the side. As exciting as this can be, it also brings certain fiscal responsibilities, like filing an annual tax return, paying estimated taxes every quarter, and handling self-employment tax. But knowing what you owe means knowing what you can deduct for expenses. For instance, you may be able to claim a home office deduction. Explore these tax insights to acquaint yourself with potential advantages you might not be utilizing to the fullest. It’s always recommended to seek guidance from your tax preparer or certified public accountant (CPA) for insights tailored to your unique tax circumstances. Don’t wait to get yourself organized for tax season. Year-end is right around the corner!

At J&S Accounting, we provide expert bookkeeping services tailored to the unique needs of small businesses and non-profits. We recognize the challenges that come with maintaining accurate financial records and how vital this is for the smooth operation and growth of your business. As a woman and minority-owned firm, we’re proud to offer our expertise to businesses in Savannah, GA, and across the nation, helping them navigate financial complexities and achieve better financial management.

Payroll runs in the background for many small businesses, but the reports behind it can offer valuable insight into your financial health and compliance. Taking time each quarter to review key payroll reports can help catch issues early, ensure accuracy, and give you a clearer picture of how payroll is impacting your business.

Hiring help is a big step for any small business, but deciding how to classify that help is just as important. The difference between treating someone as an independent contractor (1099) or an employee isn’t just administrative; it has real financial and compliance implications. And getting it wrong can be costly.

Payroll is often one of the largest expenses for a non-profit, but it’s not always tracked in a way that reflects how work is actually being done. For organizations that receive grant funding or manage multiple programs, properly allocating payroll is key to accurately tracking program and funding costs and maintaining compliance.





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Disclaimer:This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.



This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.