B&P Accounting Solutions
Equipping You to Reach Financial Peace of Mind
Cash management begins with cutting unnecessary expenses. However, choosing between an expense and investment is an important step. Investments benefit or improve a business. An expense is something that is required but controllable (flexible) in a business. Try to keep spending to 30% or less of income. This will help to regulate spending
A a very early age, most of us, were taught about giving. We are taught that giving is a blessing and we are also taught that what we give we get back double. This is true however there are stipulations. We should expect to receive but we should give out of love and kindness. Don't give to simply to get back or because you should. Sometime we can't give and giving with the wrong heart will not bring it back two fold. Avoid the following gift/giving habits to open your heart to giving and make it a welcomed opportunity! You will then see it back more than double!
Tax Myths and emotional money mindsets play a major part in the amount of income we earn as well as the amount of taxes we project on future income. Saving money, protecting your money, and increasing your money all require effort.Money Myths and Mindsets
Money myths and mindsets are terms I often use when speaking about money blocks. Our money mindset determine the amount of money we choose to make and can make in our business as well as earn in our lives. What does this mean? Myths about taxes and the work involved in monitoring and tracking spending often deter business owners or independent contractors from moving forward.
The number one most misunderstood, misused, and misapplied deductions are the meals, entertainment & mileage deductions.
Most people do not understand the deductions but I can't say the IRS code has made it easy to understand either. Often times, business owners, including independent contractors, avoid deducting meals or they deduct all meals.
An expensive business mistake is to treat an employee as a contractor to save money on insurance and taxes. This mistake will cause you to pay hefty penalties, back taxes, and fines by the Department of Labor, Internal Revenue, and State Agencies. A contractor or independent consultant is a business owner.