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Our Hearts Go Out to Southern California As the wildfires continue to rage across Southern California, our hearts are heavy with concern for everyone affected by this devastating disaster. The loss of homes, businesses, and the natural beauty of the region is truly heartbreaking. We extend our deepest condolences to those who have suffered losses and are facing the uncertainty of what comes next. In these challenging times, we are…  Read more

Understanding financial statements might sound daunting, but it’s crucial for small business owners to stay on top of their game. Each financial report offers unique insights into different aspects of your company’s health. This listicle will break down the essentials, helping you make informed decisions and ultimately steer your business toward success. 1. Balance sheet What is it? The balance sheet provides a snapshot of your company’s financial position at…  Read more

As the end of 2024 approaches, California business owners are gearing up to close their financial books and prepare for the upcoming tax season. While tax planning is ideally a year-round activity, there are still plenty of last-minute strategies you can employ to minimize your tax liability and maximize your savings. Here’s a list of ten optimistic and actionable steps you can take to ensure your business is in the…  Read more

Photo By Quincecreative Running a small business is no small feat, and neither is taking care of your employees. With the recent changes introduced by the SECURE 2.0 Act, small businesses that offer qualified retirement plans, such as 401(k)s, may now be eligible for several tax credits that can significantly offset the costs associated with launching and maintaining these plans. Curious to learn how you can take advantage of these…  Read more

Photo By Kelly Sikkema Tax season is stressful. You have to make sure you’ve got all your documents in order and that everything is filed on time. You also need to double check that the numbers you have are correct, and if they’re not then it can be a real headache. Given how stressful tax time can be, keeping everything together can help you navigate tax season much more easily.…  Read more

Photo By Stevepb Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system.  Xero Accounting allows you to keep on top your financials, on demand.  And, it makes it easy to collaborate with your bookkeeper and tax preparer, so that your tax returns can be prepared more efficiently. This way,…  Read more

Photo By Greyerbaby Tax deductions help offset travel expenses for business travellers. Learn about some key deductions for business trips before you hit the road. What to know about tax deductions for business travel If you are traveling for business purposes away from your main workplace or home, you may be eligible for business travel deductions. However, your travel expenses must be reasonable and essential for business purposes, and not…  Read more