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8 Benefits of Online Bookkeeping

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They might even consider hiring a full-scale accounting department, depending on the size of their company. But these days, more and more companies are going digital, opting to use online accounting and bookkeeping services to handle their needs. The days of hiring a one-size-fits-all accountant are over.

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How Do I Pay Myself and My Taxes as a Partnership?

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Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . The owner’s draw is not subject to payroll taxes, but it is considered personal income and is taxed accordingly. If the self-payment struggle is all too familiar to you, Xendoo is here to help.

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How Do I Pay Myself and My Taxes as a Sole Proprietor?

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Payroll , however, is most likely not their passion. An online bookkeeping service will be able to take this task off your plate, saving you time and stress. Where to Begin? Businesses are created because business owners have a passion that needs to be pursued. They may be changing the world and even their own lives.

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What happens if you get audited and don’t have receipts?

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Some examples of costs that you’ll need receipts for include: Office supplies and equipment Inventory purchases Advertising and professional services Company training and employee education Travel expenses Since this isn’t an exhaustive list, it’s best to track all your business receipts and update your records regularly.

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What happens if you get audited and don’t have receipts?

xendoo

Some examples of costs that you’ll need receipts for include: Office supplies and equipment Inventory purchases Advertising and professional services Company training and employee education Travel expenses Since this isn’t an exhaustive list, it’s best to track all your business receipts and update your records regularly.

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4 Ways Small Business Owners Can Stay Tax Compliant

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Instead of playing phone tag with your finance professional over missing documents, you can work with an online accountant who will determine the tax deductions you qualify for and file your taxes on your behalf, so you can get back to what you love – growing your business! . Pay Self-Employment Tax. for Social Security and 2.9%

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Learn When Your Should Outsource Your Accounting

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Here are just a few of the additional benefits that you can expect when you partner with high-quality outsource accounting services: Saving Time While Staying in Control. What happens if your in-house accountant needs to take a sick day or goes on a two-week vacation? Running your company is job number one.

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