The first rule of running a business is to keep your personal and business finances completely separate from each other. Your business is a distinctly separate entity and needs to be treated accordingly. If you don't follow this rule, your personal finances could be in jeopardy. How to Keep Finances Separate This includes keeping separate bank accounts for yourself and…
When you start your business, you determine whether you'll recognize expenses when they occur – cash basis – or in the period to which they belong – accrual basis. Let's say you pay your May rent bill in April. If you use the cash basis of accounting, this expense will be recognized in April. That's when the money actually leaves…
Here's a list of resources for small business owners, whether you’re just starting out or have been around for a while. Got a business idea? Check out these “10 Steps to Start Your Business”. It can help you research your target market, find financing, and write your business plan. It also includes a guide to choosing your entity structure. Looking…
You can find federal tax due dates by clicking here, and Kansas deadlines by clicking here. Remember that employment tax deposits due dates vary based on your filing status – see Payroll Tax Requirements. Bank holidays for each year can be found by clicking here. When payday is scheduled for a bank holiday, normally it will be moved forward by…