The Book Smith Bookkeeping

The Book Smith Bookkeeping Our goal is financial clarity - removing stress and uncertainty from your business finances and providing peace of mind.

We provide full-service bookkeeping customized to your business needs. From basic reconciliations to AP/AR management!

11/20/2024

How can a business be profitable and still run out of cash?
A common culprit is Accounts Receivable.

The invoices you send will show up as income on your financial reports, but that doesn't necessarily mean you have received the money. You still have to collect that cash from the customer.

So, keep an eye on your Accounts Receivable balance - there may just be thousands of dollars of "profit" waiting to be collected.

11/14/2024

For big-time tax savings, consider electing S-Corp status if you run your business in an LLC. Here’s how:

👉 LLC/Sole Proprietor: All net income is subject to self-employment tax (Social Security and Medicare - over 15%).

👉 S-Corp: pay yourself a “reasonable wage” as an employee of your corporation. You will pay self-employment tax on these wages. Take the remaining net income as “distributions”, which aren’t subject to self-employment tax, saving you 15% on that income.

👉 The more you profit, the more you save.

Talk to your CPA to see if this will work for you!

11/07/2024

Separate your business expenses from your personal expenses - you will thank yourself later and so will your CPA!

Address

Pella, IA
50219

Telephone

+16417809137

Website

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