It seems like side gigs (also known as a side business or part-time business) are becoming very popular. I have seen a crazy number of articles and blog posts on the topic. But what you may not realize, given all of the recent side gig hype, is that they are not just a good idea for the very young or under-employed. A side business is actually a great idea, no matter your age or current employment status.
One of the questions I get asked the most is, “what is the best bookkeeping software/app for my business?”. Truthfully, the answer to this question depends on many things. The variety of applications currently available to small businesses has grown exponentially making it difficult to know where to start. To muddy the waters even further, there are many Facebook groups, bloggers etc… making recommendations (some legitimately others looking for affiliate marketing income), but they are not financial professionals and should probably not be handing out financial advice. With this in mind, I will be doing a series a posts reviewing various bookkeeping applications. As an accountant, I have some definite biases, but I will do my best to lay out the pros and cons of each application.
I probably don’t have to remind you, but today is the last day to timely file most tax returns. There are exceptions to this rule, however, which I will list at the end of this post. At this point if you don’t have everything ready to go , do yourself a favor and file Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). If you need more time to file your trust or partnership return, use Form 7004 to receive an automatic 5 month extension.
Thanks to technology the world really is your "oyster" these days. Just as the internet allows you to have a business/tax coach (ahem, Stratus Tax & Accounting.com) that may be located in a different state or even country than…
At a recent gathering of horse enthusiasts (i.e. a large group of women), conversation turned to the expenses that come with this hobby. I was surprised at how many of the ladies mentioned that their husbands had no idea how much money they spent on their “horse habit”. As a financial professional I was intrigued, so I a steered the conversation towards exploring this finding further.
I knew that for a variety of reasons, a large percentage of the women keep their finances separate to some degree from that of their husbands. This is very common for women who are in their second marriages as well as couples who are self-employed. But what was surprising was that some of the ladies in the discussion kept everything separate right down to alternating who payed for groceries, and they had no knowledge of what the other spent, invested or earned.