One of the questions I regularly receive from my clients is some variation on the theme of them getting paid by their clients. People are curious about this from both an accounting and a philosophical perspective, as in: “How do I write off bad debt?” Or, more often: “What do I *DO* with clients who […]
The Good and The Bad of Owning a Business
A friend confided in me recently, “I hate my job and I’d love to talk with you about starting my own business, like you’ve done. Would you be willing to share your insights?” This meme is a very popular one right now. (The “start your own business” one. Not the “getting Renee’s brilliant insights” one.) […]
Marketing Expenses – What’s Tax Deductible?
UPDATE: Please see the 2015 version of this post here. This is the fourth in a series of posts on tax deductions for small business owners. (The first post is here, which contains some important definitions.) Marketing is intended to portray your business in a positive, customer-inducing light. Most small business owners are intuitively aware […]
How To Start Your Own Small Business In Nine Steps
Let’s say you’ve decided to take the leap, quit your soul-sucking office job, and turn your hobby into an actual business. Use this checklist of nine steps to get started. 1) Consult an accountant. This isn’t a self-serving piece of advice. A good accountant is one of your most important business advisers, and can quickly […]
Three Bookkeeping Mistakes — And How To Fix Them
Having worked with a variety of small business owners over the years, I’ve seen a lot of bookkeeping mistakes (and sometimes some bona fide big time messes). Many of those mistakes are quite innocent, not a big deal, and easily fixed. But if not corrected, over time they can snowball out of control and prevent […]