Posts by Carl Corneliuson
A Simple Guide to the Manufacturing Accounting Process
Accounting for manufacturing businesses is a large undertaking and the manufacturing accounting process is detailed and complex, with a lot of information to track and sort through. Whether it’s tracking bills, payroll, taxes, bookkeeping or expense reports, cost accounting in the manufacturing industry isn’t for the faint of heart and you want to make sure…
Read MoreAn Easy Guide To the Employee Retention Tax Credit for 2020
2020 was a year no business saw coming. The Covid-19 pandemic affected each business differently, but it became common for most to suffer in both profitability, and in employee compensation and retention. The recent Consolidated Appropriations Act of 2021 (CAA) provides relief to individuals and businesses that have been impacted by the pandemic, through an…
Read MoreRollovers as Business Startups: The Pros and Cons of ROBS
Starting a business is a spendy venture no matter what your business is, and it’s often the first hurdle that prospective business owners have to overcome. There are many different ways for small business owners to get the money they need: go to the bank and get a traditional loan, crowdfunding such as a Patreon…
Read MoreThe Difference between Bookkeeping and Accounting: Why Analysis Matters
To some business owners, accounting and bookkeeping are perceived as the same thing. The confusion is understandable — these two services are closely related, yet they have distinct purposes. These responsibilities are an essential part of any business, so it’s important to learn the difference between bookkeeping and accounting before choosing a team to…
Read MoreThe Top 5 Craziest Tax Deductions Ever Attempted
When it comes to taxes, most people try to get the most out of their deductions. Obviously, nobody wants to pay more than their fair share in taxes. The list of deductions can range from legitimate to unlikely to flat-out ridiculous. When it comes to crazy tax deductions, however,…
Read MoreTop 3 Challenges for Small Business Owners & How to Overcome Them
Getting a small business up and running and managing it efficiently can be very challenging. In most cases, small business owners know their respective industries well and are extremely passionate about their areas of expertise. However, it’s addressing the logistics that requires the most consideration. Below we’ve identified three of the top challenges for small…
Read MoreWhat to Know About Running a Food Truck: Tax Deductions & More
Food trucks have proven to be a booming industry, not only in the Minneapolis-St. Paul area, but also across the country. If you’re thinking about opening a food truck business or have begun one already, it’s important to know that food truck tax deductions can be extremely helpful. By being familiar with what to deduct…
Read MoreStaying on Track with a Small Business Expense Tracking Spreadsheet
Managing small business financials is a critical task. When it comes to expenses, it’s important to organize and track everything, so when it’s tax time you report everything correctly. This allows you not only to pay no more than absolutely necessary, but it also protects you in the event of an audit and helps you…
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