Posts by Preston Smith
Quickbooks Online vs. Quickbooks Desktop: Which one should you use?
One difficult decisions facing many new business owners is which accounting software to use. In the past, most business owners have started out with using QuickBooks Desktop (QBD). In many cases, QBD is still a great option. However, for growing companies, there is an easier, more efficient product on the market. In this article, we’ll…
Read MoreNavigating the R&D Tax Credit
What Are R&D tax credits? Research and Development (R&D) tax credits are a great way for businesses to make the most of their tax savings each year. R&D tax credits were introduced as an incentive for businesses to continue improving, developing, and producing new products and processes. Some businesses may qualify for this credit without…
Read MoreWhat is Ownership Tax Basis?
One of the most important things to know about an investment is its tax basis. For each investment, the tax basis is a critical component in determining the amount of taxable gain or loss that a taxpayer must realize when the investment is sold. The calculation of tax basis can get complicated, but we’ll give…
Read More5 Questions Business Owners Should Ask Their Accountants
When business owners work with an accountant, they may encounter certain financial topics that are obvious to their accountant but less familiar to them. This article broadly covers key questions that business owners can ask their accountants to make more informed financial decisions. How can our business maximize tax savings? All businesses should ask…
Read MoreHow to Structure a Chart of Accounts for an E-Commerce Business
One of the most important tasks to complete when setting up a new business is to create a useful chart of accounts. Having an accurate and comprehensive chart of accounts at the beginning stages of your business goes a long way to ensure your books are organized. Basically, a chart of accounts is a list…
Read MoreBest Initial Chart of Accounts
As you structure your company’s initial chart of accounts, it can be difficult to know where to start. Each industry is slightly different, necessitating a custom chart of accounts for each business. However, all useful charts have a few characteristics in common. They are easy to understand, well-organized, simple, and comprehensive. Although we won’t offer…
Read MoreHow the IRS Handles Employee Misclassifications
What happens when a business pays a W-2 employee as an independent contractor? Often times classification mistakes are made during the initial hiring process that cause individuals who should be designated as employees to actually be designated as contractors. This article will discuss the consequences of a business misclassifying an employee, how the IRS treats…
Read MoreClutch Names Nimbl the Top Bookkeeping Firm in Salt Lake City for 2021
At Nimbl, our expert accountants guide and support your business from startup to exit. You can take advantage of our deep financial expertise that’s unheard of in the cloud-based space. Our team is comprised of certified management accountants and data analytics specialists with years of accounting experience. We offer accounting services like bookkeeping, payroll management,…
Read MoreAn Overview of the Chart of Accounts
A chart of accounts is a list of every account in a business that shows up on the balance sheet or income statement. A chart of accounts will generally include four types of accounts: asset accounts, liability accounts, income accounts, and expense accounts. Within each of these four categories, line items will distinguish separate…
Read MoreQuarterly Tax Estimates: How to calculate and who needs to pay
As an employee of a business, you are expected to pay income tax to the IRS. To ensure the IRS receives its payments, employers will withhold income tax from each paycheck. As your employer is diligent in retaining these funds, you may receive a nice tax refund during tax time. Who Needs to Make Quarterly…
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