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Blogs by Elliot Hershik


Business Owners: Beware the Deadlines of March

February 14, 2019 / by Elliot Hershik posted in Small Business Advice, Chicago Far West Suburbs, Business Advice

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"Beware the ides of March," Shakespeare wrote. Well, we have no idea what "ides" are, but we do know our tax deadlines.

Are You Prepared for the March Tax Deadline?
It never hurts to have a reminder about changes in tax laws, because each year brings new ones — especially this year.

You might have changed the structure of your business this year, which could in turn alter your filing status. For example, have you switched from an S corporation to a C corporation? If so, not only are you positioned to possibly pay a lower tax rate — a flat rate of 21% instead of the graduated scale from 15% to 39% — but your filing deadline also moves back from March 15 to April 15.

For S corps, partnerships and multiple-member LLCs, the deadline remains March 15. And don't think that the partial shutdown of the federal government will buy you any additional time. It does not affect any filing deadlines.

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Now Is the Time to Prep Those Pesky 1099s

September 13, 2018 / by Elliot Hershik posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Bookkeeping 101, Business Advice

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For small-business owners, eternal vigilance on important documents is more important than ever. That includes those seemingly routine year-end 1099 forms.

If You Wait, It Could Be Too Late
In an ideal world business owners would keep up with their 1099s all year long, as my colleague Jeanne Richards recently suggested they do. Haven’t given 1099-prep a thought yet? Don’t worry — it’s not too late. Now that it’s September, it’s the perfect time to check the status of your records and get them in shape before the end of the year.

Periodically evaluating your records keeps you up to date on which vendors or independent contractors (IC) are above the $600 threshold that requires a 1099. That’s a threshold that is easy to meet without realizing it. You might have given someone several small projects that were each well under $600, but together meet the threshold requirement. Or perhaps you forgot about an IC you used for a project early in the year — now is the time to make sure you have the records you need.

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More March (Tax Deadline) Madness

March 15, 2018 / by Elliot Hershik posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Business Advice

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Two years ago, I compared the annual "March Madness®" of the NCAA Division I college basketball tournament to the madness that surrounds the March 15 deadline for corporate tax filing. With basketball's March Madness upon us once more, it's a good time to revisit (and revise) those guidelines.

Buzzer-Beater
A game-saving shot at the final buzzer is the most exciting moment in basketball. But if you own a small business, being behind late in the game by not having complete, accurate records to present to a tax preparer isn't exciting; it's just stressful. This is especially true if your last-second attempt at a buzzer-beater is off target. Spare yourself (and your tax preparer) this anxiety by maintaining good financial records all year long. An outsourced bookkeeping services provider can help on this count.

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Bookkeeping Service | Making Sense of E-Commerce

November 14, 2016 / by Elliot Hershik posted in Chicago Far West Suburbs, Business Advice, Ecommerce

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Recently, at a roundtable discussion with fellow services professionals, the topic of e-commerce came up. Most people, when they hear this term, imagine that it only refers to the use of the Internet to sell goods and services. 

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Bookkeeping Services 101 | Managing March Madness

March 15, 2016 / by Elliot Hershik posted in Chicago Far West Suburbs, Bookkeeping Services, Bookkeeping 101

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To most people in the U.S., “March Madness” refers to the NCAA Division 1 college basketball tournament. This has become one of the most widely watched sporting events in the world and many people rearrange their work and personal calendars in order to catch the games on TV. This year the games start on March 15th  – a  date that is significant for another type of March Madness as well.

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