Black Bookkeeping & Consulting Services

Did You File Before Congress Passed the Unemployment Tax Exclusion? Here is How the IRS is Handling the Situation Normally, unemployment insurance benefits are fully taxable for federal purposes. However, earlier this year, about the middle of the tax filing season, Congress, as part of the American Rescue Plan Act, decided that each individual who received unemployment benefits could exclude the first $10,200....

7 Different Types of Income Streams for Your Business One way to grow your business is to diversify with different income streams. Having more than one income stream – active or passive – helps keep you open for business if something goes wrong.

4 Ways to Stop Your Overspending Overspending is a personal finance issue that many of us deal with. Budgeting, getting support, using the 24-hour rule, and being forgiving can help you stop overspending to reach your financial goals.

Writing Off Your Business Start-Up Expenses Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small businesses, may be helped by a tax provisio...

Tax Filing Deadlines Are Rapidly Approaching Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021, is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you estimate to be due for 2020.

You Can Expense Business IT Purchases Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets purchased and placed in service before the end of the tax year....

IRS Extends Individual Return Filing Date The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021, to May 17, 2021. This was meant to be a one-month extension, but since May 15 fell on Saturday it was extended to the next business day which is May 17, 2021.

7 Personal Finance Tips for Freelancers and Gig Workers The freelance economy is growing every year, but it’s vital that freelancers and gig workers understand how to manage their finances to be successful.

It's Official! Another Round of Stimulus Payments Approved by Congress The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic began disrupting the economy at the beginnin...

Decided it was time to update the logo!

Curious about home office deductions?
Check out the latest addition to or Learning Center!

Working from Home? Is there a Tax Deduction? Many individuals, because of the COVID pandemic, have been forced to work from home in order to curtail the spread of the virus. A frequent question is do they qualify for a special tax deduction for using their home as a workplace?

Good news for small business owners!

Mom & Pop Businesses Move to Front of the Line for PPP Loans At the direction of the White House and effective on Wednesday, February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest busi...

It’s been over a year but I was finally able to get back out on the ice and throw some stones!

Made some time to get out with the always regal Buster St. James today.

Always important to find ways to get out and enjoy life a bit.

Took some time to have breakfast with my love and decided to extend the date by adding in a little productivity!

I am always striving to be a better ally in the fight against racism, discrimination, and oppression.
In honor of Dr. Martin Luther King, Jr., I have decided to engross myself in his writings and speeches in order to truly understand him and his teachings.
Educating oneself is the first tool in helping create change. Feel free to join me. I would love to talk about this great man as we read.

Just a little hope has been restored. There is still a lot of work to do to fix America. Electing Biden and Harris is just the first step of many.

Good news for small business owners! PPP loan forgiveness is a little easier.

SBA Approves Simple 1-Page PPP Forgiveness Application for Loans of $50,000 or Less The new guidelines remove calculation requirements and simplify supporting-document rules.

Equity is one of the most important components in the accounting equation; especially for you as an owner!
Check out my post to learn more about what equity is and why it’s important.

What is Equity? — Black Bookkeeping & Consulting Services In previous posts, we discussed Assets and Liabilities. Now we will talk about Equity. When it comes to the three elements of accounting, Equity is actually pretty straightforward. It is the residual interest in the Assets of a company that remains after deducting its Liabilities. When you take th

Figured it was time add a little about myself on the website!

About Me — Black Bookkeeping & Consulting Services I live in the amazing state of Montana. I consider myself extremely lucky to have unlimited access to all beauty that Big Sky country has to offer. There is nothing that recharges my energy more than getting outside and breathing in the fresh air.

Your business is going to take on some Liabilities. Check out my post to understand more about what that means!!

Your Business' Liabilities — Black Bookkeeping & Consulting Services Liabilities are one of the three foundational components to business bookkeeping. They are what your business is financially obligated to pay. They can take the form of services owed or money owed. Simply put, they are what your business owes customers, employees, or vendors. Why Are They importan

Check out my latest post to learn about Assets and why they are important to your business' books!

Knowing Your Assets — Black Bookkeeping & Consulting Services There are three foundational elements to accounting: Assets, Liabilities, and Equity. All are important to understanding your business’ financial health and are key parts to your company’s Balance Sheet. We will explore each in separate posts but for now we will dive into Assets. What Are Assets...

Time for PPP Loan forgiveness! Check out my post to see what you should have prepared and see how to account for the amount that was forgiven in your Quickbooks Online.

The Road to PPP Loan Forgiveness — Black Bookkeeping & Consulting Services You got the Paycheck Protection Program Loan (PPP Loan), you put it on your books , you recorded all your expenses, and now your 8-weeks are up. It is time to start down the road to loan forgiveness. Here’s what you need to make it happen. Documentation This is where having a plan in place to

Need to see how to account for your PPP loan on your books? Check out my post with some helpful "how to" guidance!
https://www.blackbookkeepingllc.com/blogsubmissions/how-to-account-for-the-ppp-loan-in-quickbooks-online

How to Account for the PPP Loan in Quickbooks Online — Black Bookkeeping & Consulting Services So, you got approved for the Paycheck Protection Program Loan (PPP Loan). That’s great! This is an important and useful tool for you to keep your business in good shape during these unfamiliar times. Now what? Now comes the critical work of adding the loan to your books and keeping accurate and ef...

The PPP loan can be forgiven! Minimize what you have to repay by knowing the guidelines and making a plan.
Check out my post.

The Deets on the PPP Loan — Black Bookkeeping & Consulting Services The Paycheck Protection Program Loan (PPP Loan) is in place to help provide your business with relief during the time of COVID-19. This low interest, 2-year loan has a possibility of forgiveness as long as certain stipulations are followed. In order to follow these guidelines, you must first know th

The General Ledger is one of the key components any business bookkeeping system. Take a look at my post and learn a little more out it.

Getting to know your General Ledger — Black Bookkeeping & Consulting Services The General Ledger (GL) is one of the main components of a business' bookkeeping system. It is utilized every time a company records a transaction. Let’s dive in and take a closer look at the purpose of the GL and why it's so important. What is the General Ledger? The GL is the master document

As a business owner, it's important to know your business' finances. Setting up a Chart of Accounts is the first step to doing just that!
To get to know more about your COA as well as get a FREE Chart of Accounts Reference Guide, check out my post.

Understanding Your Chart of Accounts — Black Bookkeeping & Consulting Services Time to get to know a little bit more about a topic at the foundation of your business’ finances: the Chart of Accounts. What is it? Why is it such a big deal? Lastly, what are some tips to get the best out of your business’ COA? I will answer all of these questions, as well as provide you with ...

Small business owners! Take time to read this document on Coronavirus relief.

The Senate published an easy resource document outline the various relief programs available to small businesses.

www.sbc.senate.gov

Let us do you books so you can spend time growing your customer base!! Call today to schedule your free consult.

Just update my resource page for small business Coronavirus relief to include some key updates coming from the CARES Act.

Small Business Resources to COVID-19 Relief — Black Bookkeeping & Consulting Services The government has introduced a number of measures to help support businesses throughout the Coronavirus crisis. With the speed of the situation, please visit this link for the most up-to-date information: COVID-19 Small Business Guidance & Loan Resources Relief Opportunities For