Michelle Roberts

Starting a Business?

by Michelle Roberts | Aug 28, 2020 | Bookkeeping, Business Consulting, Business Formation, Payroll, Taxes

Starting a business can be an overwhelming process, and no matter how successful you just know you’re bound to be, it may be necessary – and it’s always a good idea, anyway – to get some help from an accountant or bookkeeper; tax preparer or tax planner.
Dunham Tax Professionals can be a critical component in the success of your new business

Did you know that an accountant can and does:

Form your business
Help write a business plan
Audit your cash flow
Find cost-cutting opportunities
Advise on business strategy
Manage debt
Chase down payments
Write and submit loan applications
Plan budgets
Set up your accounting software
Manage inventory
Recommend business tools
Help open new bank accounts
Oversee payroll
Year-end financial reporting
Prevent audits
Advise on personal finances

A bookkeeper can and does:

Reconcile accounts
Record transactions
Manage accounts receivable and accounts payable
Adjust entries
Prepare financial statements
Send invoices
Set up and manage technology and tools
Stay up to date on laws and regulations
Basic payroll

Moreover, a Tax Preparer and Planner can and does:

Answer your questions
Look over your returns
Find deductions that apply to you
File your taxes
Prepare and submit your documents
Be there for you

Contact Dunham Tax Professionals or make an appointment today, to work together to determine your business needs. Let us focus on what we’re good at so that you can focus on what you’re good at: Keeping your business going.

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4 Bookkeeping Tips for Truckers

by Michelle Roberts | Aug 26, 2020 | Bookkeeping, Trucking

Every owner-operator needs to understand bookkeeping for truck drivers. Here are some very basic tips to consider:

Maintain your Books on A Daily – This is critical in having an accurate picture of where your business is going money-wise. Once you’ve set up your system, keeping the books should only take a few minutes a day.
Be Careful with Checks – You’re likely comfortable with operating with cash, but business checks are almost as easy to use as cash, so you should be careful to always sign checks in a clear, legible way and make sure to look at every cancelled check you receive for your records to ensure they are accurate.
Use a Month-End Cutoff – Synchronizing your bank statement with other monthly records will make it much easier to reconcile your statement and track expenses.
Be Audit-Proof – Maintain separate checking accounts for your personal and business expenses. Save receipts for every business-related purchase. In short, if there is a record of a transaction you made, hold on to it!

As always, when in doubt, it’s a good idea to consult an expert to help you. Dunham Tax Professionals is an expert in your tax and accounting needs. Contact us. We’re here to help.

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Small Business Taxes

by Michelle Roberts | Aug 24, 2020 | Taxes

We all know that the IRS takes a bite out of our paychecks, and as a small business owner, there are so many taxes, fees and other financial regulations to consider – income tax (both federal and state); self-employment taxes; payroll taxes (and assuming you have employees to pay, all the more); property taxes; capital gains and dividend taxes (as applicable to any investments you may have made) – are all on your plate.
It can be overwhelming to deal with on your own.

Realistically, as a small business owner, you may have to count on setting aside 30-40 percent of your income to taxes: If you’re just starting out, it may be easier to do this as 30-40 percent of the total of each payment you receive. If you’ve recently begun turning a profit, you can set aside 30-40 percent of your monthly take. And if you’re fortunate enough to be consistently financially stable, take last year’s net income, divide it by four, and then take 30-40 percent of that number; plan on saving that amount quarterly.

These taxes vary both regionally and state-to-state, so it’s always a great idea to consult an expert. Dunham Tax Professionals is available to help you navigate these IRS tax shark-infested waters.

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Want to start your own transport company?

by Michelle Roberts | Aug 21, 2020 | Business Consulting, Business Formation

Are you a prospective owner-operator looking to start a trucking company? It’s certainly a lucrative field: 70% of all freight in the United States is currently transported by the trucking industry, and a 27% growth is expected within the next decade. It’s also noteworthy that 91% of trucking companies operate six or fewer trucks, meaning the industry is dominated by small carriers.

So, it seems possible, but how do you get started?

The simplest answer in business – really any business – is if you don’t understand something, surround yourself with the people who do.

Dunham Tax Professionals is here for the potential owner operator. We can and will assist you every step of the way as we guide you through:

Writing A Business Plan – Get organized, articulate your goals, and identify your value proposition.
Legally Establish your Company – Establishing a Limited Liability Company or LLC – which requires an Employer Identification Number or EIN – sets an important boundary between your business assets and your personal accounts. With this comes a unique set of tax requirements and advantages. (Dunham Tax Professionals will assist you with details specific to your business structure as well as establishing an EIN.)
Obtain Necessary Business Licenses and Permits – Most state, county, and local governments require companies to have the right licenses and permits in place before they open their doors. There are more than 150,000 filing jurisdictions across the country, all with independent requirements. Depending on your service and where you operate your trucking company, any number of licenses and permits may apply to your business, and Dunham Tax Professionals is here to help you cut through and understand all of it.
Buy or Lease Equipment – The proper equipment can make the difference between success and failure, e.g., do you require refrigeration; what weight do you need; do you buy or lease?
Appropriate Insurance – As an owner-operator you will need to obtain business insurance for your new trucking company, e.g., primary liability insurance; cargo insurance; physical damage; passenger accident.
Understanding and Tracking Income and Expenses – As always, the importance of accurate bookkeeping cannot be overstated. For the OTR transporter, it may be common that payments are often received weeks or months after delivery, and it can be difficult to track expenditures.
Stay in Compliance – Owning and operating a business means staying up to date on time-sensitive filing requirements, ranging from quarterly tax returns to multi-year renewals for CDLs. Failure to keep up with these requirements can result in loss of good standing or significant penalties. Dunham Tax Professionals will always ensure your LLC complies with everything as it should.

So, if you’re ready to start your own transport company, make an appointment with Dunham Tax Professionals to help you with everything you need to get on the road to success today.

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Common Payroll Mistakes in Small Business

by Michelle Roberts | Aug 19, 2020 | Payroll

Paying your employees may seem like an easy task, but there are common mistakes that happen, that have costly consequences. Payroll errors cost company money, yes, but it can also tarnish a company’s reputation, not to mention, get them into trouble with the IRS.

These are the most common mistakes a business can make regarding payroll.

Paying Incorrectly – Think it can’t happen to you? You’d be surprised how often it can and does happen in business. Always double-check that the payment amount was entered into the payroll system correctly, and check that the employee reported the hours properly.
Bank Holidays – You need to know when they occur and plan accordingly. A Bank holiday is a lost business in terms of payroll processing.
Payroll Taxes – The government collects payroll taxes on a pay-as-you-go basis, including federal and state, as well as any local taxes, as applicable. (An expert like Dunham Tax Professionals can inform you which of these will apply to your business.)
Pay Frequently – There are state laws that dictate a minimum pay period. You are allowed to pay more frequently – if that’s feasible for your business – but are prohibited from doing less than the mandated minimum. In short, pick a realistic pay schedule and always stick to it.
Late Payments or None at All – Again, stick to the pay schedule as obligated. Forgetting to process payroll, or processing it late, can create huge issues for employees.
Employees Vs. Contractors – It may be that you hire contractors to do temporary work for you. That’s fine, but the designation of an employee or a contractor is a legal distinction – and misclassification can result in some penalties. (When in doubt, ask a professional, such as Dunham Tax Professionals)
Maintaining Payroll Records – If a business owner fails to keep accurate payroll records, an audit may be triggered. Typical records that need to be kept include; copies of W-2 Forms, pay stubs, time sheets, etc. it is noteworthy that every state varies, but by and large, these documents must be kept for a period upwards of 3 to 4 calendar years.
Staying Up to Date on Laws and Regulations – These laws and regulations are always changing. That’s why it’s so important to consult with an expert in these matters: Dunham Tax Professionals is available to help you navigate these complicated requirements, wherever your business is located, keeping you abreast of changes, and keeping your business current and moving forward.

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Outsource Your Bookkeeping So You Can Focus on Your Business

by Michelle Roberts | Aug 17, 2020 | Bookkeeping

When you opened the doors of your small business, you were probably excited about the product you have, your services, or meeting your first customers – and most importantly, and starting to turn a profit.

You’re proud of yourself – and you certainly should be – but to get where you are and as your own boss, you’re probably used to doing everything yourself. Moreover, you may be tempted to avoid spending extra money when you think you can just take care of a task like bookkeeping yourself.

This may be accurate; however, bookkeeping tasks may feel overwhelming at the onset, especially if you’ve never thought of yourself as a “math person”.

Bookkeeping is the process of recording and organizing a business’s financial transactions and are critical in providing a roadmap for your business’ growth and overall success. But bookkeeping mistakes are costly and threaten success. For instance, if you have ever looked at your bank statements and thought, “Where is all the money we made this month,” it’s probably time to get help with bookkeeping.

There’s no need to go it alone, make an appointment for a consultation with Dunham Tax Professionals today: We can handle your bookkeeping tasks or answer any questions you may have, to offer you practical solutions. We’ll take a lot of time, effort, and worry off your plate so that you can focus on what you’re good at: establishing and maintaining relationships with your customers.