10 Signs of a Bad Bookkeeper to Absolutely Avoid
Whether you’re a startup or a growing small business, knowing your financial status is key to keeping your business on track. Whether you work with bookkeeping software that offers support, a part-time bookkeeper, or external accountants, it’s crucial to ensure they are doing their job properly, making your life easier, not harder. Good bookkeepers are your financial peace of mind, keeping things organized and making sure you are compliant. But bad ones can drain your profits and intensify your tax nightmares. Is your bookkeeper the right fit? Read on for 10 troubling signs that it may be time to find a new bookkeeping solution. 10 signs of a Bad Bookkeeper Why Fynlo is a Trusted Solution If you’ve recognized one (or more) of the signs of a bad bookkeeper in your current service, it’s time to consider a reliable alternative. At Fynlo, we understand the challenges of financial management firsthand. That’s why we’ve built an intuitive platform designed to simplify your financial life and put you back in control. Fynlo provides access to seasoned accounting professionals. Our junior accountants bring over five years of experience, while our senior accountants boast more than ten years, most honed at top-tier firms like the Big Four, Baker Tilly, BDO, and Grant Thornton. We also prioritize confidentiality and data security. Every client relationship includes a signed Non-Disclosure Agreement (NDA), so your sensitive financial data is protected at all times. Here’s how Fynlo can benefit your business: Click here to schedule a call with our expert and take the stress out of bookkeeping. Fynlo team can handle everything from categorizing your transactions and reconciling your accounts to delivering precise, tax-ready financial statements.
10 Metrics Restaurant Owners Should Track to Boost Profits and Efficiency
Running a restaurant is no small feat. From managing substantial investments and fluctuating food prices to handling high employee turnover and ensuring regulatory compliance, the challenges are numerous. Not to mention the constant concerns about utility bills and food waste. A recent study indicates that while average restaurant revenues can range from 0% to 15%, profit margins typically hover between 3% and 5%. Daniel of POV Husband recently shared the monthly performance of three restaurants. He noted each restaurant is unique, with numbers varying monthly. During a snapshot month, his restaurants achieved the following: Restaurant Gross Sales Gross Profit Net Income Profit Margin A $119,861 $76,902 $20,463 15% B $70,927 $45,582 $9,001 13% C $256,108 $171,156 $59,783 23% Notice the trend: as restaurants scale, efficiency and profit margins tend to increase, highlighting the challenge for startups. Small restaurants, with minimal room for error, must leverage metrics for data-driven decisions. By using metrics, they can implement effective solutions—like optimizing ingredient costs or refining staffing schedules—instead of resorting to knee-jerk reactions like raising prices. In this article, we’ll explore 10 essential metrics that empower smaller restaurants to thrive. Table of Contents Why Metrics Matter Just as a great dish relies on the right ingredients, a successful restaurant depends on tracking the right metrics. Restaurant owners excel at crafting recipes and selecting high-quality ingredients, but many overlook the “ingredients of success”—the key performance indicators that fuel profitability and efficiency. A metric is any quantifiable, consistently defined measurement of performance. Two decades ago, data and metrics might not have been a focal point in the restaurant industry. However, in today’s competitive landscape, metrics offer invaluable insights into your restaurant’s effectiveness. They help identify strengths and pinpoint areas needing improvement, allowing for informed adjustments to operations and strategies aimed at optimizing profits. Often referred to as Key Performance Indicators (KPIs), these metrics provide a detailed picture of your overall business performance and indicate whether you’re on track to meet your goals. On top of that, understanding your customers through data enables targeted marketing efforts, enhancing sales strategically. For instance, if you know a customer dines out every Friday, you can send them a timely email on Friday afternoon. If you’re aware of an upcoming birthday, offering a complimentary champagne can enhance their experience. Recognizing big spenders allows for tailored loyalty rewards. Understanding spending habits, such as increased spending at month’s end, enables precise targeting. Knowing a customer’s preference for brownies allows for personalized suggestions during ordering. Restaurants that collect and effectively utilize data are poised for success. The pertinent question then becomes: which metrics should we track? 10 Metrics to Help Your Restaurant Thrive 1. Table Turnover Rate This metric tracks how efficiently you’re using your seating capacity. It measures how many times a table is “turned over” or reset for a new party during a specific meal service, like lunch or dinner. More turns generally mean more customers served and increased revenue, but it’s crucial to find a balance that doesn’t compromise the guest experience. You don’t want to rush diners out the door, but you also don’t want tables sitting empty for extended periods. To calculate the table turnover rate, you use the following formula: Table Turnover Rate = Parties Served ÷ Number of Tables For example, if a restaurant with 50 tables serves 200 customer parties during dinner service, the table turnover rate would be 4. This means each table was used an average of 4 times during that period. The industry benchmark for table turnover rate is around 3. This means that, on average, a table in a typical restaurant is used three times during a given meal service, like lunch or dinner. However, this is just a general guideline. Your ideal table turnover rate will depend on factors like: Target audience: A business lunch crowd might expect faster service than a leisurely dinner crowd. Table size and configuration: Smaller tables generally turn over faster than larger ones. To optimize your table turnover rate, focus on creating efficient systems and processes. This includes providing prompt and attentive service, from order taking to food delivery and table clearing. A well-designed restaurant layout can also contribute to smoother flow and faster turnover. 2. Average Check Size Average check size, also known as average customer spend, is a key metric that reveals the average amount each customer spends per visit. This valuable insight helps you understand customer behavior, assess the effectiveness of your menu pricing, and identify opportunities to increase revenue. By analyzing and optimizing the average check size, you can strategically implement upselling or cross-selling techniques to drive more revenue per customer. Here’s how to calculate the average check size: Average Customer Spend = Total Revenue ÷ Number of Customers For example, if your restaurant generated $5,000 in revenue from 200 customers in a day, your average check size would be $25 ($5000 ÷ 200 = $25). Industry benchmarks for average check size vary depending on the type of restaurant. Coffee shops typically have an average check of around $11, while quick-service restaurants range from $8 to $15. Casual dining establishments average between $12 and $15, while upscale full-service restaurants can range from $16 to $25. Fine dining establishments, of course, have significantly higher average checks, often ranging from $50 to $500 or more. There are several strategies you can implement to increase your average check size. These include providing excellent customer service, ensuring your staff has thorough menu knowledge, offering enticing specials, and using high-quality ingredients that justify higher prices. 3. Food Cost Percentage Food cost percentage is a critical metric that reveals how much of your revenue is spent on food and beverages. Given that 52% of restaurant professionals identify high food costs as a top challenge (according to Toast’s Restaurant Success Report), keeping this percentage in check is essential for profitability. By monitoring your food cost percentage, you can make informed decisions about menu pricing and cost control, ultimately protecting your restaurant’s financial health. Food cost percentage is calculated as follows: Food Cost Percentage = Total Food
How Ryan Robinson & Justin Welsh Scaled Freelancing into a Six-Figure Business
Let’s face it: as a freelance content marketer, you’re up against stiff competition. The field is overflowing with talented individuals vying for the same opportunities. But don’t let that discourage you! Countless freelance content marketers are not just surviving, but thriving in this competitive landscape. Want to know how they did it? In this article, we’ll dive deep into the journeys of five successful freelance content marketers, uncovering the strategies and mindsets that propelled them to the top. Get ready to be inspired and learn how you can apply their lessons to your own freelance career. Table of Contents Ryan Robinson: From Failure to a $35K/Month Blog Empire Ryan Robinson wasn’t an overnight success—he built his empire from scratch. After multiple entrepreneurial failures, he took a different approach: documenting his journey. What started as a side project—RyRob.com—soon became a go-to resource for freelancers and entrepreneurs looking to grow online. With 500,000+ monthly readers and 250,000 email subscribers, Ryan has mastered the art of SEO, affiliate marketing, and content monetization. His blog now generates $25,000 to $35,000 per month, proving that strategic content creation is a powerful business model. But he didn’t stop there—he co-founded RightBlogger, a suite of 80+ tools for bloggers, filling the gap he wished existed when he started. Beyond his blog, Ryan has worked with LinkedIn, Zendesk, Adobe, Google, and other Fortune 500 brands, helping them grow through high-impact content marketing. His expertise has been featured in Forbes, Fast Company, Business Insider, and Entrepreneur. Here are some of his most impactful insights: “It takes time to make money blogging. In fact, it takes a good deal of time to make money blogging.” “You’ll Make Mistakes with a New Blog and That’s Okay (in Fact, it’s Vital)” “Quality is Much More Important than Quantity with a New Blog.” Justin Welsh: From Corporate Burnout to Million-Dollar Solopreneur Justin Welsh wasn’t just another corporate executive—he was a high-performing leader in the SaaS world. Over the last decade, he played a pivotal role in scaling two companies past a $1 billion valuation and helped raise over $300 million in venture capital. His expertise in growth, sales, and strategy made him a powerhouse in the startup ecosystem. But despite his impressive achievements, something was missing. By 2019, burnout had taken its toll. The relentless grind, high-pressure environment, and constant chase for the next milestone left him drained. He realized that while he was helping companies succeed, he wasn’t designing a life that fulfilled him. So, he made a bold move—he and his wife quit their high-paying jobs, packed up their lives, and moved to the Catskill Mountains in New York to start fresh. Rather than jumping into another corporate role, Justin decided to build something of his own. He turned his knowledge of business, marketing, and personal branding into a thriving one-person business. Starting with LinkedIn, he crafted a strategy of sharing actionable insights, industry wisdom, and personal reflections—consistently and authentically. Over time, he grew his audience to over 700,000 followers and became one of the most influential solopreneurs on the platform. But he didn’t stop at content creation. Justin monetized his expertise through digital products and coaching, focusing on simplicity and scalable systems. His courses, including The LinkedIn Operating System, have helped thousands of professionals build their brands and businesses. His model? One niche. One clear problem. One systematized solution. No unnecessary complexity. Justin’s Key Lessons for Solopreneur Success: “You should have a very “long game’ mentality.“ Start a side project. Build it to 60% of your salary. Then go all in.” “The solopreneur playbook is simple: One niche. 1,000 true fans. One solvable problem. One systematized solution. Everything else is just overcomplication.” “The most successful people I know don’t have better ideas. They have a higher tolerance for discomfort. They’re simply willing to sit in the mess longer than everyone else.” Miranda Marquit: From $5 Articles to Six-Figure Financial Writer Miranda Marquit’s journey as a freelance writer didn’t start with six-figure clients or prestigious bylines—it began with $5 keyword-stuffed articles for content mills. Like many freelancers, she started at the bottom, taking low-paying gigs just to gain experience. But she knew she couldn’t stay there. Instead of grinding away for pennies, she made a strategic decision to specialize in a lucrative niche: personal finance. At first, Miranda wrote for independent bloggers, gradually building her portfolio and credibility. As her expertise grew, she transitioned into corporate clients—banks, fintech firms, and investment companies that valued her deep knowledge of finance. With each step, she increased her rates, moving away from the content mills and into the world of high-paying clients. But it wasn’t just her financial expertise that set her apart—it was her commitment to quality, networking, and long-term relationships. Miranda actively engaged in finance writing communities, built strong professional connections, and positioned herself as a thought leader in her niche. Over time, she secured premium clients, established herself as a go-to financial writer, and turned her freelance work into a sustainable six-figure career. Miranda’s Takeaways for Aspiring Freelance Writers: “There are so many great opportunities, and I’d hate for people to be afraid to try just because they feel they don’t have the time.” “My favorite moments are when readers email to let me know that something I wrote taught them something new or encouraged them to think about money in a different way.” “Try to make those personal connections and, most of all, try to be useful. That personal connection really does make a difference.” Bani Kaur: The Fearless Freelancer Who Faked It Until She Made It “Can you write for our SaaS?” The voice on the other end asked. Without hesitation, Bani Kaur replied, “Yes, of course.” The truth was, she had never written about SaaS before. Up until that moment, her writing experience was rooted in architectural publications. But instead of letting inexperience hold her back, she hung up the phone and immediately Googled, “What is SaaS?”—and so began her crash course into the tech industry.
Tax Filing Guide for S Corp, C Corp and LLC
Picking the right business structure is a big deal, and taxes are a huge part of that decision. In this article, we’re breaking down the tax filing side of things for C Corps, S Corps, and LLCs, so freelancers and business owners can get a handle on the forms and deadlines for each. If you’re looking for a broader comparison, Choosing the Best Business Structure for Freelancers is a solid starting point! The article was last updated as of 4 March 2025. Keep in mind that tax rules and limits can change, so be sure to watch out for updates or consult a tax professional for the latest information. Table of Contents Brief Highlights: Comparing C Corp, S Corp and LLC Here’s a quick rundown of the three business structures to give you the big picture. In the next sections, we’ll break down the details of tax treatment and the specific forms you’ll need to know. It’ll all come together as we go. Category S Corporation (S Corp) C Corporation (C Corp) Limited Liability Company (LLC) Tax Forms – Form 1120-S– Shareholders file Schedule K-1 on personal returns – Form 1120 – Shareholders report dividends on personal returns Depends on tax classification. See LLC section. Filing Deadlines March 15 2025*; extensions available April 15 2025*; extensions available Depends on tax classification. See LLC section. State Taxes Varies; some states do not recognize S Corp status Subject to state corporate income taxes Subject to state taxes depending on classification Eligibility Requirements – Must be a domestic business– Up to 100 shareholders – Individuals only – No limit on shareholders– Can include foreign and corporate owners – No ownership restrictions – Flexible member structure Ownership Restrictions – Max 100 shareholders– One class of stock– U.S. citizens/residents only – Unlimited shareholders– Can issue multiple stock classes – No restrictions– Members can be individuals, corporations, or foreign entities Compliance Requirements – Annual meetings– Shareholder voting– File annual reports – Annual meetings– Corporate governance– Strict record-keeping – Varies by state– Fewer formalities than corporations Average Formation Costs# ~$1,200 ~$633 ~$50-$500 depending on state Fundraising Ability – Limited– Cannot issue preferred stock – High– Can issue both common and preferred stock Limited unless electing C Corp tax treatment Dividend Taxation Distributions taxed once at shareholder level Dividends taxed twice (corporate and shareholder level) Not applicable unless taxed as C Corp Payroll Tax Implications Must pay reasonable salary to shareholder-employees Corporate officers are employees subject to payroll taxes Members typically pay self-employment tax unless S Corp election made Passive Income Limits (such as rent, interest, or certain royalties) Passive income limited to 25% of gross receipts No passive income limitations No passive income restrictions Liability Protection Protects shareholders’ personal assets Protects shareholders’ personal assets Protects members’ personal assets Conversion Flexibility Can convert to C Corp; changing to LLC requires dissolution Can convert to S Corp or LLC with filings and approvals Can elect S Corp/C Corp taxation; conversions depend on state rules Foreign Ownership Not allowed Allowed Allowed Administrative Burden Higher than LLC; less than C Corp High due to strict governance requirements Low; fewer formalities required Key Tax Advantages – Avoids double taxation– QBI deduction available – Potential for certain deductions not available to pass-through entities– Can deduct health insurance premiums for employees – Flexible tax treatment (can choose to be taxed as a partnership, S corp, or C corp)– Simpler tax compliance than C-corp if taxed as a partnership Key Tax Disadvantages – Reasonable salary requirement– Limitations on QBI deduction for certain businesses – Double taxation– More complex tax compliance – Members subject to self-employment tax (unless taxed as C-corp)– Less established than C-corps in some states Best For Small businesses seeking tax savings through pass-through taxation Larger businesses seeking growth through investment and stock issuance Startups, freelancers, or small businesses needing flexibility * For calendar-year corporations, Form 1120 is due on April 15, and Form 1120-S is due on March 15. For fiscal-year corporations, the deadline is the 15th day of the fourth month (1120) or third month (1120-S) after the fiscal year ends. # Formation costs vary by state and the scope of professional services. S Corporations Tax Filing S corps offer a unique tax structure, blending the legal benefits of a corporation with the tax advantages of a partnership. This pass-through taxation model avoids the double taxation burden of C corporations, making it an attractive option for many small businesses. Pass-Through Taxation One of the most significant advantages of an S corporation is its pass-through taxation model. Unlike C corporations, which are subject to double taxation (taxed at both the corporate and shareholder levels), S corps do not pay federal income tax at the corporate level. Instead, the corporation’s profits and losses are passed through to the shareholders, who report them on their individual tax returns (Form 1040). This structure avoids the double taxation burden and can result in significant tax savings for business owners. Form 1120-S Form 1120-S, the U.S. Income Tax Return for an S Corporation, is the primary form S corps use to report income, deductions, gains, and losses to the IRS. It ensures the corporation’s financial activity is accurately reported and provides shareholders with the information needed to complete their individual tax returns. The form is due by March 15th for calendar-year taxpayers (or the 15th day of the third month after the fiscal year ends). If additional time is needed to prepare the return, S corps can request an extension using Form 7004, which grants an automatic six-month extension. However, it’s important to note that an extension to file does not extend the deadline for paying any taxes owed. Estimated tax payments must still be made by the original due date to avoid penalties and interest. Schedule K-1 Schedule K-1 details each shareholder’s individual share of the corporation’s income, deductions, credits, and other tax items. Shareholders use this information to complete their individual Form 1040. W-2 Salary, Distributions, and Form 1040 (The Owner’s Perspective) If you own and work for an S corp, you must
Am I the Only One Bad with Money? The Psychology Behind Financial Procrastination
Ever feel like your finances are a mess, and you’re just “bad with money”? You’re not alone, and it’s probably not entirely your fault. Many Americans struggle with financial organization. A survey by Ally Financial found that 45% of us are concerned about our finances, and 46% let emotions influence our spending. Yet, despite this emotional connection to spending, 36% never seek support for managing their money. This highlights a key point: there’s a lot of psychology behind why we struggle. Let’s explore these hidden factors and how you can take control! Table of Contents How Organized Are Your Finances? Take This Quiz to Find Out Ready to see how financially organized you really are? Take a quick look at the list below and check off any of these situations that apply to you. It’s a good way to get a clearer picture of where you stand. Don’t worry, you’re not alone if you checked some of these. But if you marked more than five, it’s time to take a closer look at what’s going on. While it’s common to focus on your work or business, neglecting your finances can create serious problems down the road. Let’s explore the psychological factors that contribute to financial disorganization and learn how to master your money. Bad Financial Organization: What and Why? So what is bad financial organization? It’s more than just feeling “bad with money”—it’s a bunch of habits that slowly eat away at your financial well-being. Consider missed payments, clueless spending, no emergency fund, stress shopping, and that constant worry about debt. These are all signs you’re not in control of your money. Why does this matter? On a personal level, it can lead to a ton of stress, anxiety, and even fights with your partner. But financial messes can have way bigger consequences. Remember Enron? They were huge. But they were also faking it ’til they made it (or, well, didn’t make it). They used all sorts of accounting tricks to hide their debt and make their profits look way better than they actually were. When it all came crashing down, it was a mess – lost jobs, ruined reputations, the whole nine yards. It’s an extreme example, but it shows that messing with finances, whether it’s billions of dollars or your weekly grocery budget, can seriously backfire. And here’s the thing: it’s not always about knowing the right formulas. Sure, understanding finances is important, but there’s often more going on. Things like fear, avoidance (who wants to look at those bills?), impulsive spending, and even money habits you picked up from your family can play a big role. These hidden influences can totally wreck your best intentions. So, if you’re struggling, it’s not just about learning how to balance a checkbook, It’s about figuring out why you do the things you do with your money. Let’s explore the psychology of bad financial organization and see what’s really happening. The Psychological Roots of Bad Financial Habits Here are some common psychological factors that influence our finances: Breaking the Cycle: Taking Control So, you’ve discovered that your brain isn’t always rational when it comes to money. Acknowledging the problem is the first step. Now, think of yourself as a machine. Even with the same “input” (financial challenges), changing your operating system (financial habits) can lead to a much brighter financial future. It’s like upgrading your software – you can handle the same stuff, but way more efficiently. Here’s your user manual for the upgrade: Next time you feel like you’re “bad with money,” remember the psychology behind it. You’re not alone, and you can take control. Ready to get started? Schedule a call with us – we can help you develop a plan and conquer those financial challenges.
Freelancing in 2025: Your Guide to Thriving in the Gig Economy
The pandemic flipped the traditional 9-to-5 workday on its head, and freelancing is here to stay. More and more people are ditching the office for the flexibility and freedom of working from home. This article dives into the freelancing trend, explores the ups and downs, and gives you actionable tips to succeed. Want to know if freelancing is right for you? In this article, we’ll explore the state of freelancing in the U.S., analyze the benefits and challenges, and share practical tips to help you make informed decisions. Table of Contents The US Freelance Scene: A Quick Look Service Offered Hourly Rate Range Equivalent Annual Salary Web Development $50-60 $69,000 Mobile Development $55-65 $75,000 Graphic Design $40-45 $53,000 Content Editor $25-35 $38,000 Copywriter $30-40 $44,000 Programmer $60-70 $81,000 Online Marketing/SEO $40-50 $56,000 CRM Management $50-60 $69,000 Data Analysis $55-65 $75,000 The Freelance Challenge Freelancing offers incredible freedom, but it’s not always sunshine and rainbows. Here are some of the hurdles you’ll likely encounter: The Freelance Opportunity Despite the challenges, freelancing offers incredible potential. Here are some of the exciting opportunities available: Tips for Freelance Success Useful Resources for Freelancers Ready to jump into freelancing and keep your finances organized? Schedule a call with our experts to simplify your accounting!
Fynlo & VA Bar: Empowering the Team Behind 18,000 Dreams
VA Bar isn’t just an academy—it’s a launchpad. A launchpad for 18,000 dreamers, each chasing their own version of freedom. Some want to escape the 9-to-5 grind, others dream of building a career that fits around family life, and many simply want to take control of their financial future. VA Bar gives them the wings—training in essential digital skills like social media, design, lead generation, and SEO. But even the strongest wings need fuel. And for freelancers, that fuel is financial clarity. Table of Contents Where Fynlo Comes In We’re not just building accounting software; we’re bridging the gap between ambition and achievement. We know the struggle—the late nights staring at spreadsheets, the frustration of financial jargon, the constant worry about getting it “right.” Our mission is simple: to make finances effortless, to give freelancers the confidence to grow, and to free them from the admin that holds them back. From Two Days of Drudgery to Days of Impact At VA Bar, the staff and tutors pour their energy into nurturing 18,000 dreams. But before Fynlo, two full days each month were lost to invoicing, payments, and record-keeping—precious time that could have been spent mentoring students, developing courses, and strengthening the VA Bar community. Not anymore. “We’re here to change lives, not chase invoices. Fynlo gives us the freedom to focus on what really matters—empowering our students to succeed.” — Ms. Tetchie, VP of Operations at VA Bar At VA Bar Academy, we are dedicated to empowering individuals through comprehensive upskilling and real-life experiences. Our mission is to provide top-quality virtual assistance training, equipping students with the skills and confidence needed to excel in virtual work environments. We emphasize practical learning by offering internships that immerse our students in real-world scenarios, fostering both personal and professional growth. Additionally, we prioritize economic advancement by providing job placement opportunities, ensuring a clear path to success for our graduates. We are committed to creating an inclusive and supportive community where everyone can learn, grow, and thrive. Continuous improvement and innovation drive us to enhance our programs, preparing our students to meet the evolving demands of the virtual workspace. — Girlie E. Feratero, CEO/Founder at VA Bar A Partnership Driven by Passion Right now, a small team at VA Bar is using Fynlo—but that’s about to change. Soon, the entire team will have access to the same powerful tool that’s already making their lives easier. More time. More focus. More impact. This partnership isn’t just a business decision; it’s a shared mission. VA Bar and Fynlo share the same values—empowerment, innovation, and an unwavering commitment to customer success. We’re not just collaborating; we’re fuelling a movement. More Than Numbers — A Brighter Future We’re not just managing finances; we’re enabling possibilities. We’re not just streamlining processes; we’re giving educators the time and confidence to mentor the next generation of virtual assistants. Those two days a month? They’re no longer lost to admin. Now, they’re filled with creativity, student support, and real impact. Join us in transforming financial management for everyone. Whether you’re an entrepreneur, a freelancer, an educator, or simply someone looking to gain better control of your finances, Fynlo and VA Bar are here to support you. Try Fynlo today and experience the confidence that comes with financial clarity.
10 Absurdly Clever Tax Deductions That Got Approved
The IRS has seen some pretty wild tax deduction attempts over the years, and some of them actually worked! Check out our list of the 10 craziest tax deductions you have ever heard of! And if you’re a freelancer, don’t miss our other blog: “The Freelancer’s Guide to Tax Deductions.” Table of Contents 10 Wild Tax Deductions Legit Deduction or Wishful Thinking? Let’s Find Out! Now that you’ve seen some of the most surprising tax deductions that actually got approved, it’s time to test your own deduction savvy. Below are a few expenses. For each, one scenario is deductible, and the other isn’t. Can you determine which is which?Cat FoodScenario 1: Junkyard owner buys food for rat-patrolling felinesScenario 2: Snack for a pet catGuard DogScenario 1: Business guard dog expensesScenario 2: Pet dog expensesTutorsScenario 1: Specialized tutor for a child with a diagnosed learning disability, as recommended by their doctorScenario 2: Reading tutor for general academic improvementAfrican SafariScenario 1: Dairy business owners on a wild animal-focused tripScenario 2: Family vacationPrivate AirplaneScenario 1: Condo owners flying themselves to check on their rental propertyScenario 2: Vegas private jet ride Personal TrainerScenario 1: Trainer for a professional athleteScenario 2: Gym-goer getting ready for summerClown CostumesScenario 1: Professional clown costumeScenario 2: Halloween costumeSun ProtectionScenario 1: Sunscreen for carpenters/gardenersScenario 2: Sunscreen for beach trip Absolutely right! Scenario 1 is deductible, but Scenario 2 isn’t. Many of these cases are based on real stories, proving that the same expense can be approved or denied depending on the context and whether it meets the IRS rule of ‘ordinary and necessary.’ “Ordinary” means it’s common in your line of work, and “necessary” means it’s helpful and appropriate for your business—not just something you want. Tax deductions come with rules. For example, guard dog expenses are only deductible for the time the dog is actually working, and medical deductions are subject to limitations like the 7.5% AGI rule. Because tax laws are complex, it’s always best to consult a professional when in doubt. Itemized Deduction vs. Standard Deduction These unusual (and sometimes surprisingly successful) deductions highlight the importance of understanding the rules and keeping meticulous records. Navigating the tax code can be tricky, and knowing what qualifies as a legitimate deduction is crucial for any taxpayer. This is especially crucial when deciding whether to itemize or take the standard deduction. The TCJA changed the tax landscape, making the standard deduction the better option for most taxpayers. But if you have significant deductible expenses, itemizing can still work in your favor. The good news? The old deduction limit is gone, so you can claim the full amount if eligible. That said, with fewer people itemizing, the IRS is paying closer attention to those who do. If you’re planning to itemize, make sure your records are solid. Looking to keep your records organized and ready for tax filing? Schedule a call with our experts today for bookkeeping support.
How to Build a Personal Brand as a Freelance Makeup Artist
Brides, performers, actors, models, and artists browse the internet, searching for makeup artists for their special occasions. There are countless Makeup Artists (MUA) offering professional makeup services, making people stunning. But why does each MUA seem just “good enough” without truly standing out? What is missing? Beyond skillset and creativity, let’s uncover why personal branding is the key to standing out in the makeup artist industry. Table of Contents The Power of Personal Branding: YOU In a competitive industry, it’s easy to fall into the trap of self-doubt: The market is saturated. I’m not good enough. Imposter syndrome is creeping in. If you feel like you have to act or be someone else to succeed in your business, remember this: don’t compare your seedling to someone else’s fully grown tree. What sets you apart from the competition is your personal brand—YOU. Your personal values, mission, likes and dislikes, messaging, and even the tone you use in communication all contribute to your uniqueness. No one else can be you. Think of Apple and Steve Jobs, Elon Musk and Tesla, or Gary Vaynerchuk and VaynerMedia. People don’t just buy products or services; they buy into the people, the vision, and the story behind them. The Know, Like, Trust Factor Have you ever noticed a brand for a long time, even when you didn’t need its service, and then turned to it when you finally did?Have you ever supported a business because of its story and values?Have you ever shared a business owner’s story because it resonated with you? Behind these experiences is the marketing principle Know, Like, Trust. It’s exactly what it sounds like—people need to know who you are, like you enough to stick around, and trust you so they feel confident buying from you—once, and then again and again. Here’s a quick exercise: Which of these actions help build the Know, Like, Trust factor? Yes, you got them all right! These are all effective ways to create an emotional connection with customers. Brand Building: Where to Start Now that we know personal branding is essential, what’s next? How do we build our own brand? Brand VisualsFor a makeup artist, showcasing your work is crucial. Your website and social media needs to show off your belief in the power of makeup and transformation. Show how makeup helps people capture precious moments and memories. Show the confidence your clients gain after your work. Beyond just a logo and headshots, it’s important to display how you help clients express their beauty in their own way. Let your potential clients watch your evolution as your skills grow with experience. Brand StoryYour brand isn’t just about your portfolio—it includes your brand story and messaging. This extends to all forms of communication: emails, blog articles, social media posts. The tone, content, and even hashtags contribute to your brand’s voice. Whether your brand is serious, playful, energetic, sentimental, or introverted, it’s all okay—just be yourself. One brand story that really inspires me is Danessa Myricks’. As a single mother of two, she needed a flexible career. Through extensive research and practice, she educated herself in makeup artistry. Today, Danessa Myricks Beauty represents more than just makeup—it’s about empowering individuals to express themselves creatively and confidently. Core ValuesShow up authentically in your messaging. Your website, Instagram captions, email responses—everything should reflect you, your core values, and your personality. People should experience you online first, and then meet the same you on their makeup date. Here’s an inspiring example from Danessa: “I didn’t want to just put makeup on people. I wanted people to feel the work. Because that’s what makes it different, and that’s always been what has driven me in my artistry and in the development of my style over the years. If they’re not feeling it, it’s not good enough.” — Danessa Myricks Make Use of Social Media and Your WebsiteShow up on your social media platforms and website. Don’t just promote your services—share glimpses of your life outside of business. Post about your pets, hobbies, or quirks. Not sure what to post on Instagram? Learn from experts like Michelle Phan and Charlotte Tilbury. Experiment, find your style, and most importantly, have fun with it! Consistently Show UpTo build Know, Like, Trust, consistency is key. You can share the best story ever, but if you don’t follow up, people will move on. Life gets busy—kids, work, and everything in between can make consistency tough. But sometimes, it’s our own ego getting in the way. If you post something and hear nothing back, it’s easy to feel like no one is listening. But the truth is, you never know who’s silently paying attention. Keep showing up—you never know who’s watching and ready to connect with what you bring to the table! Worried About Putting Yourself Out There? What if people don’t like me?When you share a distinct point of view, there will always be lovers and haters. While you may turn some people away, you will also attract the right ones. Not everyone has to like you, and that’s totally okay. I think I’m not perfect…These days, perfection isn’t expected. People appreciate authenticity. They want to see who you really are—what you’re reading, where you hang out on weekends. What if my posts get low engagement?Social media moves fast. If a post flops, it will soon be forgotten. And if needed, you can always delete it. Keep going and keep creating! Time to Act! It’s time to step up and make your mark! Start implementing these strategies today: The only way to grow is to take action. Don’t wait for the perfect moment—start now! Need Help with Your Business Finances? Reach out to us—we’re here to help!
1099-NEC Forms: A Complete Guide for Businesses Hiring Independent Contractors
Reporting payments to independent contractors? This guide explains everything you need to know about the 1099-NEC form, from who needs it to how to file it correctly. What is a 1099-NEC Form? The 1099-NEC (Nonemployee Compensation) form is used to report payments made to independent contractors, freelancers, and other non-employees for services rendered. It’s how the IRS tracks payments to self-employed individuals and ensures they’re reporting their income correctly. This is different from a W-2, which is used for reporting wages paid to employees. Who Needs to Issue a 1099-NEC? Businesses of all sizes are required to issue a 1099-NEC if you meet all of these conditions: Who Doesn’t Get a 1099-NEC? There are some key exceptions: The Importance of Form W-9 Before you even start working with a contractor, have them fill out a Form W-9 (Request for Taxpayer Identification Number and Certification). This form collects essential information you’ll need for the 1099-NEC, including: Getting the W-9 upfront saves you a lot of time and hassle later on. If a contractor is operating as an LLC, the W-9 will tell you how the LLC is taxed (as a sole proprietorship, partnership, C-Corp, or S-Corp), which helps you determine whether a 1099-NEC is required. Filing Deadlines and Penalties The deadline to file 1099-NEC forms with the IRS and provide copies to recipients is January 31st. Missing this deadline can result in penalties, which can range from $60 to $330 per form, depending on how late it is. Intentional disregard of the filing requirements can lead to even higher penalties. Key Takeaways and Best Practices By understanding the rules and following these best practices, you can navigate the 1099-NEC process with confidence and avoid potential penalties.
