Do you know your numbers?

Boutique bookkeeping service for high end businesses
​that expect excellence.

"Most small companies must file."

Beginning in 2025, all businesses registered in Pennsylvania must file an annual report to maintain good standing. 
PA Annual Reporting Information​​

REGARDING THE CORPORTATE TRANSPARENCY ACT - BENEFICIAL OWNERSHIP of Business:
You can learn more here: fincen.gov/boi

What you should be doing now . . .

Third Quarter 2025

Check with your state for annual reporting requirements. Many states implemented new mandates for 2025.

If you do not have an accountant, bookkeeper, or good record keeping procedures, now is the time to get your financial house in order! After May 1st, start your search for an accountant and/or bookkeeper. Sort your 2025 receipts and set up proper accounting so next year's tax season is not a lesson in frustration.

Keep a written record of your business miles. The standard mileage rate for 2025 is .70 per mile which can add up!

Have your employees review their payroll information at least twice a year. Have they moved, gotten married, had a baby? All of these life events will affect withholdings and a new W4 should be prepared.

Make contributions to an IRA and HSA, research other ways to reduce your tax burden.
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Estimated Quarterly Payments
If you earn income that is not captured on a W2, consider paying estimated quarterly taxes for Federal, State, and Local entities. There are penalties if you owe more than a certain amount at tax time. Paying estimated quarterly taxes will also reduce the shock of a large (possibly unexpected) tax bill when you file your taxes.
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These guys are probably independent contractors.
If you hire outside help to run your business, don't forget to get a W9 BEFORE paying them for the first time. This will avoid the year-end scramble to gather forms from people you may not still work with. 

​W2 vs 1099 Employees; what is the difference?
A new rule became effective March 11, 2024, regarding independent contractors.
 Misclassifying an independent contractor as an employee or vice versa can trigger financial penalties from the IRS. If you are hiring or contracting with other individuals to provide services, consider the following when classifying employees:
  1. Does the worker determine or meaningfully negotiate the charge or pay for the work provided?
  2. Does the worker accept or decline jobs or chooses the order and/or time in which the jobs are performed?
  3. Does the worker engage in marketing, advertising, or other efforts to expand their business or secure more work?
  4. Does the worker make decisions to hire others, purchase materials and equipment, and/or rent space?
  5. If a worker has no opportunity for a profit or loss, then this factor suggests that the worker is an employee.   


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