There are two ways personal expenses show up in business records. The first is straightforward: disguising personal costs as business deductions. Claiming household groceries or home furniture as business expenses—and then deducting them—is considered fraud. It’s illegal and can carry serious consequences. The second is more common—and less obviously wrong. A business owner uses company […]

As the year-end approaches, business owners often hear a common refrain: “Buy something to reduce your taxes!” On the surface, it may sound logical. After all, purchasing new equipment or vehicles can generate deductions that lower your taxable income.

At Schanel & Associates, PA, we understand that efficient bookkeeping not only saves you time but also keeps your costs down. To help you make the most of your monthly write-up and bookkeeping services through QuickBooks Online (QBO), here are some practical tips.