If you work from home and use a specific space regularly and exclusively for business, you may qualify for the home office deduction. There are two ways to calculate it. The simplified method allows you to deduct $5 per square foot, up to 300 square feet (maximum $1,500), and requires no tracking of detailed expenses. The actual expense method lets you …
= At White Pine Bookkeeping, we often tell clients that one of the most important foundations of accurate financial management is a well-structured Chart of Accounts (COA). Whether you’re a new business owner or you’ve been operating for years, your COA plays a critical role in giving you clarity, consistency, and confidence in your financial reporting. …
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If you hire contractors, freelancers, or service providers for your business, issuing 1099 forms isn’t just good bookkeeping, it’s a legal requirement. Yet many small business owners overlook or misunderstand the process, which can lead to penalties, stress at tax time, and messy books. Here’s why sending out 1099s matters and how it ultimately protects your business. …
Understanding EBITDA: What It Means for Your Small Business As a small business owner, you’ve probably heard the term EBITDA tossed around by lenders, advisors, or business buyers. But what does it actually mean and should you be paying attention to it? At White Pine Bookkeeping, we love breaking down financial terms into plain English so you can …
When you’re running a small business, it’s easy for your personal and business finances to start blending together—especially if you’re using the same account or card for both. But keeping them separate isn’t just good practice—it’s essential for clear books, accurate taxes, and a healthy business. 1. Clearer Financial Picture Mixing personal and business …
Mixing personal and business expenses might seem convenient at first, but it can quickly lead to confusion, missed deductions, and even legal trouble. Keeping your finances separate is one of the simplest ways to protect and grow your business. Here’s why it matters: Tips to keep them separate: At White Pine Bookkeeping, we help business …
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Running a business is hard enough without worrying about messy finances. Accurate bookkeeping isn’t just about staying compliant—it’s about giving you a clear picture of your business’s health. With organized books, you can: At White Pine Bookkeeping, we help business owners not only keep their books in order but also understand them. We provide insights …