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The following table below is a detailed list of states that charge sales tax on services appears in the table below, showing general sales‑tax rates, local add‑ons, and each state’s stance on service taxation. Refer to the Comments column to see whether services are widely taxed, selectively taxed, or exempt in every jurisdiction. Gnesist’s List […]
Sales tax can be a confusing topic for service-based businesses. Unlike selling products, where it’s clear that sales tax usually applies, the rules for taxing services vary widely. In this comprehensive guide, we’ll explain what sales tax for services means, when it applies, and how different states handle it. We’ll also answer common questions (many […]
Ninety-nine percent of business owners don’t enjoy managing their books – and chances are, you’re one of them. The benefits of virtual bookkeeping extend far beyond simply keeping your financial records in order. Rather than spending valuable time wrestling with spreadsheets or paying for a full-time in-house bookkeeper’s salary and benefits, online bookkeeping services for […]
Did you know that 82% of business closures stem from inadequate cash management? While many businesses struggle with financial oversight, hiring a full-time controller isn’t always feasible, especially when salaries range from $106,000 to $218,000 annually. This is where an outsourced controller can transform your financial management without breaking the bank. In fact, outsourced controller services […]
Did you know that small business tax planning is more critical than ever with upcoming tax law changes? The 20% Qualified Business Income (QBI) deduction for pass-through entities is set to expire after December 31, 2025. Also, the top marginal tax rate will jump from 37% back up to 39.6% in 2026. These looming changes […]
Many business owners feel confused when it comes to handling their finances. They often wonder whether they need a bookkeeper vs accountant, or which tasks belong to bookkeeping vs accounting. In simple terms, The Difference Between Bookkeeping and Accounting comes down to how each professional handles financial information. Bookkeepers record it. Accountants analyze it. If […]
Your choice between cash vs accrual accounting shapes your business’s financial story. Here’s good news: businesses earning up to $30 million yearly can now use cash basis accounting. This expanded threshold opens new possibilities for your accounting strategy in 2025. Small business owners love cash basis accounting for its simplicity – you record money when it moves […]
At Gnesist, we know that managing your finances is crucial to the success of your business. One key aspect that can significantly affect your profitability is the Cost of Goods Sold (COGS). For our clients who deal with inventory, it’s important to understand how we calculate COGS and why it matters for your financial reporting. […]
Running a business is hard enough without also trying to be your own CFO. Every growing company reaches a point where basic bookkeeping isn’t enough. Hiring a full-time Chief Financial Officer can be prohibitively expensive. In fact, a full-time CFO can command a total compensation well above $300,000 per year! That’s after bonuses and benefits […]
Remote bookkeeping services can save your business over 83% compared to maintaining an in-house bookkeeper. With basic online bookkeeping services available for as little as $200 to $500 per month, companies gain expert financial management at a fraction of the cost of a full-time staff member. The rise of virtual bookkeeping has revolutionized how businesses […]
Why Financial Statements Matter for Your Business Did you know that 82% of small business failures are linked to poor financial management? As a new business owner, understanding your financial statements isn’t just about compliance—it’s about survival. These documents are your business’s report card, telling you:✅ Are you profitable?✅ Can you pay your bills?✅ Is your business growing or shrinking? […]
Why Tax Deductions Matter for Your Business So many small business owners over pay in taxes each year. In fact, the average small business misses out on about $1,200 a year in business tax deductions. Whether you work alone or run a growing LLC, knowing which expenses you can deduct helps you keep more of […]
Running a small business is rewarding, but managing finances can quickly become overwhelming. Disorganized records, missed deductions, and compliance risks are common pain points for entrepreneurs. At GNESIST, we understand that a streamlined bookkeeping system is the backbone of financial health. In this guide, we’ll walk you through setting up an efficient, error-proof bookkeeping process—and […]
Tax planning is an essential aspect of financial management that helps individuals and businesses reduce their tax liability while remaining compliant with the law. Proper tax planning ensures that you take advantage of deductions, credits, and strategic investments to minimize your overall tax burden. In this guide, we will explore key tax planning strategies to […]
Accurate bookkeeping is the lifeline of your small business’s financial success. In this guide, we’ll break down the 10 most common bookkeeping mistakes plaguing small businesses and provide actionable fixes to help you avoid them. Whether you’re a startup founder or a seasoned owner, these insights will streamline your financial processes, maximize deductions, and keep your business […]
