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If you’re ready to grow your business to it’s full potential, we’ve got solutions to help you get there.

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info@thinkforwardbusiness.com

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(951) 541-2076

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We are just off the I-15 in Temecula, on Rancho California Rd.

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F.A.Q.

Frequently Asked Questions

Why is reconciling your bank account so important?

It helps to identify any unusual or duplicate transactions caused by fraud or accounting errors and ensures your internal records match up to your bank’s records.

What is the difference between a 1099 and a W-2?

Payments to independent contractors are reported on a 1099 form while wages paid to employees are reported on a W-2 form.

When are 1099's Due?

January 31st, at the latest.

Why is "Miscellaneous Business Expense" not a good category to use?

This category is too broad and could either leave deductible expenses on the table or could cause you to deduct non-deductible expenses in error. It is better to utilize more specific categories for your transactions to get an easier picture of what you’ve spent money on when it comes times to analyze your expenses.

Why shouldn't I use my business account for personal expenses too?

Since most personal expenses are not tax-deductible, it makes getting your books ready to file taxes more complicated. It takes more time to categorize and sort the personal transactions in the first place, and then you also have to exclude or ignore them on reports when you only need to see pertinent business information. It can also cause even more problems if the IRS ever chooses to audit you.

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