American Backbone Accounting LLC

American Backbone Accounting LLC Supporting the American dream beyond numbers. We're not just accountants, we're advisors

Strategize Saturday:S Corp questions come up for every business, but is it right for your business?1) S Corp separates y...
12/11/2022

Strategize Saturday:

S Corp questions come up for every business, but is it right for your business?

1) S Corp separates you from your business and pays you as an employee

2) You'll need to pay yourself a "reasonable" salary

3) Run your pay through payroll processing; don't do it yourself and incur penalties for paying the wrong amount in taxes or paying late

4) S Corp election needs to be done 1-within the first 3 months of operation, 2-within the first 2.5 months of the tax year (usually calendar year)

5) Electing late can happen but you'll need to be acting as an S Corp (taking a salary through payroll)

Not sure if it's right for you? We can help guide you in the right direction.

www.americanbackboneacct.com

Don't let your business scare you!Tighten up your expenses, pay your team well and market like crazy! Happy Halloween w...
10/31/2022

Don't let your business scare you!

Tighten up your expenses, pay your team well and market like crazy!

Happy Halloween

www.americanbackboneacct.com

Tuesday Tidbit:Think about some of the most successful businessesThey grew, processes improved, talented people were bro...
10/18/2022

Tuesday Tidbit:

Think about some of the most successful businesses

They grew, processes improved, talented people were brought in, marketing strategies evolved

A lot of contractors and trades people use Angie's list, Upwork, Task Rabbit, and other local lead generation platforms to get started

That's great for getting started, but every 30 days, revisit how much you spent vs how much revenue you gained from those generators

All marketing platforms that are done for you come at a cost, but make sure to revisit the platforms you use and determine the following for each:

1) How many leads did I get in the last 30 days from it?

2) How many actual sales did I get?

3) How much did I pay into that platform for the month?

There will come a point where those platforms will reach what's called "the law of diminishing returns"

Think of eating a cookie...one or two are great....5 is "ugh"....10 or more and you're probably sick!

Those lead costs were probably more affordable to get your name out there and get in front of potential customers, but there will come a time when you could've spent the same amount of money on a larger platform and gotten MUCH more business for the same cost

What worked yesterday, might not work as effectively tomorrow. Look over your business's performance regularly!

www.americanbackboneacct.com

The IRS allows construction companies to delay when they recognize revenue on their projects. If you take deposits from...
10/16/2022

The IRS allows construction companies to delay when they recognize revenue on their projects. If you take deposits from clients to get them scheduled, or projects take months or years to complete, you can defer that income. There are two options (depending on certain criteria).

Completed Contract Method - Delay 100% of your revenue and expenses (profit) until it's 100% complete

Percentage of completion - Delay revenue and expenses (again, profit) until you reach certain milestones. These are typically at 25%, 50%, 75% and 100% completion.

Want help deciding the best option for you? Send a message or click the link below.

https://share.hsforms.com/1mgyjYFaoTniD6Ku10fy3igccsxf

www.americanbackboneacct.com

Don't Forget Friday:Look over your income and expenses for the last 30, 60 and 90 daysDid you earn a profit?Did you have...
10/14/2022

Don't Forget Friday:

Look over your income and expenses for the last 30, 60 and 90 days

Did you earn a profit?

Did you have a loss?

Did you barely break even?

What could you have done better?

And don't forget...how confident are you with those numbers?!

Your Profit and Loss statement is how your business screams for joy or cries for help. Read it, carefully. Understand it. Respect it.

Just as you wouldn't want a house to be built on a compromised foundation, don't let your business report numbers using a compromised system!

Need help getting in order or knowing what to look for? We can help with that!

www.americanbackboneacct.com

Tax return extensions are due Monday, October 17th this year.There's still 2 1/2 months left in the year to make an impa...
10/14/2022

Tax return extensions are due Monday, October 17th this year.

There's still 2 1/2 months left in the year to make an impact on your 2022 tax liability and start 2023 better prepared.

If you own a construction or trade business, click the link below to start planning ahead with tax planning AND cash flow management!

https://share.hsforms.com/1mgyjYFaoTniD6Ku10fy3igccsxf

www.americanbackboneacct.com

If your bleeding cash at home, you're going to depend on your business more than you should to over compensate.It's not ...
10/12/2022

If your bleeding cash at home, you're going to depend on your business more than you should to over compensate.

It's not worth the stress to try and fix it alone. We can help lay out a plan and get you on the right track, in your personal AND business finances.

Want help getting your cash in order? Reach out today!

https://share.hsforms.com/1mgyjYFaoTniD6Ku10fy3igccsxf

www.americanbackboneacct.com

10/11/2022

Tuesday Tidbit:

Not all suppliers can afford to, but many will offer a discount before they'll lose an entire customer!

Whether it's business or personal expenses, don't be afraid to negotiate. A negotiation coming from sincerity and respect (i.e. don't expect them to take a loss) just might give you that breathing room that you need!

www.americanbackboneacct.com

Why do we wait until January or February to figure out taxes?Waiting so long causes several problems:1) Stress! Nothin...
10/09/2022

Why do we wait until January or February to figure out taxes?

Waiting so long causes several problems:

1) Stress! Nothing's more stressful than realizing that it's "that time of the year", after lots of money was spent for the holidays, and you have no idea what to expect

2) Lack of time to fix it. Nothing is more sickening than finding out you owe thousands of dollars. Make that worse by finding out that you could have avoided it?!

Businesses are rewarded with tons of tax incentives! Why? Because the allowed deductions stimulate the economy with:

**Creating more jobs

**Paying or more subcontractor services (B2B transactions)

**Purchasing tools and equipment from suppliers

The list goes on and on! When you put more money into the economy, households grow, businesses grow, and you get rewarded with tax breaks for doing so.

There's no reason to make tax season stressful. We'll plan ahead with you throughout the year, so tax season is simply a time to complete some paperwork and move on!

Send us a message or reach out below!

https://share.hsforms.com/1mgyjYFaoTniD6Ku10fy3igccsxf

www.americanbackboneacct.com

Don't Forget Friday:Why is world smile day important?Because running a business can suck!It's so easy to get trapped in ...
10/07/2022

Don't Forget Friday:

Why is world smile day important?

Because running a business can suck!

It's so easy to get trapped in the vicious cycle of what you HAVEN'T done yet, what you'd fallen short on, the stress, struggle, and all other woes that come from entrepreneurship.

BUT, it's not only World Smile Day, but it's Friday!

You might not be off work this weekend, or feel like you got much done this week, but let's flip that around:

1) You made it through the week

2) You have so much opportunity ahead of you

3) Maybe you've met new people, learned something new (this can sometimes be disguised as "failure", made a new sale

But most importantly, you've gotten to be here another day.

The only one who can make YOU appreciate what you've accomplished, is YOU. Take a few minutes today and write down what your grateful for. No one else can do that for you.

www.americanbackboneacct.com


Wishing you well Wednesday:Successful businesses of any size have a strong support systemThe larger your business, the l...
10/05/2022

Wishing you well Wednesday:

Successful businesses of any size have a strong support system

The larger your business, the larger your support system should be, but businesses of any size should have:

1) A mentor - preferably in the industry you're operating in. Let them teach you their mistakes so you can avoid the same traps

2) A friend - this can be a friend, family member, significant other, but someone to support you during the personal struggles you'll face

3) An advisor - Preferably someone with financial knowledge to help educate you on important stuff that you may not know

4) Your clients and customers - They're why you have a business at all. Listen to their feedback and take all strategic input seriously!

There are so many supporters you can bring into your world, but these will get you further than anyone can get on their own!

www.americanbackboneacct.com

Tuesday Tidbit:Starting a side hustle is liberating and overwhelming at the same time. There's no reason to spend a for...
10/04/2022

Tuesday Tidbit:

Starting a side hustle is liberating and overwhelming at the same time.

There's no reason to spend a fortune getting started and remember that star-up costs are deductible!

1) Get your equipment and learning material second hand (craigslist, public library, yard sales, etc.) Getting just what you need to get the job done is enough to get started.

2) Did you know that you can pay your kids to work for you? (be sure it's legitimate work and age appropriate!)

3) Keep a regular job, even part time. Your revenue will not be stable for a while and it's best to keep your profits going right back into marketing your business

4) Utilize the library and resources online. Free information is in abundance during the "education lead generation" era

5) Make videos of your work. So many people watch FB, IG, YouTube, TikTok and other platforms to learn or just enjoy some satisfying videos. You'll not only get people interested in what you do, but you can show off your quality of work and educate as well. Monetize whenever possible.

www.americanbackboneacct.com

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Summerville, SC
29485

Opening Hours

Monday 8:30am - 4am
Tuesday 8:30am - 4pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 12am
Friday 8:30am - 5pm

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