How Much Money Can Good Bookkeeping Save You?

For most self-employed people, bookkeeping is about as much fun as a root canal. But like it or not, it must be done, otherwise you'll end up overpaying your taxes big time.

Now, let's say by "keeping the books" this month, you are able to find $1,000 worth of deductible expenses.

Let's also assume you are in the 35% tax bracket (15% federal income tax plus 15% self-employment tax plus 5% state tax).

So, for every $1,000 of deductions, you save yourself about $350 in taxes ($1,000 x 35% tax rate).

One more assumption: it takes about 2 hours to properly record and document that $1,000 of deductions.

Hmmm. It costs 2 hours and saves $350 bucks.

 By Wayne M. Davies

Welcome to Akron Accounting, Bookkeeping, and Tax Services!

We are a single owner company dedicated to helping small businesses and individuals. Our company was started after spending several years working for big name tax preparation companies and seeing people’s frustration each year when tax time rolled around. Small business owners want to focus on their niche and not on the everyday record keeping. With over 14 years of corporate accounting experience, Akron Accounting, Bookkeeping, and Tax Services was started to help small business owners and provide low cost tax preparation options for individuals.



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