Every owner in the trades has done this. You open the banking app, look at one number, and decide what kind of month it was. Bank balance vs profit is the mix-up behind most of it. They're two different numbers that answer two different questions, and they almost never match. That's not a sign something's wrong. It's how money works when you're running a real business with a bank loan, a crew, and sales tax to collect. Here's what each one is actually telling you. Your bank b

Every year around the middle of March, someone walks into my office with a box. Sometimes it's a shoebox, sometimes a grocery bag, once memorably a cooler. Inside is a year of business receipts, a stack of bank statements, and the quiet hope that somewhere in there is a refund. I have to tell them the truth, which is that the year is closed. Whatever we might have done about their tax bill, we could have done in September. By March, I'm not their advisor. I'm their historian.

Quick answer: For 2026, the IRS business standard mileage rate is 72.5 cents per mile from January 1 to June 30, and 76 cents per mile from July 1 to December 31. Because the rate changed mid-year, you must split your mileage log by date and apply each rate to the correct half of the year to claim the full deduction. Key Takeaways Business mileage rate: 72.5¢ (Jan 1–Jun 30) and 76¢ (Jul 1–Dec 31, 2026). The IRS raised the rate mid-year to reflect rising fuel costs — a rare mo

Let's get one thing straight: the IRS doesn't care about you. Not in a cruel way. In a completely, utterly indifferent way. They don't care that you've been working 60-hour weeks running your HVAC company. They don't care that your bookkeeper quit without notice. They don't care that nobody told you about self-employment tax when you started your cleaning business three years ago. The IRS has one job: collect what's owed. And they are very, very good at it. THE RULE YOU DIDN'

Most business owners don’t realize their bookkeeping mistakes costing money are hurting their business until the damage has already been done. At first, the issues seem small: Reports are a little behind Cash flow feels tighter than it should Tax season becomes stressful Profit feels inconsistent But over time, poor bookkeeping creates bigger problems: Missed deductions Pricing mistakes Cash flow issues Overpaid taxes Bad business decisions And the worst part? Many businesses

Most small businesses don’t struggle because of a lack of effort. They struggle because they’re making decisions without clear financial direction. From the outside, things look fine—revenue is coming in, clients are being served, and the business is moving. But internally, it feels different. Cash is tight.Growth is inconsistent.Big decisions feel risky. That’s not a marketing problem.That’s not a sales problem. 👉 It’s a visibility problem—and it usually starts with your bo

Penalties aren’t just a tax issue—they’re a bookkeeping issue.

Strong bookkeeping is the foundation of a successful business. In this guide, we break down 10 essential bookkeeping tips every business owner should know to stay organized, improve cash flow, reduce tax stress, and make smarter financial decisions. Whether you're just starting out or looking to tighten up your systems, these practical strategies will help you build accurate records and long-term financial stability.

Many small business owners assume accounting is only necessary once the company grows. That’s not true. Even solo businesses need clear, accurate financial tracking to understand profit, manage cash flow, and plan for taxes. In this article, we break down why proper accounting isn’t optional — it’s the foundation for smarter decisions and long-term stability.

Managing multiple income streams can quickly become overwhelming without a structured bookkeeping system. Whether you earn revenue from services, product sales, online platforms, or other sources, proper tracking is essential for maintaining cash flow clarity and tax compliance. This guide outlines practical bookkeeping strategies to help small business owners organize revenue streams, simplify reporting, and make smarter financial decisions with confidence.

January is the ideal time for small business owners to reset and plan ahead. This blog outlines five common mistakes that can hold your business back in 2026—and practical steps you can take now to improve bookkeeping, strengthen tax planning, and start the year with financial clarity.

Exploring the necessity of issuing a 1099 form when transactions with vendors are made via credit card, as highlighted by Belshaw Accounting. One of the most common year-end questions we get from business owners is: “If I paid a vendor using my credit card, do I still have to issue a 1099?” The short answer is usually no — but understanding why matters. Getting this wrong can lead to IRS notices, double reporting, and unnecessary stress during an already busy season. Here’s

Clean bookkeeping is essential at year-end and before the January 15 estimated tax deadline. Learn how accurate records help small business owners improve cash flow, prepare for taxes, and start the new year with confidence. Belshaw Accounting Tax and Advisory Services LLC helps businesses stay organized and tax-ready.