Accrual versus cash accounting is something every business should make a decision on before tax returns are filed. Here’s an explanation of each so you can decide which works best for your business.
Accounting
The Secret to Preparing for Tax Season? Get Started in November
Tax season is here again, and lots of people start the process in December, here’s why we recommend starting in November instead.
Sales Tax and Use Tax Explained
Taxes can be confusing at times, especially when you’re first starting out your business. In this article, we break down sales tax and use tax for you.
The 3 Best Mobile Apps for Interior Designers
Everyone has dozens of apps installed on their phone such as apps for social media, communication, music, etc. Here is what we think are 3 of the best mobile apps for interior designers.
How much should I set aside for taxes?
Starting a business is hard enough by itself without having to worry about taxes and how much you should set aside for taxes. Here are some tips from us and our past clients.
How Much Should I Pay an Interior Design Assistant?
When you start getting more projects, hiring a design assistant is essential to meet project deadlines. Here’s how much you can expect to pay an interior design assistant.
Why Must I Report Retainer Balances As Income?
A retainer fee or retainer balance is money that your client pays upfront for services that you will perform later on. Retainer balances but be reported as income in certain scenarios.
How Much Does It Cost for an Interior Designer to Outsource Bookkeeping Services?
As an interior designer, it may be a good idea to outsource bookkeeping services so you can focus on your clients. Here’s roughly how much you can expect to pay.
Should I Hire Someone as a Contractor or Employee?
When you realize you need help and need to bring more people on board, here’s how to decide whether you should hire a contractor or employee.
Top 5 Benefits of Outsourcing Your Bookkeeping
When it comes to bookkeeping, a lot of business owners either pull their hair out trying to figure out all the numbers or wait until tax season to see if someone has the time to help.
Webinar: Hot Topics in Interior Design Accounting and Financial Management
Join Emilie Sheaffer, an accountant with expertise in the interior design industry, for some of the most pressing financial and accounting management issues faced by interior design professionals today.
Why Hire a Professional to File Your Interior Design Income Tax?
Are you an interior designer and looking to file your income tax, but aren’t sure if you should just do it yourself or hire a professional? Maybe we can help you decide!
A New Change in Tax Rules: Meal Deductions
Starting January 1st, 2021 through December 2022, designers can claim 100% of their meal expenses paid to restaurants. That’s right, 100%!
Top 10 Tax Deductions for Interior Designers
With all the extra stress we’ve all been through last year because of the pandemic, we understand how frustrating taxes can be. Thanks to these 10 tax deductions, interior designers can save a lot of money in taxes.
Selling Outside Your State and Multi-State Sales Tax
Designers should always ask themselves, “Am I selling more than $50k worth of goods or services in a state in which I am not registered?” If you answered yes to this question, it might be time to look at nexus thresholds for that particular location and multi-state sales tax.
Our Accounting Workflow for Interior Designers
Here are our best practices when it comes to interior design payment and order tracking in order to stay on top of your game.
Didn’t qualify for PPP? Here’s a List of Other Loan Options for Designers
If you did better in 2020 but could really benefit from additional resources, here is a list of loans that do not require reduced income.
10 Financial Questions Designers Should Be Asking Themselves
To start the conversation and head into 2021 with a strong outlook and trajectory for your interior design business, here are some questions for you to ask yourself.
Better Bookkeeping for Interior Designers
Our very own Marissa Jones explains how designers can practice better bookkeeping. You can find the full webinar below, but here is a quick guide if you are short on time.
QuickBooks Online Accounting with Ivy/Houzz Pro for Interior Designers
Interior design is a unique challenge, especially when it comes to accounting, but the geniuses behind Ivy/Houzz Pro have figured it out, and the best part is that it integrates with QuickBooks® Online (QBO).
How a Bookkeeper Can Increase Your Design Firm’s Bottom Line
The main reason a business should hire a bookkeeper is to produce accurate key figures needed to make better financial decisions and ultimately increase the design firm’s bottom line.
How 1099 Filings Are Changing This Year & How It Affects Interior Designers
There are some changes being made through the IRS regarding 1099 (1099-NEC and 1099-MISC) that are effective for 2020’s filing.
CDTFA Publication for Interior Designers
California Department of Tax and Fee Administration (CDTFA) documentation on sales and use tax regulations for interior designers and decorators.
New District Use Tax Collection Requirements for All Retailers
Requirements for certain out-of-state retailers. The new use tax collection requirement is not retroactive and applies only to sales made on and after April 1, 2019.
Managing Last Minute Tax Savings For 2018
Are you closing out 2018 and realizing that your taxes are still too high? It’s not too late! There is still time to make a few last-minute moves to lower that tax bill.
Do I Need to File a 1099?
If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business.
List of Ivy Updates for Our Busy Designers
As most of you are extremely busy running your business, we have compiled a quick list of the most important recent updates to Ivy and how they can best help run your business.
Sales Tax Changes Companies Must Know
Sales and use tax is always evolving. It evolves to keep up with new industries, to meet the changing needs of a state, or one of countless other factors. It’s a complex thing.