Eddy Hood

My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.
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Recent Posts

How to Decide Between Buying or Leasing Equipment

BY Eddy Hood IN Small Business Accounting ON Dec 26, 2017 WITH 5Comments



Choosing equipment for your small business can be equal parts exciting and stressful.

Apart from selecting the right type of equipment, there are many considerations to make when choosing between leasing and buying equipment that affect your small business accounting needs. These include upfront costs, maintenance costs and of course, tax implications.

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How To File for Tax Exempt Status

BY Eddy Hood IN Outsourced Accounting Services ON Dec 19, 2017 WITH 1 Comment



Federal income taxes are inevitable for most businesses. However, nonprofit organizations -- those that exist primarily to improve society and provide specific services to the public, can apply to the IRS for tax exempt status using the steps outlined in this post.


Once you establish your organization as tax exempt, you may need then the help of outsourced accounting services in order to meet regulatory reporting requirements.


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Sales Tax Filing For Businesses: How Outsourced Accounting Services Can Help

BY Eddy Hood IN Outsourced Accounting Services ON Dec 05, 2017 WITH 3Comments




There are many “hidden costs” when it comes to starting your own business. Preparing and filing self-employment taxes as well as collecting sales taxes happen to be two of them. However, they are a necessary part of doing business.


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How to Use the Recent Quickbooks Upgrades to Meet Your Small Business Accounting Needs

BY Eddy Hood IN Small Business Accounting ON Nov 28, 2017 WITH 2Comments



While Intuit still supports the Desktop version of QuickBooks, they are actively encouraging users to make the switch to their cloud-based online accounting software called QuickBooks Online (QBO). Indeed, QBO offers many selling features for its users, the most notable of which is the ability to access accounting data in real-time from any device. This allows business owners to automate workflows and make more informed decisions to drive growth.


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Small Business Tax Preparation: Understanding Self-Employment Taxes

BY Eddy Hood IN small business tax preparation ON Nov 21, 2017 WITH 1 Comment



If you run your own business or work as an independent contractor, you know that handling your taxes can be stressful. You may be asking yourself: What is my tax rate? How should I calculate my taxes?


In the following article, we’ll outline all you need to know about filing self-employment taxes. We will cover how to determine if you’re self-employed (SE), how to calculate SE taxes and your next steps when it comes to small business tax preparation.


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Small Business Tax Preparation for Home-Based Businesses

BY Eddy Hood IN small business tax preparation ON Nov 17, 2017 WITH 2Comments



Many small business owners run their operation from home because it’s easy to set up and maintain. However, when it comes to keeping track of expenses for tax purposes, things can get a little complicated.

The IRS doesn't always make it simple to figure out personal vs. business expenses. And this makes the whole process of small business tax preparation challenging for home-based businesses.

With these considerations in mind, we’ve put together the following guide to walk you through the key home business tax deductions and best practices to help you survive tax season.

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Small Business Accounting Apps That Integrate With QuickBooks

BY Eddy Hood IN Small Business Accounting ON Nov 07, 2017 WITH Be the First to Leave a Comment!



Today’s business leaders must embrace the rapid advances in technology if they want to remain relevant in their industry. That said, it can be overwhelming to know where to start. And when it comes to taking care of your small business accounting needs, there are literally thousands of options available for making your life easier to manage.


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A Guide To Small Business Tax Preparation

BY Eddy Hood IN small business tax preparation ON Oct 31, 2017 WITH 4Comments


When it comes to your small business tax preparation strategy, you may be asking yourself questions such as, “What additional savings am I missing out on?” Or, “How can I reduce my chances of being audited by the IRS?” And, “Should I hire a professional or do my taxes or prepare them myself?”


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BY Eddy Hood IN Small Business Accounting ON Oct 24, 2017 WITH 12Comments



Whether you are a new entrepreneur or a seasoned business owner, having an accounting system that you can trust is a must. Your bookkeeping software should be one that’s user-friendly, able to handle all your business transactions and provide the most up-to-date technology all without breaking the bank.


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Small Business Tax Preparation for Independent Contractors

BY Eddy Hood IN Small Business Accounting ON Oct 17, 2017 WITH Be the First to Leave a Comment!


Today there are more freelancers or independent contractors working in the U.S. than ever before. The advent of this “freelance economy” offers many benefits such as flexibility and cost savings, allowing business leaders to focus on growing their operations. At the same time, choosing to hire freelancers can present unique challenges such as compliance concerns, potential legal issues and of course tax implications.

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