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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

Start the New Year With a Clean Chart of Accounts

BY Eddy Hood IN Small Business Accounting ON Jan 16, 2018 WITH 1 Comment

 

 

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When people think about New Year resolutions, “tidying up the books” may not be the first thing that comes to mind. However, if you want to take your small business to new heights this year and beyond, this is exactly where you should start. More specifically, ensuring that your Chart of Accounts is well-organized should be a priority for any small business that wants to stay financially healthy throughout the year.

 

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Pros Vs. Cons: Switching to a New Accounting Firm

BY Eddy Hood IN Small Business Accounting ON Jan 09, 2018 WITH Be the First to Leave a Comment!

 

 

 

It goes without saying that your accountant should have a keen understanding of who pays you, who you pay and how to maximize your returns on investments. Because your accountant is so intimately involved in assisting with your financial decision-making needs, the relationship should be one that is built on a foundation of trust and transparency. However, sometimes when that level of comfort no longer exists, it may be time to move on.

 

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14 Questions to Ask Yourself When Shopping for A New Accountant

BY Eddy Hood IN Outsourced Accounting Services ON Jan 02, 2018 WITH Be the First to Leave a Comment!

 

 

 

The relationship with your accountant is one of the most important for business success. He or she is the person you rely on to help you make informed decisions that can change the direction of your business. But what happens when you lose confidence in your accountant? Maybe they are no longer as responsive to your questions or they are distracted with other clients.

 

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How to Decide Between Buying or Leasing Equipment

BY Eddy Hood IN Small Business Accounting ON Dec 26, 2017 WITH 3Comments

 

 

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 Be the First to Leave a 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 1 Comment

 

 

 

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 1 Comment

 

 

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 Be the First to Leave a 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 Be the First to Leave a Comment!

 

 

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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