We Will Add

Accounting | Bookkeeping | Consulting

Expert QuickBooks, Accounting, and
Bookkeeping Services Tailored for You

About

At WE WILL ADD, we don’t just perform bookkeeping; we partner with you to navigate the complexities of modern business. As your trusted financial ally, we adapt to your needs, providing personalized solutions that grow with you in today’s ever-evolving marketplace.What makes WE WILL ADD stand out is our rare dual expertise in both accounting and tax. This unique combination enables us to view your financial situation from a broader, more strategic perspective. With experience preparing and reviewing thousands of tax returns and financial statements, we bring a depth of understanding that most bookkeepers simply don’t have. This expertise allows us to help you make smarter decisions, optimize your financial strategy, and collaborate seamlessly with your CPA to uncover tax-saving opportunities.We specialize in simplifying complex financial decisions. Whether you’re choosing the best entity structure—S-Corp, C-Corp, Partnership, LLC, or Schedule C—or deciding between Payroll and 1099 contractors, we provide clear, actionable guidance tailored to your business’s unique needs. As QuickBooks Online specialists, we streamline your financial processes, so you can focus on growing your business with confidence.At WE WILL ADD, we believe in offering more than just day-to-day bookkeeping. Our holistic approach brings strategic insight that elevates your business, helping you make informed decisions that lead to long-term success. Experience accounting services that not only meet your needs but exceed your expectations.

Services

Accounting & Bookkeeping
At WE WILL ADD, we track transactions with precision, organize your accounts efficiently, and provide clear, detailed financial reports—available monthly, quarterly, or annually to fit your needs. Our flat-rate pricing ensures predictable costs, so you can budget confidently without worrying about surprise fees. We value transparency, so you’ll never have to fear hourly billing or being nickel-and-dimed for every question or update. With a responsive team always on hand, we’re here to assist you whenever needed, ensuring that what you need, WE WILL ADD.Financial Consulting
WE WILL ADD offers expert guidance to optimize your business’s financial performance. We help you develop tailored growth strategies, reduce risks, and gain a clear, actionable understanding of your financial health. Our support empowers you to make strategic decisions that position your business for long-term growth and success.Tax Advisory
WE WILL ADD provides personalized tax advisory services, working closely with your CPA to optimize tax strategies and ensure compliance. Whether you’re selecting the right entity, planning for tax-efficient growth, or preparing personal (1040 & Sch-C), partnership (1065), corporate (1120 & 1120S), or trust and estate (1041) returns, we leverage our expertise to help minimize your tax burden and maximize your savings, providing you with peace of mind year-round.

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The business that has a why, can bear any how.

What is the Difference Between Bookkeeping and Accounting?Bookkeeping and accounting are two distinct processes crucial for managing your business's finances. Bookkeeping is the practice of systematically recording all financial transactions, ensuring they are accurate, up-to-date, and comprehensive. This includes tracking sales, purchases, payments, and receipts. In contrast, accounting goes a step further by analyzing, interpreting, and summarizing this financial data to provide actionable insights and help in strategic planning. Accounting also involves preparing financial statements, tax returns, and ensuring regulatory compliance.Do Small Businesses Really Need a Bookkeeper?Employing a bookkeeper can significantly benefit your small businesses. Bookkeeping with WE WILL ADD ensures accurate and organized financial records, which is essential for effective management, strategic planning, and compliance with tax laws. This accuracy helps in avoiding costly mistakes, such as penalties for tax errors. Additionally, having a bookkeeper allows you to focus on core business activities without getting bogged down by the complexities of financial record-keeping.What is ‘Catch-Up’ Bookkeeping, and How Can It Help My Business?Catch-up bookkeeping refers to the process of updating your business's books if they have fallen behind. This could mean reconciling a few months of financial records or even years of backlogged data. Our service is designed to efficiently bring your accounts up to date, ensuring that your financial statements accurately reflect your business's current position. This service is crucial for making informed decisions, preparing for audits, and ensuring tax compliance.Key questions to ask to determine if someone is a W2 employee or 1099 contractor?Who sets the work schedule?
If the employer dictates the hours, the worker is likely an employee.Does the worker provide their own tools?
If the employer provides most of the tools and equipment, the worker is likely an employee.Does the worker have a written agreement or contract for specific projects?
Contractors usually have contracts defining specific deliverables, deadlines, and payment terms.Does the worker work exclusively for one employer?
Employees typically work exclusively for one employer, while independent contractors often work for multiple clients.Is there an ongoing relationship?
Employees tend to have a longer-term, ongoing relationship with their employer, whereas independent contractors work for a defined period or specific task.Correctly classifying workers is critical to avoid penalties for misclassification, so if you're unsure, reach out to us and we'll help.

What Is An S Corporation? (Benefits & Limitations)
An S corporation, also known as an S Corp, S-Corp, or S election, is a way for a small business to choose to be taxed as a corporation rather than a sole proprietorship or partnership. In many instances, a qualifying business operating as an S election can gain access to tax benefits to help lower the business and individual owner tax liability while increasing business profitability.Benefit #1: Owner Taxed As Corporation - Not Sole Proprietor
One of the primary tax benefits of an S Corp is the ability to pass through income and losses to its shareholders rather than paying tax on the corporation's income at the corporate level. This allows the individual business owner(s) to pay tax on their share of the corporation's income at the individual tax rate, potentially resulting in a lower overall tax rate. In addition, any losses incurred by the corporation can be used to offset the shareholder's other sources of income, potentially lowering their overall tax liability.Benefit #2: Owner Avoids Double Taxation
Another benefit of an S Corp is that it allows the business to avoid double taxation, which occurs when a corporation pays taxes on its income. Then the individual shareholders pay taxes on the dividends they receive from the corporation. With an S Corp, the business's income is only taxed once -- at the individual tax rate of the shareholders.Benefit #3: Owner Access to Fringe Benefits
In addition, an S Corp may also provide tax savings through the use of fringe benefits. Certain fringe benefits, such as health insurance and retirement plans, may be provided to the shareholders as a tax-free benefit, significantly lowering the overall tax liability.Limitations: Shareholders, Stock, and Income
It is important to note that filing taxes as an S-Corp has some limitations, and requirements must be met to maintain the S Corp tax election. For example, the business must have fewer than 100 shareholders, all of whom must be individuals, certain trusts, or estates. In addition, the business's stock cannot be publicly traded, and there are restrictions on the types of income the business can earn.In conclusion, the tax benefits of an S Corp election can be significant for small business owners. By electing to be taxed as a corporation, the business can enjoy the benefits of pass-through taxation, avoid double taxation, and take advantage of tax-free fringe benefits. However, it is important to carefully consider the limitations and requirements of S Corp status before making this election. Tax planning with an expert can help you save in taxes by accurately filing an S Corp election and filing each year.

It is exciting to start a new business, be the boss, and take command of your financial future. Unfortunately, many businesses do not make it long term. Those plans for a comfortable retirement from selling a successful business never come to fruition. According to the U.S. Bureau of Labor Statistics, businesses fail at these rates over time:20% in the first two years.
45% in the first five years.
65% during the first ten years.
Only 25% of new businesses make it to 15 years or more.
The reasons for these failures includei:1) Not understanding your market and prospective customersThis is more about common sense than sophisticated business market analysis. What is your business, what are you selling and for how much? Who is your customer, their characteristics, and their ability to afford your product or service?If you believe that what you must sell is in demand in your market area and you know there are enough prospective customers with the money to buy it, that’s a start. Then look at your competition. Do you have something that differentiates you from them to help you compete? If not, do you deliver better quality in products or services? All these questions are important, and they can help you to make a better plan to assure success.2) Lack of a well thought out business planYour business plan can be informal, but you must know from your market research that there is enough business for you in your market area. Then you should have a written plan of how you will produce or deliver your product or service. Plan for your costs of operation and management. What do you expect for revenue your first year, and will that fund your costs with profit left over?Once you have your costs and income calculations, set out a budget and follow it. Do frequent checks as you get going to see if you are on budget, on both the expense and the income sides.3) Lack of adequate financingYou may be starting off with some borrowed money. If so, is there adequate backup funding if you run short? If you are not borrowing money to get started, it does not mean that you will not have a need for a loan. If your income and costs are in line with your plan, but you hit a snag that you believe is temporary, have a line of funding ready to keep you afloat. This is where you need to be careful and have a realistic view of the situation. You do not want to go into debt or increase it unless your business plan is working, and you can pay back your loan.4) Poor business presence on and/or offlineFor a brick-and-mortar business, the old “location, location, location” saying is in play. Is the location close to other businesses that will draw your type of customers? Will your business be easy to find, and make sure to get it registered with Google for mapping by name, not just address?For all businesses, and especially online freelancing, is your online presence working for you? Do you have a business website? Many smaller service businesses rely on Facebook for their business online presence. This works but is very limiting as to what you can do for online marketing. Also, though it may not seem that way, not everyone uses Facebook. Setting up your own website is not difficult and using free WordPress software with hosting can cost less than $100/year.5) Becoming complacentWhen starting out, the small business owner or solopreneur is watching everything, making sure customers are happy, and working on getting to profitability. As success grows and the business is doing well, it can become easy to relax the oversight and just let things roll along. That can be a fatal mistake. You should be constantly surveying customers, asking for suggestions to improve your service or products, and keeping tabs on spending. All the things that were important in setting up your business plan are still important in the future.6) Uncontrolled expansionIt can be easy to get that “I’m on a roll” feeling when the business is growing. Every day it seems like the business is just flooding in and there is nothing but good news. If you maintain inventory, you may want to be careful not to get over-confident and buying too much. That quantity discount will not help if business falls off and the inventory sits stagnant.There are other issues and decisions that can cause you to lose sight of the details when the big picture is rosy. You can outrun your cash flow, creating a need to borrow that could have been avoided.

1) Understand How Freelance Work is TaxedWhether it is called gig work or freelancing, you are self-employed and hiring out or selling products or services to others. Whether you are an Uber driver, Instacart delivery person, freelance writer, or an IT consultant, you are subject to self-employment taxes on your income (this is in addition to income taxes).When you worked for an employer, they withheld your Social Security and Medicare taxes from your wages or salary. You didn’t have to deal with it, and the employer paid half of it. As a freelancer, however, you must deal with it and pay the whole amount. You get some step-by-step help in staying on the good side of the IRS on the IRS website publication titled Manage Taxes for Your Gig Work. Get details there about these important tax-related activities:Keeping Records
Save all income and expense documentation, such as:Expenses – keep all receipts for business purchases, as many will be deductible from income to reduce your taxes. Credit card statements are not sufficient records – make sure you keep the receipts and accompanying documentation. There are lots of apps that can help keep your organized.Income – Even if you don’t receive a 1099 form from those you do work for, even freelancer sites like Upwork and Fiverr, you are still responsible for reporting the income you receive from every source.Estimated Tax Payments
Because you are the employer, there is no withholding happening on your income unless you do it. Depending on your income, many freelancers are responsible for paying estimated taxes throughout the tax year. You estimate your income and send in taxes on the 15th of April, June, September, and the following January.These are estimated payments – you are simply estimating what you will have for income tax liability and sending in about a quarter of that amount each of the four payments. Failure to send in minimum amounts required can result in penalties and interest.If you use an accountant (recommended), they can give you the four payment vouchers at the beginning of the year with the amounts to send in based on the previous year’s taxes you had to pay. If you do so, even if you make more money during the year, you simply owe the extra tax, not penalties or interest.Self-Employment Taxes
If you are liable for paying self-employment taxes, the rate for 2022 is 15.3%, made up of 12.4% for Social Security and 2.9% for Medicare. This would be part of your calculations for estimated tax payments. Strategies exist to significantly reduce how much you pay in self-employement taxes.2) What is Your Business Structure?Most freelancers begin as sole proprietorships, but here are the three most common filing statuses with the IRS.SOLE PROPRIETORSHIP
One owner
You are personally liable for activities and debts of the business
Income from the business passes through to your personal tax returnPARTNERSHIP
Two or more owners
All owners share liability for activities and debts of the business
Business income passes through to owners’ personal tax returnsLIMITED LIABILITY COMPANY (LLC)
Single Member or Multiple Member
Owners are not liable for activities or debts of the business
Taxed twice, at corporate level and at owner personal level for distributions
**Can elect S-Corporation status to pass through incomeSole Proprietorship
By far, this is the most common way that freelancers file with the IRS. It requires no special actions or forms to elect this status. Once the business profit/income after deductions is calculated, it’s all just considered personal income of the owner. Taxes are reported with a Schedule C on the owner’s personal tax return. You’re liable for self-employment taxes. You’re also liable for the actions and debts of the business.Partnership
The partnership structure is very much like a sole proprietorship but with two or more partners. They share, according to a partnership agreement, the income, liabilities, and expenses of the business. Income passes through to the partners to file on their personal returns, and they are responsible for self-employment taxes. The partnership reports income to the IRS with Schedule K-1 and Form 1065.Limited Liability Company (LLC)
You can have a Single Member LLC just for you or a Multiple Member LLC for two or more owners. The main advantage of the LLC structure is to limit your liability. Owners (and their personal assets) are generally protected against legal actions or debts against the business. The LLC can elect to pass through income to owners who then pay self-employment taxes on the income received and file on their personal returns. Tax reporting is on Form 1120-S.S-Corporation Election
The S-Corp is not a business structure. It is a tax election that allows the business to pay owners a salary in the business and distribute profits to them as well. This is an advantage for owners as they avoid paying self-employment taxes on salary and the business can deduct the taxes as a business expense. If salaries are “reasonable” per the IRS, the owners can structure salaries and distributions for their individual tax situations. It’s not uncommon for small business owners to operate at a sole proprietor or LLC and file taxes as an S-Corp.3) Think About Taxes More Than Just Once a YearA surefire way to be forced to send a much larger check each year to the IRS is to only think about taxes once a year just before the tax filing deadline. Every trip to the office supply, think about where that receipt is going and when you are going to get it into your bookkeeping system. Stay on top of your bookkeeping system, look at monthly or quarterly reports.See where you are spending money, and where you are making it. The IRS doesn’t care how you use your time, if you work parttime, fulltime, or whenever you want. You may be a freelancer, but on paper, the IRS sees a business. Think like you are in business, and any decision involving money may have tax considerations. Make it a habit to think that way.4) Report Every Dollar of IncomeIt can be easy to forget a side gig or one-time client who paid you and you never heard from again. This includes cash payments. Though every business that pays you more than $600 is required to file a Form 1099 with the IRS and send you a copy, don’t rely on that. You keep records of all income.Even if you get a 1099, check the numbers on it against your records. Companies or their bookkeepers can make mistakes. Differences between what they and you report to the IRS are the kind of situations that generate IRS question letters or worse, an audit.5) Know Your DeductionsSure, you’ll likely hire a bookkeeper or use Quickbooks or similar software, but how do you know if they’re doing a good job if you don’t have at least a basic knowledge of your business type’s deductions? Also, if you don’t tell your bookkeeper about purchases and financial decisions, how can they know to book the expenses for deductions?If you can pull together a basic knowledge or list of deductions, not only general business, but your business type as well, you are way ahead. Consider taxes before making major financial or capital investment decisions. An example would be whether to purchase or lease a business vehicle. You will be far better off with a basic understanding of depreciation and that there are ways to accelerate it or even write off items in the year purchased.Learn about the home office deduction if you work from home. If your use and space qualify, there is a nice deduction in it for you. Only if you know about it and discuss it with your accountant or bookkeeper can you assure that you take a proper deduction.Do You Qualify for the QBI Deduction?The Qualified Business Income (QBI) deduction applies to many sole proprietorships, LLCs, and partnerships. It’s a deduction of 20% from the income of a qualified domestic business. This could be a whopper for your business, but you need to check to see if you qualify.6) Learn About Business Tax CreditsThere’s a long list of business tax credits at this IRS resource. The difference between a tax credit and a deduction is huge. A deduction comes off income before taxes due are calculated. A tax credit comes off taxes due after they are calculated. That’s a dollar-for-dollar value.The government gives business tax credits to incentivize businesses to do something. Your business may not qualify for any on the list, but it changes often. There are quite possibly some credits related to the COVID pandemic that could apply to you. At least know to discuss this with your accountant. There are also state tax credits in many states.7) Plan for Retirement and Get Tax Breaks Along the WayIt’s easy to get lost in the weeds of running a business day-to-day. Profits, losses, customer relations, and marketing are usually your biggest focus. Retirement could be decades away, so you stay laser focused on your business operations. This can be a costly mistake every year until you take control.Even for sole proprietors, there are 401(k) Plans, Traditional, Roth IRAs, and SEP IRAs you can set up inexpensively and save on taxes at the same time. You might even qualify for a tax credit that covers the administration and setup of a retirement plan. Plus, contributions to some plans are tax deductible in the year made. Why not let the government contribute to your retirement?8) Hire Pros – It’s Cheaper Than You ThinkSure, bookkeepers, accountants, and tax advisors cost money. But, especially after reading this, you should be able to see how many factors play into the money you send to the government. You have a few choices:You can take the DIY approach and do it all yourself. Consider not only saving the cost of the experts but also the lost opportunity costs of taking massive amounts of time away from your business.You can simply hand it all over to experts, pay hefty fees, and simply send them every piece of financial paper you generate or receive.Preferred: Build a relationship with an accounting and tax service that will work with you and take your input after some of this financial education. They will set up your bookkeeping and tax functions to squeeze every legal dollar out of the IRS.