You can find a good accountant for managing your taxes and accounting in a number of ways. One is to ask for referrals. Business associates, friends, and referral services that can be found on the internet can be very helpful in finding a good accountant.

Consider incorporating
Incorporating a business is something any business can do, regardless of its size or number of employees. Incorporating allows business owners to separate their personal identity and financial assets from that of their business. One of the biggest advantages of incorporating involves tax breaks, which is a main reason many business owners decide to incorporate. Such tax breaks include income shifting, small business tax deduction, and fringe benefits. Discuss your options with your accountant or tax specialist.

Use a budgeting software for businesses
One of the most effective ways to track and manage your finances is through software. With charts, spreadsheets, bill pay reminders, and other handy features, money management software helps take the hassle out of budgeting and finances for many people and can help alleviate some of the apprehension that comes along with running a small or home-based business.

There are a number of different types of budgeting software available today. Some of the most popular include Quicken and Microsoft Money. `

Know tax laws and requirements
In order to properly manage your taxes for your small business, you will need to obtain from the IRS a federal Tax Identification Number, which you can apply for on the IRS' website. As far as taxes go, to give you a general idea, most likely you can expect the following:

• Federal, state and local income taxes on your earnings from your business
• Self-employment taxes (roughly 15.3 percent) on everything you've earned from over $400. These are paid quarterly.
• You will also need to file Schedule C form (income or loss from a trade or business) with your Form 1040 each year you have your business

Home and small business taxes can be complicated, so it's best to ask for advice from your accountant in order to properly file your taxes.

Keep track of your records
One of the most important things you will need to do for your home business is keep very detailed financial records. You should save all receipts for anything business-related, invoices, order forms, and anything else that may have to do with expenses for your business. Not only will this help you to keep track of your ingoing and outgoing expenses, but if you are audited, you will need all this information as well.

Learning how to manage your accounting and taxes for your business is crucial not only to your financial success, but for complying with tax laws as well. It would help to have an accountant, but if you cannot afford one just yet you can easily manage your finances with proper software.