Why You Are Frustrated With Taxes and How to Stop It

Few topics cause as much concern and frustration as taxes, particularly the concern of paying too much. Whether you’re an individual taxpayer or a business owner, the complexities of the tax code can often leave you feeling overwhelmed and burdened.  Understanding the Roots of Tax Frustration The frustration with paying too much tax often stems from not understanding the tax system. For many, the tax code appears endlessly complex and…  Read more

Boost This Year’s Tax Savings by Reviewing Last Year’s Return

The weeks following tax season offer a perfect opportunity for reflection and planning. Rather than putting away your tax return until next year, consider a detailed analysis to understand your financial picture and identify potential tax savings.  The Importance of Post-Tax Season Analysis Many taxpayers view tax filing as a once-a-year chore. However, by revisiting your return with a tax advisor, you can uncover insights into tax saving opportunities and…  Read more

Do I Have To Pay Estimated Taxes?

Understanding Estimated Tax Payments The U.S. operates on a “pay as you go” tax system. This requires you to pay taxes throughout the year. You can do this through payroll withholding, by making estimated tax payments or both. Not paying the IRS enough taxes during the year triggers an estimated tax penalty. The IRS charges this non-deductible interest penalty on the amount you underpaid each quarter. The penalty rate equals…  Read more

How Long Does the IRS Have to Audit Your Returns?

Nobody wants to spend their whole life looking over their shoulder, wondering if the IRS will audit them. Luckily, there is a statute of limitations on IRS audits and tax assessments. Once the limitations period expires, the IRS can’t audit your return or assess any additional tax. You may have heard that the statute of limitations on audits is three years. That’s generally the case, but not always. Depending on…  Read more

Working Overtime? Enjoy It With Tax-Free Supper Money

Tax law often discriminates against company owners, granting them no or fewer fringe benefits. But you, the owner, are not discriminated against when it comes to supper money. It works like this: The supper money fringe benefit is for defined employees. The IRS supper money rule states that the term “employee” for this purpose means anyone who receives supper money. That means you can take this benefit for yourself, even…  Read more

Should I Hire My Spouse?

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee.  But the tax savings may be a mirage if you don’t pay your spouse the right way. And the arrangement is subject to attack by the IRS if your spouse is not…  Read more

What are Tax Strategies and Who are They For?

At the most basic level, tax strategies are ways to reduce taxes.  In reality, implementing tax strategies requires thorough tax planning while taking into account a business owner’s financial goals and personal needs. The tax strategies we recommend are for profitable businesses whose owners have taxable income.  If a business is experiencing losses, it is unlikely to benefit from or be able to utilize the tax strategies that profitable businesses…  Read more

How Much You Should Raise Your Prices

Few business owners enjoy breaking the news of an upcoming price increase. However, when you own a business you have to deal with ever-increasing costs. Although inflation is an unpleasant part of life, it is still part of life. Price increases are inevitable for a sustainable business. If you want to stay afloat, you’ll have to do them – and regularly. Read on for some tips on how to determine…  Read more

6 Reasons Why You Should Raise Your Prices

There comes a time for every small business to raise their prices. While it may seem scary, remember that it’s your job to keep prices fair, both for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. Read on for six reasons to raise your prices. Your costs have grown The thing about inflation is that everyone…  Read more

4 Key Areas to Evaluate in Your Business Budget

With the potential for business life to return to something resembling normal, it’s a good idea to take a look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve, or took you away from, your overall goals. Considering how your business and your employees functioned…  Read more

How Much Cash Does My Business Need?

Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is…  Read more

How to Choose the Right Software for Your Business

These days, businesses have plenty of options when it comes to choosing software. There are hundreds of developers creating and perfecting new products designed to help you more effectively and efficiently run your business. With so many options available, it’s important to focus so you know where to start looking and how to make the best decision. Here are some factors to keep in mind when you choose software for…  Read more

4 Benefits to Hiring a Bookkeeper for Your Business

Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters. Here are 4 benefits to hiring bookkeepers to help you manage your business. Expertise A bookkeeper is an expert at managing, sorting and recording your…  Read more

Succession Planning: A will for your business

The unfortunate reality is most business owners don’t take proper holidays. Usually, this is because their business relies on them and they don’t have the support to keep the business running without them. As a business owner, have you ever considered what would happen to the business if you had to take a six months break because of a serious illness or injury? Would the business survive? How would the…  Read more

4 Money Saving Tips for Business Owners

Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,…  Read more

How to Build an Effective Financial Plan for Your Business

Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so you can bring more money into your business. Although many business owners are aware that financial planning is important, it is often overlooked. Without a…  Read more

3 Consequences of Avoiding Your Bookkeeping

If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow. Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you…  Read more

A Beginner’s Guide to Cash Flow Forecasting

Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business within a certain period and gives you a clearer picture of your business’s financial health…  Read more

What the CARES Act means for you

Help for small businesses The CARES Act has many helpful provisions for small businesses, which the Senate Committee on Small Business and Entrepreneurship details in this helpful guide. Here’s an overview of the most important provisions: Loans for small businesses The CARES Act also expanded eligibility requirements for disaster relief loans from the SBA to make it easier for small businesses to access the funds they need to stay afloat.…  Read more

Simple Tips for Onboarding New Employees in Your Business

The first day of a new job can be overwhelming for new employees. There are company policies and procedures to absorb, colleagues to meet, and job duties to learn. That stress can make the first few days of a job uncomfortable. As a small business owner, it makes sense for you to make that transition as easy and pleasant for the new hire as possible. Taking some simple steps will…  Read more

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