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How Much is Too Much to Pay for Unemployment Insurance?

Every year, Illinois collects an excess of $5,500,000 worth of unemployment insurance from companies over what they should. That excess would likely not be paid if these companies were better prepared and more diligent when contesting fraudulent or spurious unemployment benefit claims. As a result, if the benefits were paid, it also means the unemployment tax […]

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Is Cloud Accounting for You?

Cloud accounting software is similar to traditional, desktop based solutions, with the difference being that it is hosted on remote servers. Data is sent into the “cloud” where it is processed and stored. The benefits to the end user include access to real time data from anywhere with an Internet connection, and from any device–including laptops, smartphones, and […]

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Tax Deductions for Small Businesses

Check out what you can deduct on your taxes as a small business owner. Always be sure to have a professional prepare your taxes to get the money you deserve. Home Office Deduction If you use a portion of your home for business, you may be eligible for a home office deduction. Add up the […]

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How to Deal with Late Paying Customers

Most small business owners will have to deal with slow-paying customers at some point. It is not only awkward and annoying, but it can also cause a serious cash flow problem if too many customers miss their deadlines. Below are some tips and tricks to encourage faster payment from your more sluggish clients. Send Online […]

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5 Tips for Creating a Convincing Forecast for the Bank

As a small business owner, it is often difficult to obtain the loans you need. Here are 5 ways to increase your chances of securing business loans to run your company successfully. Create Contacts Build relationships with individuals who work for local banks. Keeping them up-to-date on the status of your business will facilitate trust […]

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Small Business Owners Can Save on Taxes in Three Big Ways.

Every penny counts when owning a small business. Luckily there are three ways to save on your small business taxes. Savings Tip 1: Buy to save Whenever buying equipment, technology, software or furniture save the receipts. Keeping a detailed record will allow you to substantiate an expenses you claim on your tax return. Savings Tip […]

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9 Tips to Get Your Small Business Accounting in Order

Bookkeeping can be the necessary evil when owning your own business. But in order to prevent an audit be sure to give the IRS what they need. Here are some tips to get you businesses accounting in order. Separate Business and Personal Accounts Having a dedicated business account saves you precious man-hours when it’s time […]

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What Business Expenses Can I Deduct?

By definition, business expenses are the cost of carrying on a trade or business. They are usually deductible if your business operates to make a profit. According to the IRS, in order to be a deductible business expense, it must be both “ordinary and necessary.” An ordinary expense is one that is common and accepted […]

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How to Make the Tax Code Work for You

When you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good place to start is with two important tax concepts: credits and deductions.² Credits As tax credits are usually subtracted dollar for dollar from the actual tax liability, they […]

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Five Tips For Your First (Or Next) Hire

Five Tips For Your First (Or Next) Hire

Hiring your first employee can be an exciting (and terrifying) prospect. It’s almost always a sign of good news – hiring someone usually means that you’re on the right track and your business is growing. But if you’re not careful as you take on your first employee, it can also mean a big headache! Following […]

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