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 […]
Read MoreBookkeeping 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 […]
Read MoreBy 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 […]
Read MoreWhen 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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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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Every year the holidays come and go. After all is said and done, when the New Year has been rung in and the dust begins to settle, a less cheerful time of year comes along. Not many people like to talk about tax season – it can be a stressful, painstaking process to get a […]
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Face it: nobody wants to work forever. On average, most people will retire around age 63, yet more than two-thirds of Americans approaching retirement age only have about $30,000 saved – compared to the $1,000,000 that most research indicates people will need to retire comfortably. So when it comes to running your own small business, […]
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Another year has come and gone in the blink of an eye. Now is the time, as the dust begins to settle amidst a busy holiday season, to make sure that you’ve checked off the important items on your end of year to-do list. Here are a few important items not to be forgotten as […]
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A cash flow forecast is arguably the most important business tool for every business. It will tell you if your business will have enough cash to run the business as is, or enough to meet your expansion goals. It will also let you know when more cash is going out of the business than is coming into it. (Not good!)
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Every successful business needs a budget, and here are some tips on how to make one that works for you. It’s a basic principle of business – before you can make money you have to figure out how to spend it. Drafting a budget is essential to turning your dreams for business success into reality. This key business tool […]
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