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While IRS tax forms have largely stayed the same, you will need to make sure you're up to date on various deduction limits from the Tax Cuts and Jobs Act.It may be tempting to do your business's taxes yourself to save money, but you should always consider getting professional help.Making an end-of-year capital investment or …
Continue reading Get Your Business Taxes in Order Before the New Year With These Tips
Business owners need to properly classify their employees as exempt or nonexempt to avoid legal ramifications supported by the Fair Labor Standards Act (FLSA).Exempt employees must earn a minimum of $455 per week, be paid the same amount of money regardless of hours worked, and perform executive, professional or administrative duties.Nonexempt employees have no limitations …
Continue reading Exempt vs. Nonexempt: What Is the Difference?
Small business owners need to change their practices to focus more on profit, according to Patricia Sigmon, founder and president of David Advisory Group, a firm that specializes in helping CEOs and small- to mid-sized businesses re-engineer their business practices. Sigmon, the author of the book, "Six Steps to Creating Profit," notes that nearly two-thirds of small businesses either …
Continue reading 6 Ways to Increase Profits For Your Small Business
Millions of small business owners and startup entrepreneurs are masters at creating great products and services, building effective teams and winning over customers. Many of them, however, would probably flunk basic bookkeeping. As the business owner, if you don’t understand the different types of “accounts” your bookkeeper uses to organize your finances, measuring the success …
Continue reading 10 Bookkeeping Basics You Can’t Afford to Ignore
How to prepare for tax season The hell of tax season madness can mostly be avoided by staying organized. Here’s how to make sure everything is in its right place. Gather your business records Before you start anything, make sure you have all your relevant business records on hand. Depending on your type of business entity, …
The holiday season is fast approaching, and before you know it, 2019 will have come to a close. Tax season for preparing your 2019 tax return won't be far behind, with a typical start coming in late January. To be ready -- and to save as much as you can on your taxes -- it pays to …
Partnerships can be complex depending on the scope of business operations and the number of partners involved. To reduce the potential for complexities or conflicts among partners within this type of business structure, the creation of a partnership agreement is a necessity. A partnership agreement is the legal document that dictates the way a business is …
Continue reading Which terms should be included in a partnership agreement?
As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in Congress may or may not pass this year. If any of …
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