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Business owners should not use a business bank account for personal use. It’s a bad practice that can lead to other issues, including legal, operational and tax problems. As the company grows, the problems will also grow. That is, if the company is able to grow. Many businesses operated in a fiscally-lax fashion don’t grow …
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A bookkeeper can be one of the most important hires your organization ever makes. A good bookkeeper can keep you on the straight and narrow. A bad one can take you off the rails. There are key skills and attributes you should look for when hiring a bookkeeper; here are 10 of the most important: …
Continue reading 6 Tips for Hiring the Right Bookkeeper for Your Business
If you are a small business owner, you may think your accountant or bookkeeper is responsible for all book and financial related services. While their responsibility is to handle this, it doesn’t mean you are resolved from all responsibility. As a business owner, if you don’t understand your books, how can you grow your business? …
Continue reading 5 Accounting Tasks All Small Business Owners Should Do
You’re probably at least generally familiar with the concept of leasing versus buying from car shopping. But on top of considering whether you want to rent or buy, you also need to think about which one is best for your accounting. Here’s what you need to know. Upfront Cash Flow You generally need more cash …
Continue reading Leasing vs. Buying for Small Business Owners: How Does it Help Your Accounting?
The most underused write-offs and tax deduction strategies entrepreneurs should consider. The following excerpt is fromMark J. Kohler’s book The Tax and Legal Playbook. Buy it now from Amazon | Barnes & Noble | IndieBound | Entrepreneur Books When I review a client’s tax return, I always try to grab the low-hanging fruit first- -- …
Continue reading The Most Forgotten Tax Deductions Business Owners Should Take
1. Carefully set up your payroll system and update it regularly Take the time to input correct employee information, tax withholding amounts and payment information. By doing this, you'll avoid paying the wrong amount to employees and stay away from errors in the long run. 2. Pay your employees on timeIf you want to keep …
We often see individual taxpayers and business owners caught by surprise with an unexpected large tax bill which they were never prepared for. This situation can result in significant stress and cash flow issues both on a personal and business level. There is often very little that can be done at the end of the …
Continue reading Why Tax Projections are Important for Your Small Business
Business owners know that most of their expenses are deductible. But it might surprise you to learn how many leave money on the table by not claiming all allowable write-offs. Overlooked Business Deductions Here are the most commonly overlooked deductions. Carryovers Your tax activities in prior years sometimes yield deductions in the present. So check …
Continue reading Take Advantage of Overlooked Business Deductions
You may have a great CPA, but if you wait to talk to him until your tax year is over, there's little he can do to lower your tax bill. To reduce your taxes, take these steps before the end of the year. Pay All Outstanding Payables If you use the cash-basis accounting method and …
Continue reading 8 Tax Reduction Steps to Take Before the End of the Year
Many small business owners make the mistake of relying solely on their business for their retirement, but there are better ways to secure a comfortable financial future while building a going concern. They include taking advantage of new tax laws, picking the right savings plans and even hiring your children. Keep reading for valuable information …
Continue reading 13 Personal Finance Tips for Any Small Business Owner
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