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Being a small business owner presents its own unique set of challenges, and one of the main ones is not having the budget to do all you need to do. A successful business needs constant investing to keep it growing—more marketing spends, product or service improvement, getting more people to join the team, and so …
Continue reading 4 Strategies to Keep Cash Flowing in Your Small Business
Every small business struggles with its cash flow from time to time, but with the right planning, the occasional emergency doesn’t have to become a crisis. So, what can you do to minimize the disruption caused by late payments from customers or a sudden cyclical downturn? Here are a few of the secrets behind cash …
Continue reading 5 Secrets to Successful Cash Flow Management
The answer to this question essentially boils down to whether someone who does work for you is self-employed or an employee. Here’s the difference: Self-employed independent contractors are paid in full for their services and are responsible for settling up with federal and state governments at tax time. The payor reports payments on IRS Form …
Continue reading What’s the difference between a 1099 and W-2?
Congress recently passed the “Tax Cuts and Jobs Act” which impacts both individuals and businesses. There are two important tax changes in 2018 that will impact every business owner in the United States. Corporate tax rates are now a flat 21% (permanent change) Pass through entities such as LLC’s get a 20% deduction (temporary change …
Continue reading 2 Important Tax Changes for Small Businesses in 2018
If you use your home for your business -- whether to greet clients, work on bookkeeping or store roofing supplies -- you may be entitled to deduct home office expenses from your business income. That includes whatever share of property taxes that you can assign to your workspace. If you own a home, you can …
Continue reading How to Deduct Property Taxes on a Home-Based Business
Many small businesses owners don't realize that a staggering 80 percent of U.S. businesses fail within the first 18 months. Typically, one of the main causes is poor financial management. Despite these dire consequences, many business owners go it alone when it comes to managing their money. A recent report found that 53 percent of …
Continue reading 5 Reasons Why Your Business Needs an Accountant
Freelancers and independent contractors will see changes to tax rates and deductions next year, with some mandates still in effect now. The Tax Cuts and Jobs Act was signed into law by President Trump in December, bringing significant changes to U.S. tax law. However, these changes will be rolled out at different times: While some, …
Continue reading 3 Ways the New Tax Law Will Impact Your Taxes … and When They Take Effect
Freelancers and independent contractors face unique challenges during tax season. Here are some quick tips to better manage the process and maximize your deductions. Tax season: Two words that can strike fear into the self-employed. Whether you did a few extra freelance gigs on the side or manage your own business, self-employment adds additional layers …
Business owners and employees who drive for business purposes can deduct expenses for the use of personal cars or company cars for business purposes. In both cases, the expenses must be documented (more on this below) and specifically business-related. Personal expenses and other expenses that are described below are not allowable business driving expenses. Before …
Continue reading Business Driving Expenses You Can – and Can't – Deduct
Small businesses are not immune to employee theft and fraud, and in some ways, may be more vulnerable than larger companies. The trusting, familial characteristics that make a small business a pleasant place to work, sometimes contribute to an environment conducive to fraud. According to the California Society of CPAs, the best way to prevent …
Continue reading Fraud Prevention Steps for Small Businesses
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