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Bookkeeping

  • Benefits to Hiring a Bookkeeper When most of us think about running our business, we think about the fun things like product development, marketing and customer outreach. For most business owners, the idea of accounting is, to say the least, not exciting. We know we need it, and moreover, we love to do ... Continue Reading
  • Artificial Intelligence Applied to Accounting Most professionals have only a vague understanding of what Artificial Intelligence (AI) is or means. Absent an understanding of these capabilities, it is near impossible to have a working knowledge of the opportunities for applying AI to the accounting field. What Is ... Continue Reading
  • Common Bookkeeping Considerations for New Business Owners Most people starting a business start the business because they are good at providing the product or service they are selling. Bookkeeping is usually an afterthought but yet, a realized necessity to be able to provide the goods and services they wish to sell. Here are the ... Continue Reading

Business Analysis

  • What is Business Risk? In business, risk is anything that could negatively impact your revenues, reputation, or future operations. When you try a new vendor, you take on risk. Their products or services could be below your standards, and cost you customers. When you expand an existing business ... Continue Reading
  • Learning How to Interpret Your Cash Flow Just because there’s a positive balance in your checking account doesn’t mean that your business is making money. Checks that you’ve written for expenses may not have cleared yet, or customers could have paid in advance. Relying on a positive balance to determine if your ... Continue Reading

Business Performance

  • Autumn Tasks to Prepare You for Next Year’s Return It may be the first gorgeous day of fall, but it won’t be long until April 15 comes knocking. Be prepared for next year’s tax deadline by beginning your preparations today. That means, as a small business owner, now is the perfect time to begin organizing receipts, ... Continue Reading
  • Pros and Cons of Hiring Independent Contractors or Employees When it comes to getting work done in your business, you have the option of hiring independent contractors or traditional employees. Both types of workers can get the job done, but there are pros and cons of each that you need to be aware of. Pros of Hiring Employees There’s ... Continue Reading
  • Do You Want Help Growing Your Small Business In 2018? Every business owner wants growth and profit. No one wants to sit back passively and miss out on opportunities. However, as noted in Rhonda Abram’s analysis in USA Today , it’s easier said than done: there’s a certain key combination of factors that must be achieved. The key ... Continue Reading
  • Enhancing Your Communication Skills Carefully crafted, plainly understood communication is fundamental to the establishment of relationships, whether personal or business. If there is ever going to be a meaningful exchange of thoughts and emotions it will be through effective communication. But it’s easier ... Continue Reading

Business Strategies

  • How To Write a Small Business Plan If you ever want to apply for a small business loan, the lenders will want to see your business plan. Your business plan gives lenders a concise snapshot of your business model. Having a small business plan also gives the owner added benefits. Often, business owners refer ... Continue Reading
  • Should You Offer A Discount? Discounts have become a way of life in the American marketplace. You can’t drive down the street without seeing a sign in a retailer’s window blaring, “50% off!” Coupons arrive in your inbox offering discounts for every occasion – even National Cheese Day. If you’re a ... Continue Reading

Business Tips

  • Should You Hire Your Spouse Or Children? If you own your own business you already know the joys of being your own boss. You may even have thought about bringing your spouse and/or children into the fold. There are definitely some benefits to hiring your spouse or children. Here are some to consider. Tax Advantages ... Continue Reading

Cash Flow

  • Best Small Business Loan Products to Manage Cash Flow Small business owners quickly learn the importance of monitoring their cash flow. The flow of money in and out of your business can impact everything from the stock you have to sell to keeping the lights on. In a perfect world, your cash flows would align. All of our ... Continue Reading
  • Avoiding Cash Flow Problems Poor cash flow can affect much more than the financial performance of your business. The non-financial costs of poor cash flow can have just as negative an impact on your business as the financial costs. Here are a few ways, as noted in Beyond the Numbers , that poor cash ... Continue Reading
  • Starting a New Business: What Are My Tax Obligations? If you are starting a new business it's important you start out on the right foot with the IRS. You'll want to make sure you correctly identify how you will classify your business for tax purposes. Not correctly choosing the right one can leave you vulnerable to tax ... Continue Reading

Employees

  • Do You Know About The ‘Nanny Tax?’ Did you know that under current law, any family or individual who pays a household employee more than $2,000 (2016) a year must withhold and pay Social Security and Medicare taxes, also known as FICA. The law mandates that all domestic workers, such as cooks, nannies, ... Continue Reading
  • Some Things You Should Know About Hiring A Caregiver Many of us will eventually face what it’s like to engage a professional caregiver to help care for the needs of someone we love. It’s not an easy task, and sometimes it can be frightening as we entrust the life of a loved one to someone outside of the family. The process of ... Continue Reading
  • Preparing for the New Overtime Pay Rule Big changes are coming to over-time policy. As noted in Accounting Today , in 2015 the Department of Labor proposed a rule change that will have a monumental impact on the way employers compensate their employees for over-time. The rule change raises the overtime exemption ... Continue Reading
  • Steps To Advance Equal Pay The following discussion is an excerpt taken from a press release made available by the White House Office of the Press Secretary addressing “New Steps to Advance Equal Pay on the Seventh Anniversary of the Lilly Ledbetter Fair Pay Act”: Approximately seven years ago, ... Continue Reading

Finance

  • Working Over Seas We’ve all thought it… Sitting on the beach in a tropical place while attending a quick meeting via your laptop before hitting the waves in the afternoon sun. Many people imagine that all they must do is get a work Visa, wave good-bye to family and friends and head to sunnier ... Continue Reading
  • Why Have A Dynasty Trust? One of the major complications facing aging individuals is the passing down of wealth to the next generation without creating large tax implications. The dynasty trust is a straightforward estate planning technique that can substantially reduce taxes. The dynasty trust is a ... Continue Reading
  • Ways That CFOs Can Impact Their Companies In 2018 At the beginning of the new year, the time is right to assess where your company is going and examine strategic initiatives. It’s also a terrific time to put a plan together to see what resources would be required to bring those initiatives to fruition. It’s also time to ask ... Continue Reading
  • Technology Trends for CFOs in 2018 An intriguing survey was recently conducted by BeeBole with several CFOs and financial experts, asking them to predict which tech trends will shake up financial management in 2018. As noted in the survey, plenty of answers had to do with artificial intelligence, cloud ... Continue Reading

Financial Planning

  • Expense Tracking To succeed in business, small business owners must keep a close eye on expenses. Poor expense management can destroy your profit on a project or business venture. A component of expense management is expense tracking. If you’re not keeping track of your expenses, it’s easy ... Continue Reading
  • Lease or Buy? Vehicle purchases are one of the largest expenses for most families. With an increase in people choosing to lease instead of buy, what are the differences? As with most decisions in life, taxes should only be one of the considerations. A few of the non-tax considerations on ... Continue Reading
  • 1031 Exchange Overview It used to be that the term “ Section 1031 Exchange ” or even “Like-Kind Exchange” was uncommon except in certain circles. But as the idea of tax strategies have reached more and more taxpayers coupled with the housing market’s fluctuation in recent years, 1031s have become ... Continue Reading
  • Working Over Seas We’ve all thought it… Sitting on the beach in a tropical place while attending a quick meeting via your laptop before hitting the waves in the afternoon sun. Many people imagine that all they must do is get a work Visa, wave good-bye to family and friends and head to sunnier ... Continue Reading

IRS Problems

  • What is the IRS 20-Factor Test? In these days of the gig economy, more business owners are leveraging the affordability and convenience of hiring freelancers (independent contractors) instead of regular employees. It makes sense. There are some tremendous benefits to hiring independent contractors (ICs), ... Continue Reading

Small Business

  • Dissolving a Partnership Going into business with a partner can be a great way to spread risk, to draw on each other’s skill sets, and to combine resources to grow your business. But, at some point, the partnership may not be serving either you or the business well. It might be time to dissolve it. ... Continue Reading
  • Mixing Personal and Business Finances Don’t Mix the Personal and the Business; Keeping Finances Separate When you launched your business you might not have paid much attention to keeping your personal and business finances separate. If a vendor needed to be paid you grabbed the closest checkbook and wrote out a ... Continue Reading
  • Debt Consolidation: Can it Really Save your Business Money? If you’re a small business owner struggling to make payments on credit cards and loans you might have been wondering if consolidating your debt would be a good idea. Debt consolidation companies often target those with high balances, sending letters and calling with promises ... Continue Reading
  • Best Small Business Loan Products to Manage Cash Flow Small business owners quickly learn the importance of monitoring their cash flow. The flow of money in and out of your business can impact everything from the stock you have to sell to keeping the lights on. In a perfect world, your cash flows would align. All of our ... Continue Reading

Small Business Cash Flow

  • Best Small Business Loan Products to Manage Cash Flow Small business owners quickly learn the importance of monitoring their cash flow. The flow of money in and out of your business can impact everything from the stock you have to sell to keeping the lights on. In a perfect world, your cash flows would align. All of our ... Continue Reading
  • Avoiding Cash Flow Problems Poor cash flow can affect much more than the financial performance of your business. The non-financial costs of poor cash flow can have just as negative an impact on your business as the financial costs. Here are a few ways, as noted in Beyond the Numbers , that poor cash ... Continue Reading
  • 3 Common Budgeting Pitfalls New Entrepreneurs Fall Into When it comes to making a budget, good intentions only go so far. Find out how to keep your budget realistic. If you’re a local artist or craftsman that’s turned your passion into a business, you’re quickly finding out the reality and needs of budgeting. Here are 3 common ... Continue Reading

Small Business Deductions

  • Charitable Contributions With the change in the season and the return of fall, many people begin the act of making their homes less cluttered, and we will all begin to get donation requests in the mail. As the weather cools, we tend to turn an eye towards end of year tax moves as well. The Tax Cuts ... Continue Reading
  • Are Entertainment and Client Meal Expenses Deductible Under TCJA? With such sweeping changes coming in with that Tax Cuts and Jobs Act (TCJA), there has been a fair amount of confusion with how certain deductions are handled. In particular, there are frequent questions about how entertainment and client meal expenses are handled. Before ... Continue Reading
  • Beware Of Charity Fraud Before making your next donation to your favorite charity you might want to do some research. Do you really know to whom you’re donating? Do you know the charity’s stated mission? How much of your donation goes toward achieving the charity’s mission? How much of your ... Continue Reading
  • Disaster & Casualty Losses A disaster loss is a loss attributed to a casualty occurring in an area declared by the President of the United States to be a disaster area entitled to federal assistance. Thus, in order to qualify as a disaster loss, the loss must also qualify as a casualty. On the ... Continue Reading

Small Business Finance

  • What Is a ROBS? Rollovers as Business Start-Ups (ROBS) are financing mechanisms in which current or prospective business owners use their 401(k) , IRA or other retirement funds to pay for new business start-up costs, for business acquisition costs or to refinance an existing business. ROBS ... Continue Reading
  • 3 Common Budgeting Pitfalls New Entrepreneurs Fall Into When it comes to making a budget, good intentions only go so far. Find out how to keep your budget realistic. If you’re a local artist or craftsman that’s turned your passion into a business, you’re quickly finding out the reality and needs of budgeting. Here are 3 common ... Continue Reading
  • Starting a Business? 3 Things You Need To Know About Taxes Avoid IRS hassles by starting off on the right foot. You start your own business because you found you have something valuable to give the world and you’re good at it. But like most entrepreneurs starting out, you learn there’s a bunch of red tape that has to be handled in ... Continue Reading
  • Starting a New Business: What Are My Tax Obligations? If you are starting a new business it's important you start out on the right foot with the IRS. You'll want to make sure you correctly identify how you will classify your business for tax purposes. Not correctly choosing the right one can leave you vulnerable to tax ... Continue Reading

Small Business News

  • IRS Sends New, Urgent Warnings To Taxpayers About Scam Artists Unfortunately, when the tax season ends and most people stop thinking about tax issues, the tax scammers are just getting started. Their year-round commitment to finding new scams means taxpayers must remain vigilant and well informed. Here are several tips, taken directly ... Continue Reading

Small Business Practices

  • Simple Strategies to Reduce Small Business Taxes Small strategies make big impacts when it comes to figuring out the year’s deductions. Sadly, many small business owners never get the help they need because they’re simply unaware of the many tax deductions available to them. This is where a good, knowledgeable CPA is ... Continue Reading
  • Step-by-Step Guide to Forming a Non-Profit A non-profit organization can have several definitions depending on the perspective of the people discussing the matter and the context of the discussion. To the layman, the term generally means a charitable institution or perhaps a church, or an organization which provides ... Continue Reading
  • How can you tell when it's Time to Grow Your Business? Most small business owners hope to, or plan to, grow. When you open one café you may have dreams of a nationwide chain. The first product you use to launch your manufacturing business could be one of many designs you have mapped out. But how do you know when it’s actually ... Continue Reading
  • 7 Biggest Mistakes in Handling Accounts Receivables Managing your company’s accounts receivables is one of the most critical aspects of fiscal health. Yet, many business owners fail to effectively handle their accounts receivables, either directly or indirectly. Poor accounts receivables policies can lead to a bevy of ... Continue Reading

Tax Strategies

  • Changes to Family and Medical Leave In 1993, then President Bill Clinton sought to find a support system to aid the rapid growth in the workforce, which was increasingly made up of women with families. The Family and Medical Leave Act (FMLA) was passed “to balance the demands of the workplace with the needs of ... Continue Reading
  • What Qualifies as a Business Deduction? You had a great idea and now you’ve put it in motion as a business. And while income recognition is easy to determine, qualified business deductions can be a bit harder. So… what are the most common tax deductions for small businesses? Any materials you utilize for marketing ... Continue Reading
  • 1031 Exchange Overview It used to be that the term “ Section 1031 Exchange ” or even “Like-Kind Exchange” was uncommon except in certain circles. But as the idea of tax strategies have reached more and more taxpayers coupled with the housing market’s fluctuation in recent years, 1031s have become ... Continue Reading
  • What You Need to Know About The “New Tax Reform Framework” On September 27, 2017, the Trump Administration and select Republican members of Congress released a “unified framework” for tax reform. The document provides more detail than a number of other tax reform documents that have emerged from the Administration over the past few ... Continue Reading

Tax Tips

  • 10 Common Accountant Terms Explained Does it sometimes feel like your accountant is speaking an alien language? You hired a CPA in the first place so you could benefit from their many years of experience and expertise. Obviously your CPA knows more than you do when it comes to taxes and taking advantage of the ... Continue Reading
  • What Qualifies as a Business Deduction? You had a great idea and now you’ve put it in motion as a business. And while income recognition is easy to determine, qualified business deductions can be a bit harder. So… what are the most common tax deductions for small businesses? Any materials you utilize for marketing ... Continue Reading
  • Worst Small Business Taxation Mistakes Although the official tax filing date has passed us by, the subject matter of this blog is still relevant because many taxpayers have filed extensions and have a number of months before the extended filing date is final. Immunity from making mistakes on your tax returns is ... Continue Reading
  • What happens and what to do if you didn’t file your taxes by April 15th Forgot or put off your tax return? Here’s what you need to know. It’s going to be ok. Or at least if you take care of it now, it’s going to be better than it will be if you keep avoiding filing your return. There are penalties if you fail to file and pay by April 15th. There ... Continue Reading

Taxes

  • Simple Strategies to Reduce Small Business Taxes Small strategies make big impacts when it comes to figuring out the year’s deductions. Sadly, many small business owners never get the help they need because they’re simply unaware of the many tax deductions available to them. This is where a good, knowledgeable CPA is ... Continue Reading
  • Tax Deductible Home Selling Which Items are Tax Deductible when Selling a House? When you list your house on the market, you’re probably thinking about how much money you’ll make or where you want to move next, not about your taxes. A home sale does have tax implications which can either help or hurt ... Continue Reading
  • 14 Life Events That Warrant a Visit With Your CPA Change is a constant part of life. With each change, adjustments have to be made. Certain changes in our lives put us in a different tax category or changes how we need to file our taxes. Legally, we may come under different rules and requirements. There are tax advantages ... Continue Reading
  • Travel and Entertainment: Maximizing the Tax Benefits on Travel and Entertainment Expense Travel and entertainment are legitimate deductions, but few business owners take full advantage of them. One reason may be that they fear that the deduction will be challenged by the IRS and they’ll have to undergo the scrutiny of an audit. Another reason may be because the ... Continue Reading

Tips

  • Refinancing your Home Financial Considerations in Refinancing your House: Pros and Cons If you’ve owned your home for a couple of years, you might have started thinking about refinancing. Maybe interest rates have dropped, and you want to save money, or you want to tap into your home’s equity to ... Continue Reading
  • 14 Life Events That Warrant a Visit With Your CPA Change is a constant part of life. With each change, adjustments have to be made. Certain changes in our lives put us in a different tax category or changes how we need to file our taxes. Legally, we may come under different rules and requirements. There are tax advantages ... Continue Reading
  • Mixing Personal and Business Finances Don’t Mix the Personal and the Business; Keeping Finances Separate When you launched your business you might not have paid much attention to keeping your personal and business finances separate. If a vendor needed to be paid you grabbed the closest checkbook and wrote out a ... Continue Reading
  • Travel and Entertainment: Maximizing the Tax Benefits on Travel and Entertainment Expense Travel and entertainment are legitimate deductions, but few business owners take full advantage of them. One reason may be that they fear that the deduction will be challenged by the IRS and they’ll have to undergo the scrutiny of an audit. Another reason may be because the ... Continue Reading