Running a small business requires the wise use of funds to remain profitable. There is no question that saving money wherever possible needs to be a focus of any small business owner. There are many decisions to make about the money you spend. Hiring an external specialist to handle an aspect of your business may seem a waste. Some believe that they can simply do it themselves, and save a little of their hard-earned profits to dedicate in other needed areas. When you think about it, there are many different areas that a paid outsider could help with or improve. So how do you choose the optimal use of your funds for these types of services? The best way to help make financial decisions is to ask yourself some important, and perhaps even uncomfortable questions. One of the most important is can you honestly afford to attempt managing a particular business aspect yourself. When applied to your financial health you have to ask, can you afford to be bad at bookkeeping? (more…)
October Means It Is Tax Time for Many Businesses – What About Yours?
It may only be October, and your year-end tax duties may be far from your mind. However, failing to consider your taxes, and doing what you need to now is a critical issue for many small businesses. If you have not already considered what you can do this month, it would be a wise choice to do so. We’ve compiled a list of the top reasons October is an important tax month, and what you can do to take advantage and improve your taxes’ state of affairs. (more…)
Ready for the Winter? Top 5 Fall Financial Reminders
As the days grow shorter, the leaves begin to turn, and the temperature starts to drop, we know that winter is right around the corner. Nearing the end of the year can be stressful when considering our finances. Taxes are inevitable and once again will be taking top priority on our to-do lists. Instead of dealing with the mad scramble to have everything in order with your finances, the fall is a fantastic opportunity to get a head start and make the upcoming tax season a little bit brighter. If you are like most people, as the summer winds down, so do the demands on our time. While we still may be extremely busy, often the fall and the reduction of those summer activities open up a little more time for us to use. It may be a wise idea to use that time this year to save you much more time and headache down the road. (more…)
S Corporations: A Brief Overview
What Is An S Corporation?
When you are deciding on the type of corporation for your company, there are many things to consider. The IRS recognizes two types of corporations you can choose from, a C Corporation or an S Corporation. An S Corp is a business structure that allows a business to avoid double-taxation. That is because an S Corp is not required to pay tax on its profits. Instead, all profits and losses are passed directly to the shareholders on their individual tax return. Those individuals will pay tax on their share of the profits only. This differs from a C Corp, which is viewed by the IRS as a legal entity in itself; therefore, it must pay tax on its profits through the company instead of the shareholder. Each business type has its own benefits and disadvantages, so you must decide based on your unique business which model will suit you best. (more…)
Finding the Fun In Budgeting
Budgeting is the most essential step in making any kind of monetary strategy or economic blueprint. In dealing with our clients, this is one of the 1st steps we review, because it’s so crucial to your success. I know– budgeting doesn’t sound like fun at first, however offer this as a thought …
What if you could locate an extra $100/month to save and also cut out of your existing spending plan? This is by doing things such as cutting that extra cable television or satellite box that no one watches anyway, eliminating the pricey flick stations, or removing magazines, papers and also other premium subscriptions that you forgot you were spending your money on! (more…)
What Your Spending Habits Are Costing You
Everyone spends without restraint from time to time. But when it’s daily it can end up costing you more than you realize. Those bills that you’re late on could be paid with the money saved from eliminating small purchases from your life. (more…)
Business Structure Basics: Partnership
Anyone interested in starting a business is confronted with a variety of obstacles at the beginning of the business. Something that is not an obstacle however, instead a crucial decision, is choosing the wanted company framework for the business. Among the options that is preferred is the collaboration. This kind of partnership is relatively simple to set up and also comes with a number of advantages. Like all business forms, though, there are some drawbacks as well.
Collaborations AKA partnerships, on a standard level, are a kind of arrangement in between two or even more people to produce a single company. This structure provides a variety of benefits, besides those based in business law. For beginners, the companions may be able to pool their resources at the beginning of the business to give the attempt better chances of getting off the ground more effectively. Likewise, having more than one knowledge base is equally as useful. (more…)
The Federal Budget: Where do my taxes go?
As a small business owner, you understand that taxes are simply a part of life. The Federal Government through the IRS applies many rules and regulations that dictate what must be paid by whom. For many Americans, there is a great deal of confusion regarding what happens with the tax money we pay. Most of us realize that it is applied to the operation of our government as well as the programs and protections they provide. However, there are many misconceptions. Though knowing exactly where each penny is spent under current legislation is challenging, there are some general areas that our businesses contribute to. Have you ever thought where your tax money goes? The chances are good that you have. This is a brief look at some of the primary areas which our tax money funds. (more…)
What is a Sole Proprietorship?
Here in the US, the most commonly found types of businesses are the corporation, the LLC (Limited Liability Company), general partnership and the sole proprietorship. Each one of these business structures has its own advantages as well as its disadvantages. These can be in terms of how complex the business is, how easy it is to set up, the cost, the liability protection, the requirements of periodic reporting, the complexity of operation and taxes. Additionally, some of these forms of business structures have sub-classes. Choosing the right structure for your business requires that you have more than a working knowledge of these structures and what they entail. With that in mind, let’s talk about the sole proprietorship. (more…)
Top 5 Best Practices for Building Strong Client Relationships
The success of a financial company, or any other organization, lies in how competently and extensively they handle their customer relationships. The core values of any enterprise should always include exceptional service as a driver. Hence, creating a robust partnership with every client will be a driver that can help you flourish. Building a strong customer relationship is one of the business strategies any successful business should and does adopt. (more…)
