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…)

Ask and Receive: The Top 10 Questions to Ask Your Small Business Accountant

If you are considering to hire a professional accountant for your small business, you want one that is experienced, professional, and dedicated to serving your needs. It is important that they will be able to help streamline your finances, save you money, and reduce the chance that you will run into any issues with the IRS. The best accountants will do this by taking the time and giving the attention to understanding your business entirely. Even then, there are questions that you as a business owner should ask to make sure you understand your role and are clear about what exactly you will be getting for your investment in them. There are hundreds of questions you could ask; we’ve broken them down into ten that are of vital importance. Asking these questions of your small business accountant will be a big help in ensuring you are in good hands. (more…)

What Millennials Must Know to Plan for Their Financial Futures

As the baby boomers head into retirement and the Millennials begin to take over the workforce, chances are they have a bit more to think about regarding their financial future than did their predecessors. With a dire outlook on the viability of future social security benefits and an increasingly debt dependent society, it is no wonder that forward thinking young men and women are concerned. As a group entering the job market during a recession, many carrying the weight of massive student loan debt, looking towards retirement can be a bleak picture, but it does not have to be. By making wise decisions and implementing careful planning, Millennials can be on their way to a stable financial picture when their turns come for retirement. (more…)

Farmers and Fisherman to Receive 2015 Tax Penalty Relief

This year the IRS has announced that farmers and fisherman will be granted a relief from tax penalties due to filing past the March 2nd tax deadline. This is excellent news for those who have been waiting to receive corrected 1095-A forms from the Health Insurance Marketplace. Farmers and fisherman were given an extension and are now not required to file their taxes and pay any owed amount until April 15th, 2015. A number of individuals were sent notice that due to an error with the 1095-A forms, they would be receiving corrected ones. This extension and relief from late fees was decided so they would not be penalized and have ample time to prepare their taxes when the new forms arrive. (more…)

Women in Business magazine

“Holding true to her company’s mission, to encourage clients to think about and organize their finances and teach skills and strategies to be more in control of their money,” Cherie emphasizes her ability to engage in open, honest, non-judgmental communication with each of her clients. Cherie states her goal for every client is to “take the stressfulness away from finances.” Mrs. Landwehr explains, “Our clients have an investment in the service we provide them and we take that very seriously.” (more…)

Don’t Be a Victim: IRS Warns about Phishing Scams for 2015 Taxes

It’s that time of year. Tax season is here and the early signs of spring are beginning to peer out from the cold and gray we’ve become so accustomed to. Despite the welcome warmth and sunshine, there is still some darkness that the IRS is urging tax preparers to pay attention to. In an official statement, the IRS warns about phishing scams for 2015 taxes. Phishing of course does not mean sitting in your boat casting a line. It is a scam using emails and fake websites appearing legitimate as a means to gather personal and financial information from unwary victims. This year, there are a number of such scams that are lurking about, and the IRS is working to make sure people understand the risks and how to avoid becoming a victim themselves. (more…)

5 Small Business Bookkeeping Tips

Every small business must have their financial books in order. Taxes, legal stipulations, and making sure you are financially stable are all reasons that there is no way around bookkeeping. Whether you are a careful bookkeeper that has a great system, or you have a pile of receipts and no rhyme or reason, a little advice can be a great help. There are many ways that bookkeeping for small businesses can be streamlined or otherwise improved; here we will look at five. If you are a small business owner looking for a little help with the books, try these tips and make this year a great year for bookkeeping. (more…)