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Monthly Archives

February 2021

income statement

4 Reasons Income Statements Are So Important

By Business Advice

As a small business owner or entrepreneur, your business is your livelihood. Monitoring the financial health of your business is essential. It’s common for small business owners to focus on the cash flow statement, since that’s something they need to consider on a daily basis to pay overhead expenses. But if you’re ignoring other reports, you may not have a clear understanding of your true financial position. What Is an Income Statement? An income statement is one of three major…

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small business structure

5 Small Business Structures and What They Mean

By Business Advice

Selecting the legal structure for your business is one of the most important decisions you will make as a small business owner. Your business structure will define your company’s legal structure, tax obligations, and compliance requirements. It will also have a significant impact on your personal liability as it relates to your business. A structure that worked well in the early years of your business may not meet your needs as you expand or seek potential investors. Changing your business…

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small business tax planning

9 Tips for Small Business Tax Planning

By Tax Advice

Owning a small business entitles you to numerous tax deductions and credits. To maximize your tax savings, however, you need to understand the rules, keep accurate records, and stay up to date on changing tax codes and regulations. Most small business owners don’t have extra time to devote to these endeavors, so hiring a tax expert is a good investment. Working with a certified tax professional or CPA will ensure your business is taking full advantage of the deductions, write-offs,…

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