Help Your Staff Become a Team

By Business Advice

It’s no secret that every great business is backed by a strong team of leaders and employees. There are plenty of apt sayings: two heads are better than one, or a bundle of sticks can’t be broken.  But what those sayings fail to take into account is that those heads (or sticks) may not always see eye to eye or work in harmony. But, when they do, some magical things can happen for your business. So, what’s the best way…

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Leaving a Legacy and Gifting your Heirs Today

By Tax Advice

When it comes to gifting, it may make more sense to do it now than wait until later. Gifting an heir now, rather than at the time of your death, can benefit you when it comes to tax time. Enjoy the lifetime exemption for an estate tax exemption when you give a gift. Giving away monetary gifts now reduces what you can transfer tax free when you die. Planning to give someone a gift? Here’s what you should know: There…

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chess board

Strategic Plan? What is That?

By Business Advice

As business climates become even more competitive, small and large businesses alike need to adapt by creating powerful strategic plans that will help them attract business and grow. If you want your business to thrive and remain relevant instead of merely surviving, you’ll need to take some time to create and follow one of these vital road maps.  What is a Strategic Plan? A strategic plan is a document that outlines your business’s long-term goals and your strategy for achieving…

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Get a Grip on Your Cash Flow During the Slow Season

Get a Grip on Your Cash Flow During the Slow Season

By Business Advice

With a brand new year upon us, getting your company in shape for success begins with cash flow. For any business offering seasonal services, such as construction, home remodeling, or landscaping, work slows down during the cold months. This makes cash flow planning especially important. If you don’t have a positive cash flow, you will have difficulty financing your operations, paying your vendors, or meeting your payroll when business starts to slow down.  The Importance of a Cash Flow Statement…

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What Is the Best Retirement Plan for Your Small Business?

What Is the Best Retirement Plan for Your Small Business?

By Business Advice

As the owner of a small business, you are solely responsible for preparing for your own retirement. And, if you have employees, you would probably like to assist them in planning for their retirements. Of course, you may think that you’ll just sell your business and retire on the proceeds. However, a better way to go is to set up retirement accounts for yourself and your employees. Here are some options. SIMPLE (Savings Incentive Match Plan for Employees) IRA. Under this plan,…

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6 Strategies to Increase 2020 Business Profits

6 Strategies to Increase 2020 Business Profits

By Business Advice

Is your business growing, and you want to bring it up to the next level? Or perhaps you seem to be stuck on a financial plateau and are wondering how to climb out of it? Here are six ways that will help increase your business profits in 2020. 1. Invest In Sales Training Increased sales mean increased revenue, so think about revving up your sales team. Consider enrolling your salespeople in a training course and holding frequent follow-up sessions. Aspects of…

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The Importance of Meeting Tax Deadlines for Your Small Business

The Importance of Meeting Tax Deadlines for Your Small Business

By Business Advice, Tax Advice

If you own or manage a small business, it’s important to meet your tax deadlines to avoid costly fees and penalties. Which taxes you are required to pay depends on your business structure and other factors. Here are five types of business taxes to be aware of: 1. Income Tax If your business is not a partnership, income taxes (federal and state) need to be filed by April 15. In a partnership, profits and losses are passed through to the partners who…

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An Update: IRS Provides More Clarity On 20% Pass-Through Deduction

By Uncategorized

We now have updated guidance on the the Tax Cuts and Jobs Act from the IRS. As many of you know, there had been questions about if and how certain taxpayers—owners, partners, and shareholders in pass-through entities—could claim the 20% deduction on income. The recent guidance clarifies two major things, which we’ve simplified here: 1. How companies with various lines of business can claim the deduction. Instead of having to restructure their business, as many thought they may need to do,…

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Benefit Now, Pay Later: Here’s What to Know About NQDC Plans

By Uncategorized

Qualified” retirement plans include 401(k) and SIMPLE plans. These plans offer tax-advantaged contributions and potential earnings. On the other hand, “Non-qualified” deferred compensation (also called NQDC) plans don’t typically include those same tax advantages, yet they help companies compete for and retain top employees. How so? Here’s one example: imagine an employee has maxed out her 401(k) or 403(b) workplace savings plan. At the same time, she still is in a position where she wants to save more for her…

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