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Business Advice

Orcutt Financial Tax Planning With Year-End Tax Tips

It’s Not Too Late: Year-End Tax Tips to Make the Most of 2021

By Business Advice, Tax Advice

Year-end tax tips can help save you a lot of headache next tax season. If you struggle with tax filing, you’re not alone. Every year, as many as 33% of Americans file their taxes late. Some just forget, others struggle to get things together in time because they left it to the last minute, and others are scrambling to make sure they have everything they need to keep their bill low. It’s not too late to make sure you have…

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Orcutt Deducting Business Expenses

Deducting Business Expenses: Best and Worst Practices

By Business Advice, Tax Advice

What’s the goal of every business? To make a profit, of course! A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best and worst practices for monitoring and deducting business expenses:  Understanding Business Expenses  Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can take properly recorded tax deductions on their income tax returns, provided that the deductions meet IRS guidelines. Deductions fall in three…

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Orcutt Financial Costs Of Starting A Business

Starting a Business: How Much Does It Really Cost?

By Business Advice, Tax Advice

It’s one of the most difficult undertakings to embark on alone. Especially when looking at the statistics, starting a business is a risky venture. This is especially true if you’re financially unprepared. One of the biggest challenges to more than 30% of small business owners is capital! Depending on the business, starting costs and the required capital will vary massively. Small business costs in particular can really take the wind out of your sails going forward. How Much Does Starting a Business…

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business finances

Why You Should Consolidate All Business Finances to One Source

By Business Advice

While the phrase “don’t put all your eggs in one basket” can often be sound advice in daily life, it doesn’t exactly apply when it comes to your business finances. In fact, consolidating all of your business finances to one source like a certified accounting and financial group can ensure that you streamline your bottom line and keep accurate financial records. Cash Flow Management One key benefit of consolidating your business finances is simplified cash flow management. It’s a factor…

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tax filing mistakes

5 Common Tax Filing Mistakes the IRS May Penalize You and Your Business For

By Business Advice, Tax Advice

As a small business owner with a lot on your plate, the last thing you need is to make any tax filing mistakes that could bring the IRS to your doorstep.  Often getting audited by the IRS isn’t always the result of intentional acts. Here are five of the most common tax filing mistakes that are likely to get you a dreaded letter from the IRS asking for more information: 1. Under-Reporting Income Whether you are a freelancer, a brick-and-mortar…

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profit vs. cash flow

Profit vs. Cash Flow: How They Function For Your Small Business

By Business Advice

As a small business, your financial health is vital. Profit and cash flow are essential elements of a thriving business, but they aren’t the same thing. As you grow your business, you’ll need to understand the difference between making and managing money. Even if you are the best at selling your products or services, you may fall short if you run into cash problems. Here’s what you need to know about profit vs. cash flow for your small business:  What’s…

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6 Tips for Improving Your Business’s Credit Score

By Business Advice

Your business credit score is an essential indicator of the overall financial health of your organization. Figuring how to improve your credit score might seem challenging. But it can be a critical factor in the future success of your business. If you’d like to find out how to be a more creditworthy business, here’s what you need to know.  Your Business Credit Score and Why It Matters As a business owner, having strong business credit means that you have a…

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small business financing

3 Main Sources for Small Business Financing

By Business Advice

According to the US Small Business Administration (SBA), a “small business” is a company that hires fewer than 250 employees and has no more than $750,000 in annual earnings. With these lower levels of revenue, a small business owner might think there aren’t small business financing options available for them. We’re here to dispel that myth. If you’re thinking of starting your own business and looking for some help, read on for some tips on small business financing. If you do some…

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outsourcing payroll

7 Benefits of Outsourcing Your Payroll

By Business Advice

It’s common for small business owners to handle many responsibilities including payroll processing. Handling payroll on your own could cause potential problems for your business. Too often, small business owners don’t have the experience, time, or knowledge to manage complex tax and payroll filings. As a result, important deadlines are missed which end up costing business owners both time and money to resolve. Accurate and Timely Payroll Processing Is Critical Payroll processing is a highly regulated business function that encompasses…

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Increase Your Productivity

8 Tips to Increase Your Productivity

By Business Advice

It can be tough to stay productive as a small business owner. You have so many things going on in your life, and it may seem like there is never enough time in the day to get everything done that you need to do. The good news is that there are some great tips out there for how small business owners can become more productive throughout their day. In this blog post, we will cover 12 ways that any small…

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