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…
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…
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…
Whether the employees you manage recently started working from home due to the coronavirus pandemic or your company has had this arrangement in place for a while, you face unique issues managing a team remotely. As a provider of supportive services for small businesses in Milford, Ohio and the surrounding communities, Orcutt & Company is here to help you succeed in any business environment. Below we offer several tips for managing a remote team as efficiently as possible. Choose the…
More than 600,000 small businesses open in the U.S. each year, but not all are successful. The thought and planning you put at the beginning of your journey can have a lot to do with the success or failure of your enterprise. If you’re worried about how best to start your business, this is a valid concern. According to the Small Business Administration, just over half (51%) of small businesses last past the five-year mark. So, what are some of the…
With the rapid onslaught of the coronavirus already disrupting business operations in the U.S., there are three ways you can face the future: panic, do nothing, or plan. As we work with business owners through these tough times, we know the best way to do this is to plan, making the situation under your control as much as possible. By now you have probably read all the communication from your local, state and federal governments on how to prepare for…
As a small business owner, you may be tempted to do as much as possible on your own, but you’ll soon find that this isn’t sustainable. Further, you likely didn’t go into business to read legal documents, stare at numbers, or fix technical issues, so it makes sense to get some specialized support. While you’re doing what you do best, insurance agents, attorneys, IT specialists, and accountants can work behind the scenes to ensure that your business remains a well-oiled…
A lot goes into owning and operating a small business. It’s for those who dream, yes, but it’s not for the faint of heart. Among the many necessary business functions are the production of goods or services, marketing, sales, human resources, and accounting. Each of these has a connection to finances and there are two key truths about finances. First, you can’t be casual with finances. And second, personal and business finances, like oil and water, don’t mix well. To…
Innovative marketing, quality products and services, and soaring sales are all factors in measuring the success of your business. But who makes that level of success possible? The answer is happy, dedicated employees who are committed to your company’s mission and values. Your employees are the foundation of your operation. If they aren’t satisfied, your business will suffer. But, if they are engaged and feel supported, they’re more likely to be dedicated to excellence, and you’ll attract even more high-quality…
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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