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…
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…
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…
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…
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…
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…
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