Accounting Advice

With everything else you need to do to start a small business, dealing with taxes can seem overwhelming. Even so, it’s important to make wise tax decisions from your first days starting a business as you might not be able to change them later. You also should educate yourself on what the Internal Revenue Service (IRS) expects from you in terms of self-employment and payroll tax, as well as sales tax requirements from your state government. Below are three tax…

Creating and analyzing financial reports may not be the thing you enjoy the most about owning a business. Even so, these tasks are essential if you hope to enjoy long-term business success. Not only do these reports need to be error-free and easy to understand, but you need to work with them regularly to meet the financial goals of your business. Increase the Reliability of Your Financial Reports A financial report is only useful when it’s accurate. That means you…

Wouldn’t it be nice if you had the secret to bookkeeping for small business success? It turns out that it’s not just one thing but several that you need to do to ensure that your business stays in the black. If you’re not up to the bookkeeping task yourself, make sure that you hire someone to keep up with finances immediately after launching your business. You don’t want to deal with not having your finances in order come tax time…

Whether you’re planning to retire or move into another line of work, the time may come when you choose to sell your business. Taking the time to plan your strategy now is essential to ensure that everything goes smoothly when it’s time to transfer ownership to the buyer.   Does Your Estate Plan Include the Use of Trusts? Assuming you have already established an estate plan, it’s a good idea to incorporate one or more trusts into it. Trusts offer…

Many business owners would rather do just about anything else instead of creating a budget. At the same time, they know how essential it is to reign in expenses and ensure that the company remains profitable. Setting priorities for the business is another important aspect of creating a budget. It lets all employees know with one glance which things are the most important things to spend money on as well as the things that can wait until cash flow improves….

When you decided to start a business, you did so because you felt passionate about offering a unique product or service. It might have never occurred to you how much accounting and bookkeeping work you would need to do as well. Unfortunately, some new business owners become so overwhelmed by financial tasks that they ignore them or do them incorrectly. Not only can this lead to prompt business failure, it can cause tax problems with long-term implications.   Separate Your…

It’s very important that you choose the right company structure when starting out in the business world. There can be a great many impacts on your company which are all devoutly derived from the structure that you choose to do business under. For instance, your taxes will be strongly affected, your ability to raise money for the company will be affected, and if you happen to be sued, company structure will have strong implications there also. In order to make…