financial statement

Is Financial Statement Analysis Critical to Assess What is Working in Your Business?

By | Small Business Advice

Ask a typical American on the street about their interest in analyzing financial statements and you’ll likely get a glassy look or loud laughter. But, to every business executive, financial statement analysis is no laughing matter because the analysis is both informative and critical for business success.   What are Financial Statements and Why are They Important?   The financial statements of a company record financial data reflecting the components of its business activity. Financial statement analysis is simply the…

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The CARES Act Opens Floodgates to Free Money for Businesses

The CARES Act Opens Floodgates to Free Money for Businesses

By | Small Business Advice

These are the basic details of loans available to businesses.  They are unbelievable unless regulations put limits on these loans: This new law lets any business borrow 2.5 months of payroll, benefits, interest on loans and lease payments. The loan is made through a bank that is an SBA approved lender and is guaranteed by the SBA. Loan Is nonrecourse to the borrower. The loan is forgiven if you don’t cut back on staff and spend the money on the…

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Corona Virus Sick Leave Updates

Corona Virus Sick Leave Updates

By | Small Business Advice

As more information comes available here is the latest we can provide on what we do know and what we don’t know about the new sick leave bill, The Families First Coronavirus Response Act was passed and signed into law on March 18 to become effective April 2. Only for time off incurred after April 2: At this point, it appears the law is not retroactive and will expire Dec 31, 2020 so everything you do prior to April 2…

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New Tax Developments Affecting Small Businesses

New Tax Developments Affecting Small Businesses

By | Accounting Advice, Small Business Advice

Information is changing so rapidly that news is outdated almost as soon as it comes out.  Here are some recent developments that will affect small business: Which payments you can extend to July 15: The IRS issued minimal clarification on their extension of tax payments.  The wording on their website states “Taxpayers can also defer federal income tax payments due on April 15, 2020 to July 15, 2020, without penalties and interest.”  Since this wording does not relate to any…

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More Questions than Answers on New IRS Announcement to Delay Tax Payments?

More Questions than Answers on New IRS Announcement to Delay Tax Payments?

By | Accounting Advice, Small Business Advice

The IRS announcement on delaying 2019 taxes yesterday can cause some confusion.  Here are a few things you should be aware of and some unanswered questions:   1.       The announcement did not extend the time to file.  It simply gave taxpayers another 90 days to pay the tax without additional interest or penalty during that 90 days. Your tax return is still due April 15.   2.       It is not clear whether the IRS extension of payment for 2019 tax also extends the…

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Outsourcing

Make Your Business Better by Outsourcing

By | Small Business Advice

There’s a lot required to make a business operate successfully. Many small business owners face the challenge of trying to wear many “hats” in order to accomplish the varied needs of the business. However, trying to “do it all” is not a good approach. Rather, the idea of leveraging strengths, as taught to individuals, applies well to business. So, consider focusing and leveraging your skills and energies on the things that are critical to the mission of the business, and…

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Doerhoff-Advertising-Asset-Expense

Advertising—Asset or Expense?

By | Small Business Advice

Advertising is a key communications component of marketing. Marketing and advertising activities have been around for thousands of years. For example, ancient Greek traders hired “criers” to promote their products (like today’s sign shakers, perhaps.)  Today, we consider advertising to be the various means of promoting a company’s products, services and image through television, radio, direct mail, email and digital messaging. Marketing, the broader term, includes additional means of generating consumer interest and persuading people to buy, including such efforts…

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An Important Part of Tax Planning--Keeping Good Records Throughout the Year

An Important Part of Tax Planning–Keeping Good Records Throughout the Year

By | Accounting Advice, Small Business Advice

Thinking of delaying your business tax planning? Here are two words of advice: don’t delay! Good tax planning should take place all year long to ensure accurate and effective tax preparation, a more pleasant and stress-free experience and a more positive financial outcome.   Why is it Important to Keep Good Records? Financial record keeping is vital to the health and progress of every business.  It allows a business owner to: Monitor the health and progress of a business. It…

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What Business Meals Expenses are You Still Allowed to Deduct?

What Business Meals Expenses are You Still Allowed to Deduct?

By | Accounting Advice, Small Business Advice

There’s probably no topic under the sun that hasn’t provoked more joking comments than “taxes,” including this one by former radio and TV entertainer Arthur Godfrey: “I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money.” With the passage of the 2017 Tax Cuts and Jobs Act (TCJA), many changes were made to the tax code including changes to business meals expenses. So, if…

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Being self-employed can be fulfilling and inspiring because you are working hard to build your dreams. As author Oliver Markus Malloy said humorously, "Being self-employed means you work 12 hours a day for yourself so you don't have to work 8 hours a day for someone else." However, the fruits of your labors don't come tax-free.

What Taxes Do I Have to File While I am Self-Employed?

By | Accounting Advice, Small Business Advice, Uncategorized

Being self-employed can be fulfilling and inspiring because you are working hard to build your dreams. As author Oliver Markus Malloy said humorously, “Being self-employed means you work 12 hours a day for yourself so you don’t have to work 8 hours a day for someone else.” However, the fruits of your labors don’t come tax-free. Self-employed taxes need to be considered and treated carefully so they don’t interfere with the pursuit of your dreams.   What Does it Mean…

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