‘Tis the season to wrap up the year while still keeping in mind your holiday business expenses. You don’t have to be a Scrooge; there are some ways to enjoy the holiday season while still getting the most out of it. It can become challenging to know what should be considered a business deduction when it comes to holiday expenses, but that’s where we come into play. Keep on reading below to find out about holiday business expenses for taxes! 1….
Lenders allow small businesses to borrow large sums of money in order to promote their businesses. Small business owners require additional means of assurance for lenders to approve their business loans. Typically, a lender is likely to establish a line of business credit once they receive personal guarantees from business owners or executives. Signatures from these leaders in a business shift the business liability to the signatory. Keep reading to learn more about how you can secure your…
Running a business is hard work – it takes energy and time from your end. It can be easy to forget tax deadlines in the thick of building your business. As you approach the last financial quarter, make sure you know all the important dates. You don’t have to go it alone. Read on for all the last financial quarter tax deadlines you’ll want to keep track of in 2021: Types of Business Taxes to Track Before getting to deadlines,…
Growth is not a simple catchword, nor is it just a mantra for businesses. While growth is fundamental to the success and longevity of every business enterprise, it’s important to make sure your company is equipped to handle the significant changes it can bring. We all want new business, but can your company take on the costs and workload required? Why is Business Growth Important? Business growth, properly approached and sustained, can allow a business to expand its products or…
Starting a new business can be exciting, but it comes with challenges, and it can’t be approached casually. Each new business owner faces the necessity of business planning, legal and tax planning, and planning for business startup costs. Before starting a business, it is important to research the industry, the potential consumer base, the operating geography, and the competitive landscape. What Are Expected New Business Startup Costs? To avoid IRS problems and possible business failure, business expenses always need to…
Every small business owner opens his/her business with a dream and a desire to make money. Yet, while the business may have a significant aspirational beginning, there can be no business without profits and no long-term tenure and growth without healthy profit margins. What are profit margins? Profit margins are the measures of what a company makes beyond what it costs to produce goods or to create services. Three profit margin measures provide insight into the health of a business…
Investing can be a great way to build wealth. At the same time, it is important to take advantage of ways to save money on all investments so that each investor can keep more of his/her gains. Successful investors will choose their investments wisely, watch them carefully, and follow useful investor tax tips. Importantly, keeping good records and obeying tax rules is critical to staying out of trouble with the IRS. What Are Some Ways To Invest? There are numerous…
Cryptocurrency or “crypto” is a digital form of exchange, not a physical currency. In this form of exchange, values and transactions are stored online in databases that use strong cryptography to secure transaction records, verify the transfers of ownership, and control the creation of additional crypto. The records are maintained by a decentralized system instead of by centralized authorities. The idea of cryptocurrency has been around for many years, but the concept became reality in 2009 with the launch…
As part of the stimulus law, there was a provision added that required IRS to begin distributing the child tax credit on a monthly basis for certain taxpayers. This is nothing more than sending you a monthly check for the child tax credit you received in the past when you file your income tax return. Many people are confused and think this is another stimulus check (money they never got before). Here are a few things to consider: …
A key thing that every small business owner should do is to keep his/her personal and business expenses and all other finances separate. Who Must Keep Personal and Business Finances Separate? If a business is formed as a corporation, it is considered a separate legal entity so all finances and business expenses must be separated. If a business is formed as a sole proprietorship, there is no legal distinction between the business and its owner. Therefore, all profits,…
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