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How Healthy Are Your Profit Margins?

By Small Business Advice

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…

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What Are The Tax Obligations On Your Investments?

By Accounting Advice, Small Business Advice

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…

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tax responsibilities for cryptocurrency

How Should You Report Cryptocurrency on Your Taxes Next Year?

By Accounting Advice, Small Business Advice

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…

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Child tax credit

What To Do About The “Child Tax Credit” Notice From The IRS

By Accounting Advice, Small Business Advice

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:  …

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Why It’s Important to Keep Business Expenses Separate

By Accounting Advice, Small Business Advice

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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Smart Ideas for Spending Your Tax Refund

By Accounting Advice, Small Business Advice

So, you have filed your annual tax forms and this year you get a tax refund. Yahoo! You are one of nearly 80 percent of Americans that get a refund on their tax returns. But what does that mean? What are Tax Refunds? Tax refunds are not a “lucky strike” or a surprising bonus. They represent a payback of an excess amount that taxpayers have remitted to the government as documented on their tax returns, essentially an interest-free loan to…

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Are You Owed Additional Stimulus Money?

By Small Business Advice

The COVID-19 pandemic caused significant economic strain throughout the country, causing massive business restrictions, slowdowns, and many closures. In response, the federal government has taken complex actions to provide economic assistance, involving various new programs and multiple rounds of stimulus relief money.    Navigating business taxes is normally challenging, but this year it makes even more sense to secure professional tax and accounting assistance so that your business doesn’t miss out on the funds owed to you.   Federal Government…

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Is Competition Good for Business?

By Small Business Advice

Competition always exists in a healthy business marketplace. It is the rivalry between firms who are trying to secure the attention and sales of their goods and services from the same customers who are being pursued by another firm. Competitors, often many more than two parties, seek to increase their revenue by growing sales and market share. Business leaders sometimes tire of dealing with competitors. Wouldn’t business be easier without them? As American newspaper columnist George Matthew Adams stated, “There…

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Business Support Strategies Help Clear the Fog

By Accounting Advice, Small Business Advice

Business success requires three things: vision, a strategic plan, and effective execution. Easy to say but difficult to deliver. According to author Bill Hybels, “Vision is a picture of the future that produces passion.” Strategy is defined as the plan of action developed to achieve an aim or vision. And visionary inventor Thomas A. Edison completes the triad by stating, “Vision without execution is delusion.” What is Vision and Why is it Important? Vision is simply an image or picture…

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Year-End Tax Planning Advice

By Accounting Advice, Small Business Advice

Everything we do is focused on the core belief that we succeed in life by helping others succeed. This letter is one complimentary piece of our intense planning and research effort throughout the year to help in your success.  Feel free to share it with anyone you know who could benefit.     What changed with the IRS as a result of COVID? COVID drastically changed the way the IRS does business and they are still trying to adapt and…

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