Cash flow is simply the money that flows into and out of a business. It is critical to have positive cash flow to pay for day-to-day operating expenses, pay employees, purchase inventory, and pay taxes. Why it is Critical to Forecast Cash Flow Running out of cash is something that no business wants to experience, yet it is one of the major reasons for business failures. Ensuring that a business will have the cash that it needs is the…
Have you wondered whether it’s time to sell your business? Thousands of businesses switch ownership every year. In 2018, more than 10,000 business owners sold their companies to other people. Often, this is the right thing to do. Fresh direction allows the company to evolve in new and exciting ways. The right sale also puts a fair amount of money in the pockets of the former owner. But knowing how to navigate the business selling process is important. It can mean the…
Whether you’re running a brick-and-mortar business or an online store, maintaining your productivity is crucial to your overall success. A productive business owner helps instill a good attitude and overall positivity for others. When you’re looking for ways to increase your productivity, there are many ways you can go about it. Some of the simplest ways to be more productive are: Setting a Routine and Goals Running a business during its early days can be pretty hectic. You might be…
It never hurts to start planning ahead, especially when financial matters are involved. How often have you had to gather information at the last minute before your taxes are due? Have you ever ended up paying more in taxes than you truly needed to? These professional tax tips for 2022 will help you to get prepared, lower your taxes and avoid any penalties. Ensure You Have an ID.me Account From the summer of 2022, all taxpayers will need an ID.me account in…
Everyone should want to save money on their income taxes, right? Tracking business travel miles is one of those ways. For those who qualify for a mileage deduction, a mile tracking app can be a simple and reliable solution to get the deduction credit that you deserve. Who Qualifies for a Mileage Deduction? Formerly, most businesses and many individual taxpayers were able to deduct business miles from their income tax filings. However, the Tax Cuts and Jobs Act…
It’s that important time of year—tax time. The year 2020 has seen massive health problems due to the broad impacts of the COVID-19 pandemic. To counteract the spread of COVID-19, businesses were closed and patronage restricted, events canceled, people socially distanced, and schools transitioned to online classwork. The effects on businesses included drastic reductions in revenue, layoffs, and furloughs, and remote working. Government assistance has included support programs, new regulations, and support payments of various types. Without professional assistance, tax…
Filing taxes is something that individuals and small business owners may not look forward to. However, filing taxes is inescapable and certainly essential to achieving a successful and penalty-free business operation. Why it Pays to File Taxes Early Some small business owners may be inclined to put off filing taxes due to busy schedules, worries about tax rules, or concerns about cash flow. But waiting until the last minute only adds stress and other issues to a process that can…
Retirement, or the conclusion of daily work demands, is an aim for many workers. For some, it requires a lengthy wait to realize a dream while for others, retirement may come early. The Life Insurance and Market Research Association (LIMRA) indicates that 69% of Americans retire by age 66, with 11% still working at age 75, and the most common retirement age is 62. However, over 24% of currently living retirees report retiring before age 55. When dreaming of retiring…
Small business owners have been severely impacted this year thanks to the COVID-19 pandemic. Those that haven’t had to shut down temporarily may be dealing with other issues such as supply chain interruptions or reduced business. Business owners still have to pay taxes, but the IRS has offered some tax relief programs as relief. Here are four ways that the federal government is trying to help small businesses with tax-related programs. 1. Coronavirus-related Paid Leave When your employees…
Today’s society places such high importance on achievement, professional fulfillment, and monetary rewards that some individuals spend an inordinate amount of time at work, thus feeling out of balance relative to other important roles in their lives. Work-life balance suggests a harmony or equilibrium between the time and attention allocated for work and the time and attention allocated to other aspects of life including personal interests, family, social, and leisure activities. Balance doesn’t suggest an equal allocation of time to…
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