How to Balance Work and Life

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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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Doerhoff Understand EIDL Before Agreeing to It

Be Certain to Understand Terms of EIDL Before Accepting It

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Shortly after the World Health Organization (WHO) declared the novel coronavirus a worldwide pandemic, governors across the United States ordered the closure of millions of businesses to help slow its spread. This hit small businesses, especially those in the retail, bar and restaurant, personal services, and hospitality industries, extremely hard from a financial perspective. Recognizing this, Congress scrambled to put together several business relief programs in the forms of loans and grants. One such program is Economic Injury Disaster Loans…

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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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Financial Ratios are Key to Understanding Business Performance

Financial Ratios are Key to Understanding Business Performance

By | Accounting Advice, Small Business Advice, Uncategorized

Let’s talk about financial ratios, (and no, this isn’t a dreaded math lesson where you crawl into a corner and hide). The key here is data—data that will help you run your business more effectively, guiding your planning and measuring what is working. The use of data takes effort, but it is worth it as Arthur C. Nielsen, market researcher and founder of the AC Nielsen company said, “The price of light is less than the cost of darkness.” And…

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How the Cash Conversion Cycle Affects Your Business

How the Cash Conversion Cycle Affects Your Business

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The term cash conversion cycle describes how long it takes a business (in number of days) to convert its inventory and other resources into cash flow resulting from sales. Although some organizations also refer to it as the cash cycle or net operating cycle, all mean the same thing. The purpose of a cash conversion cycle is to determine the length of time each dollar invested in production remains tied up to cover production costs before the inventory returns a…

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Understanding Your Tax Obligations Regarding FICA and FUTA

Understanding Your Tax Obligations Regarding FICA and FUTA

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With the multiple payroll tax obligations you have as an employer, it can be difficult to understand what the Internal Revenue Service (IRS) expects of you. This is especially true when it comes to withholding and paying FICA and FUTA taxes. Many employers find these tax obligations more challenging to understand than basic federal and state income tax withholding. We provide a description of each tax type below along with more of what you need to know to ensure that…

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Tax Planning Tips 2018 - Doerhoff & Associates CPA

Tax Planning Tips 2018 – Doerhoff & Associates CPA

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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.     Big Tax Changes for 2018: Changes in the tax law generally last only until the next time there is a change in the party in power.  Whether you…

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Is it Really Impossible to Get a Small Business Loan?

Is it Really Impossible to Get a Small Business Loan?

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The short answer to this question is – no. However, it has really become increasingly difficult to obtain a small business loan, and to realize your dream of having a small business enterprise grow into a major one, which can be a source of pride and profit for years to come. The reason it has become so difficult to obtain a small business loan is that many of the criteria used by lenders have been tightened considerably in recent years,…

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Getting it Right: Key Accounting Steps for a Small Business

Getting it Right: Key Accounting Steps for a Small Business

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Every small business has to set up an accounting cycle in order to manage its financial transactions. The accounting cycle starts by establishing your accounting system for the period, and at the end of the accounting cycle, you’ll be ready to close the books on that period so you can prepare for the next one. Here’s what’s involved with setting up your small business accounting cycle. Develop a chart of accounts As part of your accounting and bookkeeping system requirements,…

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Financial Planning is Critical for Your Growing Small Business

Financial Planning is Critical for Your Growing Small Business

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Growing your small business is usually a great thing, and in fact it’s what virtually all small businesses are aiming for. However, unless that growth is accompanied by sound financial planning, it can actually cause more harm than good. The truth is that growth often puts a pretty severe strain on any small business’s cash flow, especially when that growth is being fueled by cash flow money which is normally earmarked for expenses. It can be just as bad if…

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