Tag Archives: Business Accounting

Six Things To Know Before You Start a Business

Tips for starting a businessStarting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax professional can help. Here is what you need to know before you start a new business:

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Worried after natural disaster strikes

Tax Relief for Those Affected by Natural Disasters

Woman dealing with home emergencyRecovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen. The good news is that there is relief for taxpayers – but only if you meet certain conditions. Let’s take a look:

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Retirement options

Retirement Plan Options For Small Businesses

Retirement options for small businessAccording to the U.S. Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.

If you’re like many other small business owners in the United States, you may be considering the various retirement plan options available for your company.

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Small Business: Tips for Ensuring Financial Success

small business accountingCan you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results, and any business owner knows you need to make numerous adjustments along the way. So, how do you handle the array of questions facing you? One way is through cost accounting. Continue reading

Choosing a Legal Entity for Your Business

starting a new businessIf you’ve decided to start a business, one of the most important decisions you’ll need to make is choosing a legal entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you could face. Even if you’ve been in business for a number of years, it’s a good idea to periodically reevaluate your business structure because, as we all know, tax laws can change and that business entity you chose when you first started out may not be the best option ten years later. For example, if you operate your business as a sole proprietor, you must pay a self-employment tax rate of 15% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status you could take advantage of a lower tax rate thanks to tax reform. Continue reading

Tips for Getting Paid on Time

paid on timeHave you found that collecting on your accounts receivables has become more challenging? If so, strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. While some tips discussed here may not be suitable for every business, most can serve as general guidelines to give your company more financial stability. Continue reading