It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. Are you a business owner with children in this situation? If yes, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family … Continue reading “Hire Your Children to Save Taxes for Your Business and Your Family”
Month: October 2017
Does Your Business Have Too Much Cash?
From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash reserves for business could never be a bad thing. However, the truth is, a company that’s hoarding excessive cash may be doing itself more harm than good. … Continue reading “Does Your Business Have Too Much Cash?”
Don’t Let “Founder’s Syndrome” Impede Your Succession Planning Strategy
Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! As such, it is more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it becomes increasingly important that you give serious thought into developing a succession planning strategy. When … Continue reading “Don’t Let “Founder’s Syndrome” Impede Your Succession Planning Strategy”
Customer Profitability Analysis: How Profitable Are Your Customers?
“We love our customers!” Every business owner says it. But all customers aren’t created equal! This is why it is in your strategic interest to know which customers are really strengthening your bottom line and by how much. This can be seen with a customer profitability analysis. Sorting Out the Data for the Customer Profitability Analysis If … Continue reading “Customer Profitability Analysis: How Profitable Are Your Customers?”
4 Tough Questions To Ask Before Expanding To A New Location
Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and start a business expansion strategy. As you are strategizing, ask yourself some tough questions about whether a new location will grow your company — … Continue reading “4 Tough Questions To Ask Before Expanding To A New Location”
2 Ways Spouse-Owned Businesses Can Reduce Their Self-Employment Tax Bill
If you own a profitable, un-incorporated business with your spouse, you probably find the high self employment tax bills burdensome. In the partnership business structure, an un-incorporated business in which both spouses are active is typically treated by the IRS as a partnership owned 50/50 by the spouses. For simplicity, when we refer to “partnerships,” … Continue reading “2 Ways Spouse-Owned Businesses Can Reduce Their Self-Employment Tax Bill”
2017 Tax Due Dates for Q4: Key Deadlines for Businesses & Other Employers
Here are some of the key 2017 tax due dates affecting businesses and other employers during the fourth quarter. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact our accounting and bookkeeping services team to ensure you’re meeting all applicable deadlines and to learn … Continue reading “2017 Tax Due Dates for Q4: Key Deadlines for Businesses & Other Employers”
Listening to your Customers through a Lost Sales Report
“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if you don’t know it, you could be losing out on profit potential. Although you have to focus … Continue reading “Listening to your Customers through a Lost Sales Report”
Fine-Tuning Your Company’s Compensation Strategy
As a business evolves, so must its compensation strategy. Hopefully, your company is growing — perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your compensation strategy as well, such as economic changes or the rise of an intense competitor. A goal … Continue reading “Fine-Tuning Your Company’s Compensation Strategy”
Disaster Recovery Plan: Make Sure Your Company is Prepared for any Storm
What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power. Whatever the potential cause might be, every business needs a disaster recovery … Continue reading “Disaster Recovery Plan: Make Sure Your Company is Prepared for any Storm”