Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued the COVID-19 bill as tax relief for small businesses. This guidance allows taxpayers to defer any amount of federal income tax payments due on … Continue reading “Coronavirus (COVID-19): Tax Relief for Small Businesses”
Month: March 2020
The Difference Between A Mission Statement & A Vision Statement
Many owners put off writing a mission statement for their business. Who has time to write down why you’re in business when you’re busy trying to run one! And perhaps even fewer owners have created a vision statement — possibly because they’re not sure what the term even means. There are good reasons for creating … Continue reading “The Difference Between A Mission Statement & A Vision Statement”
Small Business Owners Still Have Time To Set Up A SEP for 2019
Do you own a business but haven’t gotten around to setting up a tax-advantaged retirement plan? Fortunately, it’s not too late to establish one and reduce your 2019 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2019, and you can make contributions to it that you can deduct on your … Continue reading “Small Business Owners Still Have Time To Set Up A SEP for 2019”
Marketing Initiatives Is A Game Of Adjustments
In business, a failure to evolve may lead to failure. One way to keep your company rolling is to regularly adjust how you market products or services to customers and prospects. A marketing strategy shouldn’t be a knee-jerk reaction to some enticing rumor or hot trend. Rather, it needs to be a carefully calculated effort … Continue reading “Marketing Initiatives Is A Game Of Adjustments”
Determine A Reasonable Salary For A Corporate Business Owner
If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct bonuses and salaries for business owners and executives that it pays, but not its dividend payments. Therefore, … Continue reading “Determine A Reasonable Salary For A Corporate Business Owner”
Coronavirus/COVID-19 Update from Accounting Freedom
You have probably received several emails in the last few days from companies and organizations offering details of their response to COVID-19 and the coronavirus. Here is what Accounting Freedom and Payroll Specialists are doing to keep delivering the service our clients expect. OUR PRIORITY Our first priority is to ensure the health and safety … Continue reading “Coronavirus/COVID-19 Update from Accounting Freedom”
How’s Your Buy-Sell Agreement Doing These Days?
Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and a liability policy. When it comes to business insurance for multiple ownership, there’s an additional type of risk-management arrangement that needs to be established: a company buy-sell agreement. If your business has yet to create one, … Continue reading “How’s Your Buy-Sell Agreement Doing These Days?”
Check Your 401(k) Performance At Least Once A Year
In many industries, offering a 401k for employees is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge … Continue reading “Check Your 401(k) Performance At Least Once A Year”