Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes. … Continue reading “Business owners should get comfortable with their financial statements”
Month: March 2025
6 essential tips for small business payroll tax compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all … Continue reading “6 essential tips for small business payroll tax compliance”
Weighing the pluses and minuses of HDHPs + HSAs for businesses
Will your company be ready to add a health insurance plan for next year, or change its current one? If so, now might be a good time to consider your options. These things take time. A popular benefits model for many small to midsize businesses is sponsoring a high-deductible health plan (HDHP) accompanied by employee Health … Continue reading “Weighing the pluses and minuses of HDHPs + HSAs for businesses”
Planning for the future: 5 business succession options and their tax implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different … Continue reading “Planning for the future: 5 business succession options and their tax implications”
How to evaluate and undertake a business transformation
Many industries have undergone monumental changes over the last decade or so. Broadly, there are two ways to adapt to the associated challenges: slowly or quickly. Although there’s much to be said about small, measured responses to economic change, some companies might want to undertake a more urgent, large-scale revision of their operations. This is … Continue reading “How to evaluate and undertake a business transformation”
2025 – 03/10 – Exploring business entities: Is an S corporation the right choice?
When starting a new business, you have several entity options to consider. One option is an S corporation. Here are some of its advantages. https://bit.ly/3D2eBFa
Exploring business entities: Is an S corporation the right choice?
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Adequately … Continue reading “Exploring business entities: Is an S corporation the right choice?”
Choosing the right sales compensation model for your business
A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople. But what motivates these valued employees? First and foremost, equitable and enticing compensation. And therein lies a challenge for many companies: Choosing the right sales compensation model isn’t … Continue reading “Choosing the right sales compensation model for your business”
Maximize Your Business Tax Deductions
You don’t want to wait until tax season is in full swing to plan ahead and take advantage of key business tax deductions. If you freelance or have your own business, there are so many valuable tax deductions that you can capitalize on that you may not have even been aware of. However, planning ahead … Continue reading “Maximize Your Business Tax Deductions”
How a business owner’s home office can result in tax deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here … Continue reading “How a business owner’s home office can result in tax deductions”