Taxes

How to Effectively Manage Your Business’s Finances

In many cases, a small business' success is built on skills associated with making a product or providing a service, not necessarily skill in managing finances. If you don't have much experience with handling your business’ finances, it can sometimes feel like a tedious chore, but not tending to your company's money properly can also cause you to develop negative financial … [Read more...]

5 Ways to Manage Your Tax Bills

Timely management of your tax bills is essential to avoid burgeoning tax debt and the interest and tax penalties that the IRS will impose on you. By managing your bills, you will be able to side-step future offsets to pay your tax debts, and if you're trying to obtain a loan, you won't face rejection due to unpaid taxes. Here are some of the things that you can do to keep your … [Read more...]

4 Business Finance Mistakes That Are Killing Your Profit Margins (and How to Solve Them)

According to Forbes, around 20% of small businesses collapse within their first year. The author notes something you’ve probably thought about as well: this number seems quite low. Twenty percent is a small figure in the grand scheme of things, especially when you consider the trials a small business has to go through to succeed. But this figure only tells half the … [Read more...]

5 Misconceptions About Business Tax Deductions

Tax season is just around the corner and if you run your own business, you’d better get prepared. Business taxes can get complicated and there are a lot of misconceptions going around that make them seem like a non-issue. The fact is that the government has very strict tax regulations that don’t leave much wiggle room. It’s a good idea to back your company up with a qualified … [Read more...]

7 Ways to Kill Your Home Based Business

Whenever someone asks what I do for a living and I tell them that I work from home as a freelance writer, the response is generally somewhere along the lines of: “Wow! That must be nice to work from home. I wish I could do that!” While I agree that there are a lot of perks to having a home based business—such as no long commute and always being around to collect deliveries … [Read more...]

How to Take Charge of Your Business Receipt Process

For many business owners, tax time feels like a big interruption to normal business operations. Imagine that you’re driving down the road and you’re pull over. Being pulled over increases your travel time, and it will take you a few minutes to get back on the road and up to speed again. Preparing your business’ taxes may feel the same way. Like pulling your car over, tax … [Read more...]

5 Ways to Sink Your New Small Business

No one starts a business just to fail. Yet, if you look at data provided by the Bureau of Labor Statistics regarding new business survival rates, you quickly realize that your probability of staying open continues to decline over time, with the sharpest drops occurring within the first three years. What are some of the reasons that all-too-many new businesses fail, … [Read more...]

The Need For Professional Tax Planners For Small Business

TaxSlayer performed a Tax IQ survey for tax preparation attitudes and perceived tax preparation abilities by Americans, and some interesting results came out of it. 28% of individuals would rather go without a cell phone or car for a week instead of having to face the task of tax preparation. 53% have no confidence in their ability to complete tax forms without professional … [Read more...]

5 Things First-time Entrepreneurs Need to Know About Startup Finances

In theory, a sustainable business is one that makes more money than it spends. The problem with this oversimplified view lies in the fact that it assumes that you start from zero. This is not the case with most startups that have to get in debt to even launch. Aside from this, the ways in which you spend your money, reinvest and make financial projections affects the efficiency … [Read more...]