Conference Tips for Small Business Owners

For small business owners, business conferences can be both a blessing and a curse. They give you the opportunity to develop new skills and learn strategies that you can use in your business, and they also provide you with the chance to meet new people and expand your business network. Unfortunately, they also pull you away from your business and they cost money, so it’s important that you get the…  Read more

Money Saving Tips – 5 Times When Buying Used Makes Sense

If you are trying to save money, switching from brand new goods to used items can make a lot of sense. Buying used does not always make sense, but exploring the pre-owned market is one of the best ways to save on many different classes of products. These 5 types of consumer goods are particularly good candidates for the used market. Cars Buying a brand new car rarely makes financial…  Read more

Special Once in a Lifetime IRA transfer to HSA

Special Once-in-a-Lifetime IRA transfer to HSA  IRS Notice 2008-51Once per lifetime an individual may make a tax-free, trustee-to-trustee transfer to their HSA from an IRA or Roth IRA, but not from a SEP-IRA or SIMPLE-IRA unless no current contributions had been made to the SEP or SIMPLE for the same plan year. The maximum qualified HSA funding distribution depends on the HDHP coverage (self-only or family) you have on the first day…  Read more

Tips for managing contractors

For small businesses, working with independent contractors can be a life saver. You can hand over tasks you don’t have time for – at a fraction of the cost of an employee. Unlike staff, you won’t owe a contractor payroll taxes, unemployment insurance, health insurance, or other employee benefits. Because contractors aren’t employees, however, they do need to be managed differently. They’re accustomed to being their own bosses, for one…  Read more

3 Mistakes That Strangle Growing Businesses

Businesses want to grow and help a larger audience, but too many make mistakes that cripple their growth. Even worse, they keep repeating them! Don’t do the same; avoid the blunders outlined below. Hiring Toxic Personalities Businesses hire more staff as they grow. But if they expand too quickly, they will feel pressure to fill positions on their team, even if the job candidates have a few personality flaws. While…  Read more

Sales Tax after WayFair

More online purchases are hit with sales tax… Thanks to a landmark Supreme Court case that gives states greater power to impose sales tax on e-commerce. In June, the Court overturned a ruling that shielded sellers with no physical presence in the buyer’s home state from collecting sales tax.  The Court blessed S.D.’s internet sales tax.  The law requires remote sellers with at least $100,000  in sales or 200 or more  transactions annually in S.D. to collect S.D.…  Read more

How to set payment terms if you’re a freelancer or contractor

Following up on late or non-paying customers is no freelancer’s favorite task. Which is precisely why you need to set payment terms up front – and in writing – before you work with a new client or customer. By communicating and agreeing on the non-negotiables for doing business with you, you’ll avoid awkward misunderstandings, frustrating disputes, and in most cases, the ugly hassle of debt collection. These tips will help…  Read more

How to learn from failure in business

Business Failure Ask any successful entrepreneur about their path to greatness and you’ll get the same answer: failure is an inevitable part of the journey. It took Thomas Edison 1,000 failed attempts before he finally invented the light bulb. Tim Ferris received 25 rejections before his bestselling book, “The 4 Hour Workweek” was finally published and sold millions of copies. It’s a fact that 20% of businesses fail in their…  Read more

Year End Taxes

It is that time of year again when we start to think about year end taxes.  This year will be interesting.  Although the political talk is that taxes have been simplified, that is far from true.  There are more than 500 changes to the tax laws and an additional 6 forms on the individual return so that it could be said you can file on a postcard.   And although itemized…  Read more

Which home loan is right for you?

Home Considering home ownership? Congratulations! Buying a home is an exciting milestone and for most people, one of the biggest investments they’ll ever make. Among the many decisions to be made along the way, you’ll need to choose the best mortgage option for your circumstances. In this blog we’ll weigh the pros and cons of fixed, variable, and revolving credit home loans to help you make the right choice. Why…  Read more

Reasons to consider hiring a CPA

Financial Planning For business owners who want financial security now and freedom in retirement, having a CPA on the team is a must. A CPA will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step we will take to understand where you are now, where you want to go, and then determine…  Read more

What to do if you get audited

Audited No one looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare and call us. These four steps will help you get through the process with minimal stress and the best possible outcome.…  Read more

Tactics for paying down debt faster

Very few business owners have the means to operate without borrowing at start up, or later on when it’s time to invest in growth. Borrowing, however, is only a temporary solution to a lack of funds. Without a repayment plan debt can grow into an unmanageable problem that costs much more than the initial loan. These strategies will help you re-pay your debt faster, so you can invest the cash…  Read more

Why your business needs you to say no

Just Say No! Being open to new possibilities is a positive trait shared by most entrepreneurs—but saying yes to all the people you meet and opportunities that come your way can get you into trouble. When we over commit—especially when we take on projects that don’t actually benefit our business—our stress can hit the roof. It’s much hard to be productive when we’re feeling burned out and resentful. One of…  Read more

Business mileage log requirements

F Recent Court Case Illustrates that a contemporaneous mileage log is required.  • Edwards, T.C. Memo. 2018-44 Written contemporaneous mileage logs are a requirement to claim a deduction for business mileage. The taxpayer’s job required him to respond to emergencies, such as floods and hurricanes that could adversely affect the state’s transportation system. He was responsible for supervising communications and for assigning personnel and equipment to disaster locations.  For a…  Read more

Does “mindfulness” have a place in business?

According to Google, which offers employees a course on mindfulness meditation, and Lululemon, a company that keeps a Director of Mindfulness on staff, the answer is a resounding yes. Mindfulness, as American scientist Jon Kabat-Zinn defines it, is simply “paying attention in a sustained and particular way – on purpose, in the present moment and non-judgmentally.” Research has shown that practicing mindful meditation can lead to reduced stress, lowered blood…  Read more

2017 Tax Cuts Act: Pass-Through Income

Currently, owners of partnerships, S corporations, and sole proprietorships – as “pass-through” entities – pay tax at the individual rates, with the highest rate at 39.6 percent. The highest rate is reduced to 37 percent under the Tax Cuts and Jobs Act. The Act also allows a temporary deduction in an amount equal to 20 percent of qualified income of pass-through entities, subject to a number of limitations and qualifications.…  Read more

Tax Reform Guidance

 Tax Reform Guidance “Job One” At IRS  Implementing the new tax law will dominate the guidance landscape for 2018, practitioners said at a recent Tax Reform Conference sponsored by the DC Bar Association.  NSA Executive VP John Ams, who attended the conference, said that a number of Treasury and IRS attorneys responsible for implementation of the tax reform bill were panelists at the conference but few had any answers.  “That’s…  Read more

Tax Cuts and Jobs Act

Re: 2017 Tax Cuts Act: What it Means For Individuals   The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Individuals are more impacted by the provisions of the act than any other class of taxpayer. With the reduction in effective tax rates, the elimination of some deductions, exclusions, and…  Read more

Is it better to buy or lease a company vehicle?

If you need a car to operate your business, you may wonder whether it makes more sense to purchase or lease. On the one hand, if your business owns the car you’ll have a long-term asset and may qualify for more tax deductions. On the other hand, buying a car is a huge expense and monthly lease payments tend to be lower than car loan payments; they may also be…  Read more

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