IRS Calling? Beware!!

So you finally took the big step and hired some much-needed help. Great job. Now you can focus on your income-building tasks and leave some of the other things to your new helper. Your other business owner friends have suggested that you just pay this person as a contractor to save yourself some cash by…
Business Owners…As we are nearing the close of this tax season, make sure you are taking advantage of every opportunity to cut your tax bill. Business owners can deduct business expenses from the amount of income they earn throughout the year. For an expense to qualify as a “business expense” it must be directly related…
Corporate budgets, as well as household ones, are arguably one of the most important tools you can use. Creating a budget for your business will provide a guideline for expected income and expenses and enable you to compare your anticipated financial goals with the actual numbers. In essence, it will serve as a barometer for…
Hiring your kids to work in your small business can be a great idea. You can teach them the value of a hard-earned dollar and their compensation may be tax deductible, minimizing your business taxable income. Here are some things to consider…Make sure their pay is commensurate with their age, experience, and education. If their…
As a business owner, unless your business is accounting, bookkeeping is normally the last item on your to-do list. But is ignoring your company’s finances wreaking havoc on your business? According to an Entrepreneur Magazine article, “Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought…
Business owners, do you really need to keep all those receipts? The short answer is YES. The long answer is… As a small business owner, you make tons of purchases for your business. If you are like me, you make them all with a debit or credit card because, after all, who uses cash in…