If you own a small business or thought about starting one, the question of business planning usually comes up. Yet, most small businesses rarely have a written business plan in place at any time during their existence. So do you need a business plan? There are several...
The choice of entity is one of the most important decisions a new business owner faces. Many new businesses automatically set up as an S-Corporation as part of the overall formation process. This happens without any thought given to the potential risks or benefits of...
Small business owners often wonder what they can deduct in their business. Just because you own a business does not mean you can take advantage of all sorts of tax write-offs (loopholes). However, tax laws do favor businesses in what they can write off compared to...
Small businesses exist for many reasons. Yet, they all share a common purpose: They must be worth pursuing, as envisioned by the person or persons starting them Once pursued, they must continue To continue, they must earn a profit For these types of businesses to...
The 2020 tax filing season (for 2019 tax returns) was unique. Tax filing deadlines were pushed back in the middle of the preparation period, including the dates for making estimated tax payments. Many of the same factors that led to that situation are still in place...
A number of clients inquire how to deduct a vehicle for their business. This is a somewhat complicated aspect of owning a business, which I hope to clarify in this article. Steps on How to Deduct a Vehicle The use of a vehicle is normally an ordinary and necessary...
Bookkeeping for a small business is similar to any size business. There are prescribed steps to follow (known as the accounting cycle). Differences occur because of the complexity and needs of the business and the method, usually manual or computerized, used to do the...
Owning a small business is a dream of many Americans. Being your own boss is attractive and can be financially rewarding. The truth is that it is not easy, and many businesses fail or do not meet the expectations of the owner(s) that were present at the beginning....
A financial statement can take many forms. The first question to ask is whether the financial statement is for personal or business use. Individuals often have to prepare personal financial statements if they are looking to obtain credit, usually for a large purchase...
Your business may need internal controls. Internal controls are the policies and procedures a business takes to safeguard its assets. A key to running a profitable business is to make sure that the assets, especially cash, are protected. Assets are the lifeblood of...
