One of the cornerstone activities of every business is the timely and accurate payment of payroll and its related tax and regulatory filings. Whether you do this in-house or use an outside service, it is a good idea to periodically assess how it’s going and whether a change makes sense. Here are some thoughts. Take…
Consider these suggestions for helping to make tax season smooth sailing this year for your small business: Reconcile your bank accounts. Preparing an accurate tax return starts with accurate books. Reconciling your bank accounts is the first step in this process. Consider it the cornerstone on which you build your financials and your tax…
Starting your own business can be equal parts thrilling and intimidating. You can get started with this checklist of items you’ll need to consider as you get started. Determine your activity as a hobby or a business. This may seem basic to some people, but the first thing you’ll have to consider when starting out…
As 2022 winds down, here are some ideas to help you prepare for filing your upcoming tax return and help manage your business. Informational returns. Identify all vendors who require a 1099-MISC and a 1099-NEC. Obtain tax identification numbers (TINs) for each of these vendors if you have not already done so. Shifting income and…
Here’s a roundup of several recent tax court cases and what they mean for your small business. Be Reasonable About Compensation (Hood, TC Memo 2022-15, 3/2/22) Facts: Clary Hood and his wife founded and were the sole shareholders of Clary Hood, Inc., a C corporation. In 2014, Hood and his advisors concluded that Hood had…
Regardless of the type of business you’re running, actively monitoring a few key numbers is often what’s needed to keep your company growing and prosperous. A company’s key financial indicators often fall into one or more of the following categories: Order volume. Find the metric of orders that makes sense for your business. Then measure…