As a small business owner, you have a lot on your plate. And trying to focus on growing your business can be tough, especially when you have to deal with auxiliary demands, such as accounting. But, by outsourcing the accounting work, you can free up time and energy, and devote yourself to the number one goal: increasing your revenue.
Taxes. That word alone is often enough to strike fear into the heart of small business owners the world over. But, taxes don’t have to be scary. People often fear what they don’t understand; thankfully, we’re here to give you some quick tips on how you can take advantage of small business tax savings strategies this year.
The lack of robust accounting systems is one of the primary reasons that small businesses fail. Bookkeeping can be a thorn in every business owner’s side, and many companies are now turning to virtual bookkeeping services. Here are some the advantages they find:
It is easy for small business owners to get stuck with questionable business practices, especially when they are in the early stages of development. Sometimes in the zeal to achieve profitability and success, the employees and management take shortcuts. Here are ten frequently overlooked secrets about small business management that will help your company achieve success:
Understanding who your customers are and what they want is essential for growing your business ROI. For example, can you say which of your customers are the most profitable? In most businesses, a simple but undeniable axiom exists: 80% of your profits come from just 20% of your clients. See how this vital rule applies to other categories of customers as well.
One of the most frustrating things about managing a small business accounting system is when you run into a problem that you can’t solve on your own. Some small business owners try to save money by paying for cheaper virtual bookkeeping programs, but they find that they are limited when problems arise.
There are many benefits to owning a home. If you are a homeowner who is looking for how to pay less taxes, the mortgage tax deductions are worth exploring. Your accountant can help you itemize your Schedule A deductions, and one of those deductions is based on interest paid on the mortgage.
Capital assets consist of many personal things that you own and use, either for investment or pleasure. If you decide to sell a capital asset, the IRS looks at the difference between what you paid for it and the price you earned on the sale. That difference is known as a capital gain or a capital loss.
There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs.
It is easy for business owners to get stuck in old habits, and sometimes business practices are hindered because the employees and management are caught up in myths. Here are ten of the most common myths about small business management, so that you can check your systems and avoid these traps: