Many small business owners pay too little attention to their financial statements. Unfortunately, these owners don’t understand just what the statements have to offer. They should become familiar with three basic financial statements – Balance Sheet, Income Statement, and Cash Flow Statement.
If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event of a tax audit, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.
Being a good landlord takes practice, and no matter how much you read, there really isn’t a substitute for experience. But if you are thinking about investing in rental property or you are a new rental property owner, there are a few basic rules that will help you hit the ground running.
Starting a business is hard work, and the success rate is low – just look at the first year failure rate. There are many reasons that some business startups are more successful than others and plenty of researchers to ask the questions. One interesting line of inquiry looks at the reasons a person wants to be an entrepreneur.
As a small business owner, you're probably busy monitoring operations and dealing with everyday problems. But there are five important aspects of your business strategy that you should review and update every year. These updates are essential to maintain successful small business growth strategies.
A proactive approach to small business accounting includes strategies like financial forecasting.The forecasting strategy can take a lot of time and effort, which is why you shouldn’t try to handle it on your own. Instead, it is better to enlist the help of a CPA who can help you fine-tune your business plan and know what to expect in the future.
Do your credit policies improve the cash flow management of your small business? Sound credit policies are high on the list of business processes that improve your profitiblility. Small business owners will find it worth while to regularly review their company's credit policies. Here are five good practices to look for:
If you are planning to hire a small business accounting service, it is important that you are selective about the accounting firm that you want. These services have a direct impact on the cash flow and profitability of your company, and there are several things that you need to keep in mind before you make the decision.
A limited liability company (LLC) is one of the most popular business entity forms. An LLC can elect to be treated as a sole proprietorship, a corporation or an S corporation. These options for a LLC can be confusing. Tax planning rules are often difficult to follow, but proper adherence is required to ensure the best tax situation. Consider sole proprietorships:
April 15th has come and gone. How did you fare on tax day this year? Did you easily gather all of the information needed to complete your business and individual tax returns for the year? If not, chances are that your record keeping system needs some help. Maybe it's time to consider income tax services.