As a franchise owner, you have bought into a proven business model that provides assets such as branding and marketing to help you start and maintain a successful business. With your purchase, however, you’ve also taken on specific commitments and have to abide by particular rules. Let’s look at key steps you can take to implement a bookkeeping process that fulfills both requirements.
April 17th, the big day for many businesses, is less than a month away, but we know that many small business owners have yet to start – really start – to prepare their taxes, and the pressure is building.
If you just see your tax return as a calculation of what you owe the tax man, you are missing out on a lot of valuable insights. Your tax return is a potential goldmine of insights about your business that can guide your decision-making going forward and open the door for more profits.
Tax season is here, and that means it’s time to not only gather your documents and file your annual returns but also to plan for the coming tax year. If your only income sources are W-2 based, the annual deadline will be your main focus, but if you are self-employed or own a business, you face several other deadlines over the coming months.
As a business owner, you’re likely always looking for ways to reduce your tax burden and maximize your bottom line. But with all the rules and information to keep track of, it can be easy to accept some of the “tax myths” floating around. Let’s ensure you know some of the more common false beliefs, so you don’t run into problems.
So you’ve decided you’d like to be a franchise owner. Now, you’ll need to apply for financing, and that means assembling a loan package to present to potential lenders.