How to Reduce Your Business’s Taxable Income
Now is the time to start thinking about the coming year, and what changes you could make to reduce your bill next time the taxman comes around.
Take a look at several ways businesses are reducing their tax burden.
5 Tips to Drive Profitability with Financial Reporting
Good financial reporting can help a business track what is really important for profitability and guide good decision-making for the future. Many small businesses struggle to really take full advantage of their financial reporting.
Take a look at five tips that could make the difference in whether your financial reports tick boxes or truly help drive growth.
Cloud-Based Invoicing Apps for General Contractors
Accounting and invoicing for general contractors have always been a paperwork-intensive process, tracking various construction-specific tasks like estimates, sourcing subcontractors, handling change orders, and partial-completion invoicing.
Let’s take a closer look at what makes construction invoicing different – and difficult – and consider a few highly-regarded apps that are worth considering, not only for invoicing but potentially for the entire end-to-end construction process, from submitting bids to paying contractors to customer relations.
7 Overlooked Tax Deductions for Business Owners
Filing as an S Corp eliminates the self-employment tax on all income that many small businesses pay, while at the same time keeping some income out of reach of things like Medicare and Social Security taxes. It offers you the opportunity to take part of your income as a W-2 salary, with the associated federal program taxes, and the rest of it as distributions that are not subject to those taxes.
As with most “great deals,” though, there are potential pitfalls. It’s important to take the process seriously and abide by the rules in order to reap the benefits while avoiding some very serious penalties.
Let’s take a look at the benefits and potential pitfalls of filing as an S Corp, and how you can pay yourself in a way that maximizes your tax benefits while minimizing your compliance risks.
How to Pay Yourself as an S Corp
Filing as an S Corp eliminates the self-employment tax on all income that many small businesses pay, while at the same time keeping some income out of reach of things like Medicare and Social Security taxes. It offers you the opportunity to take part of your income as a W-2 salary, with the associated federal program taxes, and the rest of it as distributions that are not subject to those taxes.
As with most “great deals,” though, there are potential pitfalls. It’s important to take the process seriously and abide by the rules in order to reap the benefits while avoiding some very serious penalties.
Let’s take a look at the benefits and potential pitfalls of filing as an S Corp, and how you can pay yourself in a way that maximizes your tax benefits while minimizing your compliance risks.
Get a Jump on 2022 with a September Tax Review
September is a great opportunity to sit down and examine your tax situation for the end of the year. Discover how an early tax review can help minimize your tax liability and prevent unexpected blows to your checkbook at the end of the year.
Guerilla Marketing in an Uncertain Economy
Guerilla marketing is the concept of using creative, attention-grabbing methods to reach potential customers without a big cash outlay – perfect for upping your marketing game in an uncertain economy.
5 Tips for a Better Chart of Accounts
The Chart of Accounts (COA) is the foundation of financial reporting, as every aspect of your financial reporting is directly or indirectly sourced from your COA. An organized, logical COA can be drawn on to both combine and parse a business’s financial records for management and other stakeholders.
In many businesses, however, the COA is far from optimized. It can be too simple and therefore unable to detail what is really going on “under the hood.” Or it can be too complex and hard to pull together in any meaningful way. Or it may have lost its effectiveness over time, as new codes were haphazardly added without regard to the overall logic of the original design.
A new or revamped COA can immediately improve your management insights and drive your business to new levels. Here are five tips for designing or redesigning your COA.
How Standardized Dashboards Promote Coaching Within Your Franchise
The ideal candidate to run a franchise location doesn’t necessarily have to obtain a strong financial acumen. We often see franchise advertisements focused on a strong sales, industry and management experience. However, the heart of soul of any profitable business still remains to be the financials. Our mission is to provide franchise organizations with easy, […]
PPP & EIDL Forgiveness Update
This year PPP and EIDL loans provided many businesses with some breathing room and the ability to start over. Now the opportunity for loan forgiveness may provide additional relief, but you must ask for it. Here are some key tips to keep in mind: Currently, the process is to begin by working with your lending […]