How to take the bite out of the audit sting It is no surprise that states audit their small business community as a productive way to increase revenue for their state coffers. Should you receive the dreaded notice of one of these audits, here are some ideas that can make this a more pleasant experience: […]
Family business Tax and business planning is important for the success of any organization, but especially for the family-owned enterprise. Here are some important questions that owners of family businesses need to address. 1. Do you have a plan? Without a plan, your business has no direction and possibly no future. You can be sure your […]
Business Entity Pros and Cons Sole Proprietorship Pros • No formal creation process.• Easy to operate and dissolve.• No separate tax return.• Easy to integrate business use of home deductions.• No double taxation of profits. Cons • No liability protection, except through insurance.• Self-employment tax is assessed on entire profit of the business.• Transfer of […]
Entity Accounting and Recordkeeping Fringe Benefits Liability Sole proprietor, singlemember LLC, and husband/ wife business • Schedule C (Form 1040), Profit or Loss From Business• Schedule F (Form 1040), Profit or Loss From Farming• Schedule SE (Form 1040), Self-Employment Tax• IRS Pub. 334, Tax Guide for Small Business• Accounting is less involved than partnerships and […]
Divvy has studied the habits of resilient businesses to find out how they not only survive financial downturns—but make it out even stronger. Their field guide breaks it down into four actionable steps that your team can implement immediately: Balance value + innovation Discipline finances Prioritize customer-facing teams Stick to the essentials Is your business […]
