There is additional money available from the Small Business Administration (SBA) for a new round of Paycheck Protection Program (PPP) loans courtesy of the Emergency Coronavirus Relief Act of 2020. Here’s what you need to know: Requirements to Take Out a 2nd PPP Loan If you received PPP loan proceeds in 2020, and wish to […]
A Survival Guide to Bookkeeping
When you launch a new business, you vaguely hear you’re supposed to track your income and expenses for taxes… and that’s about it. Nobody talks about the logistics of HOW you’re supposed to do it, and newbies are left to fend for themselves in this new financial wilderness. That stops now. Think of this as […]
Ideas to Improve Your Profit
Profit Tips Consider the following ideas for saving time and money and making your business more profitable. 1. Develop tight controls over billing and collections. To speed up cash flow, reduce the time between shipping your product and sending an invoice. Consider semimonthly instead of monthly billing, and send second notices more quickly. 2. Collect past-due […]
Retirement Savings Tips for Small Business Owners
As an owner of a small business, you’ve proven that you’re a self-starter by operating a successful private enterprise. Of equal importance is applying your skills towards saving for your future. Here are some of the most popular tax-advantaged retirement vehicles for small business owners in 2020 and some tips on saving for retirement. Options […]
Should you Incorporate your Business?
Business incorporation If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his […]