Creating distinct identities between you and your business is a key reason to keep personal and business expenses separate. Tax rules require that the funds be treated separately. By having separate accounts, it also allows for easy tracking of the business expenses exclusively. This habit also make the books reliable for tax filing purposes [...]
As summer comes to an end, some things that have been put off due to the "summer mood" or because vacation agenda has the focus, have to be reviewed now before deadlines approach or external situations suddenly come up. You probably still feel in the summer mood, but it's important to keep these things [...]
As a business owner, it is difficult to keep your business continually having sustainable growth. It takes real dedication and long hours of work to manage the business, employees and clients that work effectively with you. As your business keeps growing, it's certain there will be periods of plateau. But how do you recognize [...]
Several times in the business growth cycle, a business could need a business valuation - sometimes there is a decision point looming and sometimes the valuation is a requirement. For Planning The valuation can shore up planning for many transitions in the business - When you're thinking about selling your business in [...]
Love it or hate it, taxes are something we get to deal with annually. Although taxes can be a burden on us all, there are some tax myths that might give us a new perspective. Here are 5 common tax myths that aren't quite true: Tax Myth 1: Filing Taxes is Voluntary [...]
Before diving in, ensure you check out Part One of Assumptions You Had About Accountants here! Part two of Assumptions You Had About Accountants [they] are: "They are there under pressure and stress all the time." And "their job is stressful." Okay you hit that whole variety of opinions there. Okay, yeah [...]
When it comes to investing in a franchise, if it’s run properly, some of the main pros are the fact that everything is practically laid out for the franchisee. They figure out all of the ins and outs as they already have: a credit card processor set up, software to track your orders from [...]
Some assumptions that y'all had about accountants are that they hate their jobs, are perfectionist, and their jobs are boring. it's good that they worked really hard and negative stereotype would be that they could be boring well boring I am NOT shocked by that at all because that's exactly what I [...]
If you have your own business and you’re making money, you’re probably giving some of that money to your children. That could be by giving them an allowance every month, savings account, or paying for their college, etc. By hiring your kids in your business, you could be giving them that “allowance” or money [...]
What is an LLC? An LLC is a entity structure where the owners are not personally liable for the company's debts or liabilities. What is an S Corp? An S Corp can be set up either as an LLC or a corporation. Then the IRS tax election can be made to adjust how the [...]
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