When your business has numerous target audiences, business segmentation can be the most effective path forward. Because the average customer bears witness to so many advertisements over the course of a single day, the ones that are most effective are often highly targeted. When you have multiple business lines...
Particularly if you are a sole proprietor or just starting out, it’s tempting to keep your personal and business accounts together. After all, when you’re regularly moving cash from one to the other, it’s most convenient to do that within the same bank account instead of across two accounts....
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the CA Act). The CA Act enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act”. Below is a summary of some of the major tax provisions...
In all things, especially in business strategy, balance is crucial. As an entrepreneur, finding a distinct balance between your long-term business strategy and short-term business needs is one of the most significant challenges you will face—too many wind up sacrificing one for the other. But you need not sacrifice...
As we approach the end of a particularly stressful and tumultuous year, it’s time to take a moment to assess the financial state of your business and complete your accounting end of year checklist. A single mistake on one financial statement during one business year can snowball into major...
IRS released Revenue Ruling 2020-27 on November 18, 2020 clarifying the tax impact of receiving PPP Loan forgiveness as follows: “A taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the CARES Act may not...
Starting a business opens the doors to loss and liability. In today’s uncertain climate, the potential for risk is higher than ever. It is critical to protect your business by developing a business strategy focused on risk avoidance. What is Risk Avoidance? Risk avoidance strategies are steps businesses can...
Failure to pay business taxes punctually or accurately is usually due to inadequate preparation. The following daily, weekly, and monthly tasks will help you keep your finances in order and avoid paying tax penalties: Daily Accounting Responsibilities 1. Check Account Balances Check your business bank account and credit card...
Strategic planning is the secret weapon of many enduring and prosperous businesses. Before explaining how a strategic plan can benefit your business, let’s take a quick look at the concept itself. What is a Strategic Plan? Strategic plans are documents designed to help businesses achieve short- and long-term objectives....
The classification of workers as employees or contractors is critical. If you classify a worker as an employee, you have to withhold, report, and pay employment taxes, social security taxes, and Medicare taxes. You also have to pay an unemployment tax on the wages. If a worker is a...