Navigating the financial landscape of a small business requires both astute management skills and a keen understanding of operational needs. Amid economic fluctuations and evolving market demands, proprietors must wield effective strategies to maintain robust fiscal health. Ensuring the survivability and growth of a small business often hinges on...
Depending on the size of your small business, one of the things you’ll need to consider is whether it actually counts as a hobby in the eyes of the IRS. If the IRS determines that you are engaging in activities that are not for profit, you might have different...
Owning a small business is incredibly fulfilling, but it can also put you in situations that are unique. While preparing for retirement as an employee at a large company comes with plenty of guidance, taking time to prepare for retirement as a small business owner is completely different. How...
Preparing for tax season can be overwhelming, even if you are working with an experienced accounting services company like MKS&H. However, putting time and effort into planning and preparing for the filing process can rapidly streamline things and make sure that you are getting all of the deductions that...
Every year, many businesses choose to operate as DBA, or “doing business as,” which means that they are using a fictitious or assumed business name. In these situations, the legal, registered name of a DBA business is different from the name that they are operating under. This can be...
Time is money, but for small businesses sometimes it seems like you don’t have either to spare. While there are some tasks that you can tackle yourself with the help of a book or a few YouTube videos, there are others that you shouldn’t risk letting someone else handle....
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....
Key features distinguish S corporations from C corporations. Both have specific characteristics all business owners should realize. Here, we’ll discuss the main differences between them, and which is most likely to benefit your business. Ownership Differences Between S Corporations and C Corporations A significant difference concerns shareholders and general...
In early February, the Federal Trade Commission announced it will begin reviewing the Funeral Industry Practices Rule, commonly referred to as the Funeral Rule. As part of their review, they are requesting feedback from the public regarding what effect, either positive or negative, the rule has had on them—if...
Your company’s success hinges on its employees. If you have excessive employee turnover, and you are always spending time training new employees, then you are suffering immensely. You are spending out more money than necessary, you see productivity decrease, you have unhappy customers because they aren’t building quality relationships...