Today’s topic focuses on payroll solutions for small businesses. When first starting out, a large population of small business owners, especially solopreneurs, will skip out on a payroll solution. And soon enough, we discover the cost of doing so: that large year-end tax bill.
In speaking to Jowanna Parris-Daley of Daley Word, we shared a common concern for the small businesses we support: poor cash flow management. This topic is always on the top of the list for businesses, no matter how long they’ve been in operation. It’s especially crucial for new business owners to grasp the cause and effect of certain habits. Below are two areas where most new businesses fail resulting in a weak cash flow.
While celebrating this year, I hope you haven’t forgotten the IRS Tax Return Filing Deadline of October 15th. The dreaded day is less than 60 days away. And the short time left is hardly enough time to gather all your business income and expenses for 2017. Looking through bank statements, searching for mileage and all the indirect costs related to running your business last year will be a defeating task.
With the introduction of the Tax Cuts and Jobs Act, small businesses are scrambling to understand how their expenses will be fair for the slaughter of deductible expenses. Many will be surprised at the items that will no longer be considered a tax deduction.
For decades, small businesses have struggled to make their mark in many industries. Working against well-established big business has put a strain on their abilities to compete. Another hidden dagger that has proven to be a dream-killer is taxation of the little person trying to earn an earnest living on his or her own.
Many of us have filed tax filing extensions with the IRS this year. And the thought of completing the task haunts our most wonderful dreams at night. That box of receipts in the corner or the stack of bank statements that still need to be highlighted awaits us. Our tax preparer is waiting for us to complete this packet of paper they refer to as a tax organizer.
Hello fellow entrepreneurs! Thank you for being apart of our blog reading today. Welcome to another read on The Keys. It’s your favorite Money Motivator – Growth Instigator, Erica Fields bringing you the keys to your financial house!! Planning is a setup for success. Tax planning involves many parts and bookkeeping is a major one for business.
The major differences in fixed assets and inventory are how you use them, for how long and how to manage and account for them. Most businesses have inventory regardless if they sell products or services. Inventory is not always an item to be resold. The key is to understand how to identify and manage these items.