As a business owner, increasing sales can be a great mood lifter. But what happens if you get a large order and have no way to pay for the supplies? Sales doesn’t always equal immediate cash in hand, which can put a strain on your business accounts and your ability to deliver on time. Below, …
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Small business owners wear many hats and can spend too much time in one area of managing their business, and not enough working on growing and improving their business. One of the biggest culprits of this is in payroll. Payroll can be tedious and time consuming, and errors could be costly. Add in the stress …
Read More...The coronavirus pandemic has forced many businesses and entire industries to move their operations remotely in the interest of employee and customer safety, and this has caused these businesses to change the way they think about their operations. During this time, businesses have had to quickly adapt and implement new technology and processes in order …
Read More...Small business owners are always looking for ways to make their lives easier, especially when it comes to the financial management side of their business. However, one area of financial management that deserves more attention from small business owners is bank reconciliations as it’s a task that is often put off or done inconsistently or …
Read More...Companies are being forced to pivot and adapt both internally in how they handle operations and externally in how they interact with customers and maybe even the products they sell as a result of the COVID-19 pandemic. Virtually no industry has gone untouched with either significant challenges or significant opportunities (or both) during this time. …
Read More...Many small business owners approach tax season with a can-do attitude. This is admirable, but when it comes to compliance, it is usually best to leave tax preparation to the experts. Being aware of common mistakes, like failing to comply with tax laws, violating tax codes, or incorrectly filling out forms, will help you avoid …
Read More...The Internal Revenue Service recently issued the 2020 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 57.5 cents …
Read More...The Internal Revenue Service (IRS) has released another preview of Form W-4 to the public. The new design aims to simplify the withholding system, replacing complicated worksheets with questions designed for the layman. The hope is that the form will help employees report more accurate amounts, allowing the IRS a better assessment of taxes paid. …
Read More...Final regulations from the Internal Revenue Service (IRS) give employers decision-making rights on whether to truncate their employees’ Social Security Numbers (SSN) on Form W2, Wage and Tax Statement. The rule, which began its journey in 2017 as a set of proposed regulations, is another step in the right direction toward protecting employees from identity …
Read More...Understanding your eligibility for tax credits is an essential facet of income tax planning. Unlike deductions, which reduce your tax owed as a percentage of the deduction multiplied by your marginal tax rate, tax credits reduce your tax owed on a dollar for dollar basis. Given the choice between a tax deduction and a tax …
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