As a CPA, I understood the importance of cash flow, but it wasn’t until I heard this quote that I had the epiphany that a company’s cash flow could determine if it stays in business or not. What I have also discovered over the years is that the biggest challenge that ...

We are now in the second half of the year and in order to achieve our business goals, strategic business planning becomes extremely important. As business owners, we are buried in the day-to-day business routine that we often fail to stop and take a holistic or bird’s eye view of our business.

Running a business can be more rewarding and less stressful if you understand your financial situation and how you can improve. It will also help to be aware of the various performance indicators and how they affect your bottom-line. Weak margins, cash leakages ...

In writing this article, my number one goal is to help you to navigate the systems and processes in your business so you can maximize their profits. There are seven key components of a profitable business and by understanding each one and making the necessary adjustments ...

Self-employed individuals are eligible to utilize the self-employment deduction on their individual income tax return (Form 1040). They are also able to deduct the amount paid for medical and dental insurance and qualified long­ term care for your family.

 Most people are unaware of another type of tax return fraud, where the tax preparer files a return on your behalf, but claims inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions. 

Business entity selections are not only important for start-ups, but also for more mature businesses. The more complex a business gets, the more flexibility may be needed in order to maximize tax savings. 

Tax planning provides a way for business owners to keep more of the money they earn. The key to tax planning is knowing the right deductions that will work for your unique tax situation. For example, getting an S-corporation election one of the most common tax planning strategies to lower self-employment tax.  

For most business owners the best part of tax season is getting large deductions to lower their tax bill. A tax deduction is a decrease in taxable income based on business spending or use of resources. But what happens, when a business owner doesn’t understand how much they can deduct? 

For most business owners, their business is their retirement plan. So, what do you think would happen if they cannot work as much as they used to, or if they could not work for a while? Let’s face it; a business may not be the best retirement plan, but it is a great funding source for one.  

Self-employment tax can be a nightmare for owners of limited liability companies (LLCs) and independent contractors. During tax season, they incur a larger than expected tax bill due to self-employment taxes. LLCs are the most common form of business because they are easy to establish. If one person owns an LLC, it is referred to as a single member LLC (SMLLC).

One of the greatest struggles of business owners is cash flow preservation - keeping more of the money they make. Being strategic about how and when to purchase supplies, pay taxes and how to claim charitable deductions can affect the amount of annual income or profit claimed, and therefore the amount of taxes owed. 

There are many ways that small business owners can save on their taxes if they take action before year-end. So why do most business owners leave tax planning until the new year when it is a little too late? As a business owner, you work hard to earn your money, but it is not the amount of money you earn that counts - it is how much of that money you keep.