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Orcutt & Company

profit vs. cash flow

Profit vs. Cash Flow: How They Function For Your Small Business

By Business Advice

As a small business, your financial health is vital. Profit and cash flow are essential elements of a thriving business, but they aren’t the same thing. As you grow your business, you’ll need to understand the difference between making and managing money. Even if you are the best at selling your products or services, you may fall short if you run into cash problems. Here’s what you need to know about profit vs. cash flow for your small business:  What’s…

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6 Tips for Improving Your Business’s Credit Score

By Business Advice

Your business credit score is an essential indicator of the overall financial health of your organization. Figuring how to improve your credit score might seem challenging. But it can be a critical factor in the future success of your business. If you’d like to find out how to be a more creditworthy business, here’s what you need to know.  Your Business Credit Score and Why It Matters As a business owner, having strong business credit means that you have a…

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file taxes when I'm self employed

How Do I File Taxes When I’m Self Employed?

By Tax Advice

There’s nothing more rewarding than starting and running your own business. But, the particulars of having to keep track of finances and pay taxes can put a damper on your enthusiasm. If you’re self-employed and earn more than $400 in a tax year, you are probably required to pay a combination of income tax and self-employment tax. Here is what you need to know.  Who is Considered Self-Employed? For tax purposes, the IRS considers a person as “self-employed” if they…

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Everything You Need to Know About the Child Tax Credit

By Tax Advice

On July 15, 2021, the IRS began making Child Tax Credit payments to many Americans. These payments are part of the $1.9 trillion American Rescue Plan Act (ARPA) passed in March 2021. They are meant to give much-needed relief to many families suffering due to the current global health crisis. The tax credit will also help small businesses and their owners.  What is the Child Tax Credit?  The first Child Tax Credit was created in 1997 as a means to…

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FEMA COVID funeral expenses

FEMA Providing Financial Assistance for COVID-19-Related Funeral Expenses

By Uncategorized

We want to make sure our clients know, that if you paid for a funeral for a loved one due to Covid,  you are able to get reimbursed for expenses incurred after January 20, 2020 up to $9,000. Below is the link with some more details for the Federal Emergency Management Agency (FEMA) COVID-19 Funeral Assistance: https://www.fema.gov/press-release/20210324/fema-help-pay-funeral-costs-covid-19-related-deaths The only way to apply for this is by calling FEMA directly at (844)684-6333 to complete the application process. Here is a 9-minute…

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Tips for Managers Leading Remote Teams

By Business Advice

Whether the employees you manage recently started working from home due to the coronavirus pandemic or your company has had this arrangement in place for a while, you face unique issues managing a team remotely. As a provider of supportive services for small businesses in Milford, Ohio and the surrounding communities, Orcutt & Company is here to help you succeed in any business environment. Below we offer several tips for managing a remote team as efficiently as possible. Choose the…

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What’s Tax Deductible For Your Company Autos?

By Uncategorized

Company automobiles can be a popular choice for a variety of small and big businesses, and serve a variety of purposes. Some businesses may find themselves needing their vehicle to perform business actions, while others may find it more beneficial to purchase company cars for their employees rather than reimburse employee expenses from their personal vehicle. Whichever category you fall into, it’s important to know the tax requirements and benefits your business faces:  Two Major Methods When it comes to…

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Is It Worth the Money to Have a Second Job?

By Business Advice

The past year hasn’t been kind to many small businesses and workers. It hasn’t been uncommon for people to step outside the box, or at least consider other options, to earn more.  The gig economy has become an incredibly popular choice as a way to earn part and even full-time income. People drive for ride-sharing services, deliver groceries, walk dogs, and rent out spare rooms in their homes. But, is a second job like this something you should pursue? Before…

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How Do I Get My Business Started?

By Business Advice

More than 600,000 small businesses open in the U.S. each year, but not all are successful. The thought and planning you put at the beginning of your journey can have a lot to do with the success or failure of your enterprise.  If you’re worried about how best to start your business, this is a valid concern. According to the Small Business Administration, just over half (51%) of small businesses last past the five-year mark. So, what are some of the…

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8 Important Accounting Services That Will Help Your Small Business Succeed

By Business Advice, Tax Advice

Unless your small business is in the tax, accounting, or finance space, you may not have the in-house experience and expertise you need to achieve your goals. According to a recent Small Business Accounting survey, just 40% of small business owners believe they are extremely or very knowledgeable about finance or accounting matters.  Most businesses need help, and there’s more involved than recording a few numbers in some columns. The truth is that an accountant can do much more for your…

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