business plan

9 Key Elements of an Effective Business Plan

By Business Advice

For any entrepreneur starting a business, there are many necessary activities and documents to prepare to maximize success. A well-written and detailed business plan is one of the most important documents for a business owner. It will give you guidance on where you’re going and how to get there. According to Investopedia, “A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals….

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accurate financial statements

Understanding the Need for Accurate Financial Statements for a Business

By Business Advice

Financial statements are critical to a business owner. They provide much-needed information on the financial status of the business and provide input into wise and timely decision-making. Financial reports are usually prepared at the end of each quarter and fiscal year.  These financial statements are used by management, stakeholders, investors, creditors, and debtors to gain insight into the financial status of your company. They are the basis for making decisions on purchases, loans, and other activities related to the growth…

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income statement

4 Reasons Income Statements Are So Important

By Business Advice

As a small business owner or entrepreneur, your business is your livelihood. Monitoring the financial health of your business is essential. It’s common for small business owners to focus on the cash flow statement, since that’s something they need to consider on a daily basis to pay overhead expenses. But if you’re ignoring other reports, you may not have a clear understanding of your true financial position. What Is an Income Statement? An income statement is one of three major…

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small business structure

5 Small Business Structures and What They Mean

By Business Advice

Selecting the legal structure for your business is one of the most important decisions you will make as a small business owner. Your business structure will define your company’s legal structure, tax obligations, and compliance requirements. It will also have a significant impact on your personal liability as it relates to your business. A structure that worked well in the early years of your business may not meet your needs as you expand or seek potential investors. Changing your business structure…

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small business tax planning

9 Tips for Small Business Tax Planning

By Tax Advice

Owning a small business entitles you to numerous tax deductions and credits. To maximize your tax savings, however, you need to understand the rules, keep accurate records, and stay up to date on changing tax codes and regulations. Most small business owners don’t have extra time to devote to these endeavors, so hiring a tax expert is a good investment. Working with a certified tax professional or CPA will ensure your business is taking full advantage of the deductions, write-offs, and…

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tax deductions small business

11 Tax Deductions for Small Businesses

By Tax Advice

Small business owners can write off many routine business expenses as tax deductions. Business tax deductions work by lowering your taxable income, thereby reducing the amount of tax you owe.  According to the Internal Revenue Service (IRS), no expense can be deductible unless it is both “ordinary and necessary.” An ordinary expense is one that’s common and accepted in your type of business. For example, if you own a restaurant, the cost of food and other restaurant supplies are an…

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defer payroll taxes

6 Things to Know about Payroll Tax Deferrals

By Tax Advice

Businesses throughout the United States have been negatively impacted by the COVID-19 pandemic. Businesses of all sizes have been forced to close, reduce hours of operation, or lay off employees. In response to these concerns, several state and federal programs were implemented to provide relief to both businesses and individuals. In addition, a presidential order was issued to allow employers to defer certain payroll taxes. Payroll Tax Deferral Programs It’s important to understand that there are two different types of…

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outsource bookkeeping

6 Reasons to Outsource Your Bookkeeping

By Business Advice

As a small business owner, you have many responsibilities. You are the one in charge; everything falls back to you. But that doesn’t mean you have to DO everything. In fact, no one person should be doing all the tasks needed to run the business. Firstly, you don’t have enough time; secondly, you may not have the expertise; thirdly, you may not have the desire. Of all areas required to operate a business, there is one that most business owners…

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early retirement

5 Financial Tips for Early Retirement

By Business Advice

You may love your job and enjoy going to work every single day. Or you may just be going through the motions until the time comes to retire. Either way, most people don’t want to work forever. Even if you love what you do now, you will eventually want to relax and enjoy more leisure time. Making sure you can afford a fun and secure retirement requires careful planning. Regardless of your age, if you are working now you should…

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