Every small business has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. If you’re new to small business ownership, you might not even realize that there are multiple ways to keep tabs on your company’s finances.
With gas prices soaring, the IRS increased the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses.
The Our Three Cents hosts Troy, Nick, and K.C. of Henssler Financial answer the question if it is too late to sell your business this year now that interest rates are increasing and the market has taken a roughly 18% tumble.
Small-business owners: If you’re looking to hire, consider looking at your state workforce agency, 10 targeted groups, for your next employee. You may be eligible for the Work Opportunity Tax Credit (WOTC), up to $2,500.
New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation.
Smart cash flow management is absolutely crucial for a business to navigate through a recession. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may be less familiar with how quickly your finances can be affected.
An S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns and are not subject to self-employment taxes. As a result, many S corporations ignore the requirement that each shareholder-employee must take reasonable compensation in the form of W-2 wages in exchange for services performed for the corporation.
The Our Three Cents hosts Troy, Nick, and K.C. of Henssler Financial discuss how business owners need to mind the gap when it comes time to sell their business. They need to pay attention to the gaps in profit, value, and wealth. This includes identifying deficiencies in the business that can make you less attractive to a buyer than your industry peers. Then, consider moves to make to improve the value of the business today and ultimately how much the owner can take away from it when they finally step away.
It’s important to categorize transactions, but it takes time. If every day brings several dozen into QuickBooks Online, you can automate this process.
There are a few major reasons why someone might prefer a salaried position over an hourly one. No, they aren’t going to receive overtime pay like their hourly employees, but they do have access to certain benefits that their counterparts don’t.
