Many tax advisors are very cautious when it comes to claiming hobby losses – and some would argue overly so. This conservative view stems from the impression that the taxpayer usually loses when challenged by the IRS. While technically true that the odds aren’t in...
Tipping points in small businesses that indicate the need for extra help… A business owner’s biggest strength is running their business and often a lack of time and/or qualified personnel can be detrimental to the accounting and bookkeeping tasks; hindering...
The pass-through entity structure, which includes sole proprietorship, partnerships, S corporations and certain limited liability companies (LLCs), provides owners with some valuable tax benefits. This includes avoidance of double taxation and the potential ability to...
Time is a precious commodity for every company and business owner with many looking to accomplish more with fewer resources. When coupled with increasingly complex tax laws, accounting standards, and regulatory requirements, many businesses have turned to outsourcing...
When it comes to making cash flow projections, we’re all aware that it’s not an exact science. One of the main difficulties about accurately projecting cash flow has to do with timing. Examples include factoring in overhead such as payroll; lease or tax payments on...
As Small Business Week comes to an end, we reflect on the many stages of owning a small business. While there are many business successes, there are unfortunately many more business failures. Various factors, including the type of industry or the age of a business,...
When it comes to figuring out a company's net profit margin, this calculation gives a business and its financial officers a much better picture of the company’s profitability. Defining Net Profit Margin Net profit margin determines the percentage of revenue that ends...
The tax deadline is days away. But if you’re going to be late in filing, can’t pay all of what you owe, or have the fear that you might be audited, don’t panic! We’ve got you covered with some smart ways to handle these three, potentially scary scenarios. Late Filing...
Do you truly understand your company’s financial statement? Having a strong understanding the three components to your financial statements — the balance sheet, income statement and statement of cash flows — allows you to make wise business decisions. Balance Sheet...
Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already challenging time and arrive at...