As a small business owner, having a guide to compiling personal financial statements is crucial for evaluating your financial health and ensuring compliance with generally accepted accounting principles (GAAP). These financial statements are essential for monitoring the health of your…
Understanding how to prepare for an audit of your small business is crucial in maintaining compliance and avoiding potential financial setbacks. As a small business owner, you may face different types of audits, so we’ll cover various aspects of preparing…
Although small business owners have a lot on their plate, tax planning should be a priority. Creating a financial plan to maximize your income and reduce your tax burden can help you profit more from your business. The best way…
You have a lot on your plate as a small business owner. From creating a business strategy to marketing, management, and accounting, there are often more things to do than there is time in a day. Delegating tasks can help…
Especially following the work-from-home days of the pandemic, many workers are seeing perks of being self-employed. Owning your own business means making your own hours, setting your own standards and expectations, being your own boss, and having a limitless income. …
Throughout your career, you’ve likely dreamed of what your retirement might look like. You imagine the vacations you will take, the place you will live, and the people you will spend your time with. Making that dream a reality, however,…
When running a small business, every dollar counts. Because of that, many small business owners simply use an accountant or try to navigate as much as possible out on their own. The problem with that idea? It often ends up…
If your business includes a retirement plan with 100 or more participants, you can expect to work with a CPA (certified public accountant) who will perform an audit. Essentially, the government wants to be sure the retirement plans provided are…
When the CARES Act became law in March of 2020, one of the most in demand offerings was the Paycheck Protection Program (PPP), which offered loans to businesses facing hardship as a result of the pandemic, and offered a path…
On Friday, December 22, 2017, the Tax Cuts and Jobs Act was signed into law. The following tax law changes are effective for tax years beginning after December 31, 2017, unless otherwise noted. INCOME TAX FOR BUSINESSES There are several…