When the nation's economy starts to slow down, you as a small business owner cannot help but worry about what lies ahead. As the COVID-19 pandemic demonstrated, uncertain economic times can emerge from nowhere in a hurry. When this occurs, having a plan in place can mean the difference between your business staying afloat after the crisis is over, or instead closing the doors to a business you worked so hard at for years to make a success. To help navigate the rough economic waters, here is how a CPA can help your small business.
Emphasizing Your Balance Sheet
Read More
Regardless of whether you’re traveling on business or to a vacation spot, there are some smart money moves you can make while on the go. Those moves include pre-authorized transactions, automating payments, and exchanging U.S. dollars for foreign currency. In addition, you can also avoid overdraft charges and hire an accountant.
Be Familiar With Pre-authorized Transactions
Read More
When it comes to your parents, you’ve probably always been able to talk to them about anything. Yet, as you find yourself wanting to have a conversation about estate planning, you may be finding it to be harder than you anticipated. A topic often put off far too long, estate planning is a critical component of any family's financial strategy. If you need some tips on how to talk to your parents about estate planning, here are some details to keep in mind.
Don't Put Off the Conversation
Read More
As you say goodbye to December and hello to January, one thing you can take advantage of is seasonal discounts. Each and every new year, retailers put various things on sale in January that you can get for very low prices. If you're ready to be a smart shopper and pick up certain products and services to get your year off to a great start, here are just a few of the best things to buy in January.
Christmas Decorations
Read More
Most people make New Year's resolutions centered around self-improvement. While you may decide you want to lose a few pounds or perhaps take up a new hobby, you might want to also make some resolutions regarding your finances. If you're ready to make 2023 your best year ever from a financial standpoint, here are some ideas you should consider adding to your list of resolutions.
1. Create an Emergency Fund
Read More
Now that 2023 is right around the corner, it’s a good time to look ahead at planning for a brighter financial future. You can review your financial moves in 2022 and consider what worked well and what didn’t. For many people, 2022 was a year to recover financially from the troubles caused by the pandemic. Hopefully, your household was able to make some strides toward getting back on track. The following ideas may help you make even more progress in 2023.
Create a Budget
Read More
Working from home offers tremendous benefits. If you’re a person who has longed to work from home, it may be possible to make this scenario a reality. Before approaching your boss with the idea, take some steps to see if this would actually be practical for you.
List Your Responsibilities
Read More
Whether you're trying to reclaim your credit score, or simply looking for a way to reduce your credit utilization, a balance transfer credit card can be a great solution. Depending on the terms of your balance transfer, you can potentially enjoy low interest rates, as well as a long promotional period that will allow you to pay off your debts in a shorter amount of time.
Beware of High Variable APR After Introductory Period
Read More
Investing in pet insurance can be a great way to protect the quality of life of your pet. It could save you money on pet medical bills. It would also give you the assurance that you would be able to pay for pet medical emergencies down the line. However, if your pet ends up being healthy and strong, you could end up paying those monthly premiums for no reason.
However, there are a few factors to keep in mind before you make a decision.
Consider the Age and Breed of your Pet
Read More
If you’ve ever wondered why they don’t teach teens about money in school, you’re not alone. Chances are, either you or your friends have asked this same question. Until the school curriculum changes, teaching teens about money in the real world remains in the domain of parenting. And this isn’t something that should be left up to “life’s lessons.” If your young adult goes off not understanding how to handle money, their financial missteps will eventually come back to haunt you.
Read More
How many times in the past have you been strapped for cash during the holidays? Do holidays always seem to come at the worst times, when you have a month of unexpected expenses or cash emergencies? Have you repeatedly wished that you could turn back the clock and plan ahead for the extra costs related to gifts and holidays? Managing the extra expenses is totally achievable. Here are some ideas to consider for smart ways to budget for gifts and holidays.
Be Aware of Developing Situations
Read More
As a small business owner, you realize just how important your employees have been to your company's success. Since the holiday season is fast approaching, this is a perfect time to show your appreciation for their hard work. But like many business owners, you may be unsure as to the best ways to express your appreciation. If so, here are some great ideas you could implement during the holiday season to say thanks for another year of hard work.
Throw a Party
Read More
As an employee who has been loyal to your company, shows up on time day after day, and puts your heart and soul into your job, you know when the time has come to ask for a much-deserved raise in pay. Yet while most employees have this idea in their heads at some point during their careers, surveys have shown that less than 40 percent actually follow through with this request. If you've decided your hard work and dedication merit an increase in your paycheck, here are some useful strategies for how to ask for a raise and actually get it.
Pick the Best Time to Ask
Read More
If you have been fortunate enough to receive a cash windfall, you may be tempted to do something frivolous with your new riches, such as take an exotic vacation or splurge on new clothes. While these things are great, the fact is you will not be putting your money to excellent use by choosing these options. If you want to make the most of your cash windfall, here are some possibilities you should be discussing with your CPA.
Start Your Own Business
Read More
Most people keep a copy of their tax returns after they file. And, if they don’t retain a copy themselves, they may rely on their CPA to keep a copy. But sometimes, you may need a tax return from many years ago and a copy isn’t immediately available. Another situation might arise where the third party that’s requesting your old tax return won’t accept it directly from you. The reasoning behind that is that they need verification that the document has not passed through your hands into theirs. This helps to ensure that the return is authentic and hasn’t been tampered with.
Read More
The IRS grants tax exempt status to certain types of organizations in order to give relief of some financial burden. This status must be applied for. Once granted, your organization will be able to have business income that is free from federal taxes. This can greatly improve an organization’s chances of success, thereby enabling it to do the most public good possible. It’s easier to get and maintain tax exempt status than to lose it and try to get it back.
Read More
In today's world, you need to work smarter, not necessarily harder. To accomplish this, you should take a closer look at generating passive income. Rather than always struggling to earn a few dollars here and there, it pays to find ways that will have your money working for you, rather than the other way around. If you're ready to be anything but passive about earning more income, here are nine ways to generate passive income.
1. Invest in Rental Properties
Read More
Negative items on your credit report can stay there up to seven years. That’s a long time to pay for a financial mistake, especially if you’ve since improved your financial habits. Your credit report directly impacts your credit score. This helps creditors to determine if you are a good risk. But negative items could keep you from getting the best interest rates on loans and credit cards. They can even count against you when you’re trying to rent a house or get a job. Sometimes it’s possible to remove negative items from your credit report before the seven years have elapsed.
Read More
When you own a small business, every dollar counts. Unfortunately, many business owners don't take this philosophy to heart, leading them to make various budgeting mistakes. While some mistakes are relatively small and can be easily corrected, others can have a devastating impact on a business. If you want to make sure you don't make budgeting mistakes with your business, listen to your CPA and work hard to not make the following budgeting mistakes that could hurt your bottom line.
Not Having a Budget at All
Read More
When you own a small business, every dollar counts. Unfortunately, many business owners don't take this philosophy to heart, leading them to make various budgeting mistakes. While some mistakes are relatively small and can be easily corrected, others can have a devastating impact on a business. If you want to make sure you don't make budgeting mistakes with your business, listen to your CPA and work hard to not make the following budgeting mistakes that could hurt your bottom line.
Not Having a Budget at All
Read More
As a business owner, you know it's important to not only bring in revenue, but also limit your company's expenses. Yet, since there are so many expenses associated with your business, you know it can sometimes be hard to keep track of everything. Should tracking expenses fall by the wayside, you and your CPA know this can take you from having a very profitable business to one that is barely surviving. To keep your business moving forward, here are some of the best strategies you can use to keep track of your business expenses.
Open a Business Bank Account
Read More
Owning your own business has significant tax advantages. Ask anyone who has gone from being an employee to being their own boss and they’ll tell you the deductions alone make it all worthwhile. Still, many business owners are missing out on a fair number of deductions. This may be for a combination of reasons. Maybe they don’t use a CPA, they don’t completely understand how to track expenses, or something else. The IRS is happy to let you take as many legitimate business deductions as you qualify for. But you need to be aware so you keep track of those expenses.
1. Research
Read More
In the wake of the pandemic, more employees are returning to the workplace. Although we may be in for more as far as new virus variants, it’s looking like the swell of returning to the office environment isn’t going to withdraw any time soon. Making the workplace safer for returning employees isn’t just a courtesy; it’s the best way of doing business. A safer workplace offers numerous benefits to both employers and employees, such as:
Read More
Firing an employee is never a pleasant task. No matter what the history is, it’s challenging to make sure you’re firing the employee the right way. Doing so will help to ensure that there is no aftermath to the firing beyond the need to replace that employee. The U.S. Chamber of Commerce has established guidelines as to the legal way to fire an employee, but there are also personal concerns about letting an employee go that need to be considered. Firing an employee the right way will address all the different aspects.
Aspects of Firing an Employee
Read More
Gas prices across the nation have surged almost 50% this year. The “award” for highest price for gas in the nation goes to Mendocino, California, where it hit a record-setting $9.60 per gallon. State averages for regular gas prices are $5.26 in Alaska, $5.55 in Hawaii and $5.18 in Nevada.
Recently, gas prices have cooled down a bit, partially because the White House administration requested a gas tax holiday for three months. So far, six states (and counting) have suspended state gas taxes. After that three months is up, you can reasonably expect gas prices to go back up, too.
Read More
Bankruptcy is not only financially embarrassing; it can make a person feel like there is no future, at least in the money sense. Those who file for bankruptcy are often required to face their debtors in open court. Their whole finances are on display for others to critique. Unlike some online bankruptcy articles may insinuate, filing for bankruptcy does not bring on a feeling of relief; instead, it can make you feel as though you are a failure. But there is life after bankruptcy, and you can recover - emotionally and financially.
Read More
If you were a small business owner years ago, the only methods of payments you were likely accepting from customers were cash, checks, and credit cards. However, today's business world includes cryptocurrency such as Bitcoin and many others, and crypto is quickly becoming popular with many consumers. In fact, statistics show that as of 2022, 30% of small businesses in the U.S. accept crypto as payment. Should your business be one of them? Here's what you need to know when speaking with your CPA and making your decision.
Your Sales May Increase
Read More
Whether you are starting a new business or have a business that is already established and in need of additional financing for new equipment or something else, obtaining a business loan can be the perfect solution. However, wanting a business loan and actually getting the loan can be two different things entirely. If you are considering a business loan and want to increase your chances of success in obtaining one, here is what you should talk over with your CPA as you begin your journey.
Ask Yourself Some Questions
Read More
Like many people, you may be facing credit card bills that have overwhelmed you, medical bills that are simply too high to pay, or other debt that continues to accumulate. Unfortunately, when unpaid debt accumulates long enough, creditors may take the step of suing you in an attempt to collect their money. When this occurs, don't panic. Instead, consult with your CPA and keep the following things in mind.
Lawsuits are Common
Read More
Unfortunately, identity theft has become far too common, especially at tax time. Once an identity thief has your social security number, chances are they will waste no time in filing a fraudulent return in hopes of getting a large tax refund. However, you probably won't be aware of this until you try filing your own tax return, only to have the IRS kick it back on the basis of being a duplicate return with the same social security number. If you ever find yourself to be a victim of tax return fraud, here are some critical steps you should take immediately.
Contact the IRS and FTC
Read More
