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If you own a small business, it can be difficult to separate work from the rest of your life. Many owners use their home or personal vehicle for business or may combine work and leisure when they travel. Your business and nonbusiness activities may be intermingled, but your finances shouldn’t be. It’s important to understand […]

Opening a separate checking account for your business can significantly improve how you manage work-related expenses and recordkeeping. By separating your business and personal funds, you can make it easier to complete your tax return and avoid costly tax mistakes.    Why You Need Accurate Records Even if you work from home, keeping your business […]

In December, many small-business owners like yourself often look for last-minute opportunities to reduce their tax expenses for the year. Here are some strategies that may help lower this year’s tax bill: Defer Income   Deferring year-end revenue can lower this year’s taxable income. The way you defer income will depend on whether you set […]

There are three advantages to charitable donations: supporting a cause that’s important to you, earning the respect of your customers and community, and becoming eligible for significant tax benefits. But detailed rules govern how and when businesses can claim charitable donations as a deduction. Keep these factors in mind:   Not All Charities Are Tax-Exempt […]

As a business owner, you must balance two priorities: building and supporting an excellent team while paying attention to your bottom line. To make these goals work together, consider tax-planning strategies that benefit your staff while also creating opportunities for deductions. Here are four tax-friendly tips that your employees will appreciate: Set Up a Retirement […]

Taking time each year to evaluate your revenue, expenses, and financial growth can lead to improved tax-planning – and sometimes, new savings. There are many different tax-deductible expenses, including a few you may not know about. Here are six often overlooked business tax deductions that may help lower your tax bill: BAD DEBT   Unfortunately, […]

Applying for a business loan or line of credit may be a crucial step in opening a business or growing your company. To ensure a successful relationship, your lender will request documents and ask questions about you, your business, and your goals. Being well-prepared can help you demonstrate the creditworthiness of your business. Sun National […]

What determines your company’s ability to obtain financing? Securing credit is an important part of growing your business. Finding out what creditors are looking for is an integral step in that process. The factors that bankers look for are best known as the Five C’s. (We’ve added a sixth that is important like the other five.) […]

Of the 28 million small businesses in the United States, many have owners who don’t know the true worth of their company. But knowing the value of your business is an integral part of the planning process. Even if you’ve had a business valuation in the past, changes in the economy, the industry, and your […]

Outsourcing tasks can improve your business’s productivity and drive growth but it’s important to understand how labor laws, tax regulations, and contractor relationships fit into this equation. Knowing the do’s and don’ts of outsourcing will help your small business avoid pitfalls like fines, legal problems, and unsuccessful contractor relationships.     Is Outsourcing the Right […]

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