Small Business Owners – DougFreemanCPA.com

3 ways businesses can get more bang for their marketing bucks

Leave a Comment / Business Budgets, Customer Relationship Management Software, Marketing, Marketing Budgets, Small Business, Small Business Owners / Douglas Freeman

Most small to midsize businesses today operate in tough, competitive environments. That means it’s imperative to identify and reach the right customers and prospects. However, unlike large companies, your business probably doesn’t have a massive marketing department with seemingly limitless resources. You’ve got to pursue savvy campaigns while also controlling costs. Here are three fundamental […]

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Small business strategy: A heavy vehicle plus a home office equals tax savings

Leave a Comment / Depreciation Deduction (Section 179), Federal Income Tax, Federal Tax Deductions, Home Office Deduction, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Vechicle / Douglas Freeman

New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in

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Growing the business means supporting your managers

Leave a Comment / Small Business, Small Business Owners / Douglas Freeman

Many different shortcomings can hold back the growth of a company. Some are obvious, such as poor cash flow management or flawed strategic plans. Others aren’t so easy to see. Take, for example, disjointed or under-supported managers. If you don’t dedicate the time and resources to strengthening the bonds of your management team, and provide the

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Understanding the Work Opportunity Tax Credit

Leave a Comment / Small Business, Small Business Owners, Work Opportunity Tax Credit, WOTC / Douglas Freeman

According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With today’s hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face

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Operating as a C corporation: Weigh the benefits and drawbacks

Leave a Comment / C Corporation, de mimimis Fringe Benefits, Federal Taxes, Small Business, Small Business Owners / Douglas Freeman

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation. Tax implications A C corporation allows the

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Embrace the future: Sales forecasting for businesses

Leave a Comment / Sales, Sales & Marketing, Small Business Owners, Small Business Tips / Douglas Freeman

So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance. Why it’s important Formally defined,

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The tax treatment of intangible assets

Intangible Assets, Small Business, Small Business Owners, Small Business Tax Tips / Douglas Freeman

Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions. What are intangible assets? The term “intangibles” covers many items. Determining whether an acquired

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Healthy savings: How tax-smart HSAs can benefit your small business and employees

Employees, Health Savings Account, HSA, Itemized Deduction, Medical Expenses, Small Business, Small Business Owners, Small Business Tax Tips / Douglas Freeman

As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. You may already have an HSA.

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When can you deduct business meals and entertainment?

Business Deductions, Business Meals and Entertainment, Business Travel Deductions, Business Travel Expense, Federal Tax Deductions, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips / Douglas Freeman

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that

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3 types of retirement plans for growing businesses

401K, Fringe Benefits For Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Owners / Douglas Freeman

When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing

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