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Small Business

The new-and-improved credit for employer-provided child care

Leave a Comment / Child Tax Credit, Employer-Provided Child Care, Full Time Employees, Small Business, Small Business Owners, Small Business Tips /

Offering a broad menu of employee benefits can help your business attract and retain skilled workers. One benefit that’s popular among employees with families is employer-provided child care. Although this option hasn’t been financially feasible for many small businesses, recent tax law changes may give you a reason to reconsider opening (or upgrading) a child […]

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How to build a stronger workforce with a strategic onboarding process

Leave a Comment / Employees, Small Business, Small Business Owners, Small Business Tips /

U.S. Bureau of Labor Statistics data shows that hiring has slowed in recent months. Even so, thousands of people continue to start new jobs, and every new hire represents a significant investment of time and money for organizations. With labor costs remaining a concern for many businesses, it’s more important than ever to help employees

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FAQs about resolving small business tax issues

Leave a Comment / (OIC) Offer In Compromise Tax Program, Failure To Pay Tax Penalty, Failure-To-File Tax Penalities, Federal Income Tax Filing, Payroll Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Planning /

Tax problems can happen to even the most organized small business owners. A cash flow crunch, an unexpected tax notice, a missed filing deadline or a payroll tax oversight can be stressful — especially when penalties and interest begin to add up. Fortunately, businesses can get back on track by addressing tax issues promptly and

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Stress testing: A smart way to manage today’s business risks

Leave a Comment / Risk Management, Small Business, Small Business Owners, Small Business Tips, Stress Testing /

Business owners today face no shortage of uncertainty. Persistent inflation, evolving trade policies, cybersecurity threats and ongoing geopolitical tensions have made planning challenging. Although it’s impossible to predict every disruption, you can better prepare by evaluating how your business would respond under adverse conditions. One proven approach is stress testing, which helps organizations identify vulnerabilities

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Selecting a tax accounting method for your small business

Leave a Comment / Accounting, Accrual Method of Accounting, Cash Method of Accounting, Farming Businesses, Partnerships, Personal Service Corporations (PSCs), S Corporation, Small Business, Small Business Owners, Small Business Tips /

Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the accrual method. But certain small businesses can elect to use the cash method. You may want to consider this option if it will help lower your taxes. However,

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Building bench strength for effective succession planning

Leave a Comment / Small Business, Small Business Owners, Small Business Tips, Succession Plans /

Every business will eventually face leadership transitions. Whether key people retire, pursue new opportunities or become unable to do their job, your business must maintain continuity. Often, smooth transitions depend on “bench strength.” This refers to the depth of employees prepared to step into critical roles. Developing this internal talent pool is one of the

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What’s the right entity type for your new business?

Leave a Comment / Business Start Ups, Federal Income Tax, Multimember LLC's, Partnerships, Pass Through Taxation, S Corporation, Self Employment Tax, Shareholder, Small Business, Small Business Owners, Small Business Tips /

Start-ups must choose a legal entity for their business activities. The type of entity you select affects how the business is taxed and who may be held personally liable for its debts and obligations, among other things. Two popular options — assuming you’re going into business with one or more other people — are S

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Don’t let the IRS treat your sideline as a hobby

Leave a Comment / Safe Habor, Side "Gig", Small Business, Small Business Owners, Small Business Tips, Tax Return /

Do you operate a side gig in addition to your regular day job? Whether you’ve turned a love for crafting into an online store or you play the guitar at a local venue, you’ll need to report the income from your sideline activity on your tax return. But can you deduct the related expenses? The

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Behind on bookkeeping? Here’s how to get back on track

Bookkeeping, Cash Flow, Quickbooks, Small Business, Small Business Owners, Small Business Tips /

Running a business requires juggling countless responsibilities. Not surprisingly, bookkeeping tasks often end up on the bottom of to-do lists. The good news is that falling behind doesn’t necessarily mean your financial records are beyond repair. With a disciplined approach and the right support, you can regain control. Recognize the issue Many business owners don’t

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Demystifying like-kind exchanges

Like-kind Exchange of Property, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Tips on Real Estate Purchases /

If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange one property for

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