The historically low interest rates that Americans have enjoyed over the last several years could well become a thing of the past as actions taken by the Federal Reserve to curb inflation make their way through the broader economy. Here’s a look at the potential impact on small businesses and some steps they may need to take to ensure their viability. Prepare for a Decline in Sales Paying more interest… Read More
Can Your Company Survive a Disaster?
Fire, floods, hurricanes, earthquakes. When they happen, they can destroy buildings, equipment, and hard-to-replace data, and even injure or kill employees. It can take a business weeks, sometimes months, to resume operations after a disaster. Some businesses never recover. You can’t pin down the time or day when a disaster may strike your business. However, you can certainly prepare for one. Preparing for a disaster can minimize the potential damage… Read More
Should You Start a Business at The End of The Year, or Wait?
For many entrepreneurs with a great business idea, waiting to officially launch it at the beginning of a new year (even if they’ve got everything in place to start it right away), often seems like the sensible thing to do. However, doing so at the end of the year could actually be more beneficial, and here are 7 reasons why: 401(k)s may be at their highest annual value The end… Read More
10 of the Best Tax Saving Strategies for Small Businesses
While taxes can be a nightmare for everyone, there are a few strategies small business owners can adopt to make the process a little less troublesome, and what’s even better: they can actually save you money. Check out the following 10 tax strategies and see if with a tax professionals help, they can save you money and relieve some of the pressure tax season typically induces: Take your QBI The… Read More
Should You Hire a Financial Advisor or An Accountant?
Most businesses need professional guidance when it comes to their finances at some stage, and even smaller businesses with fewer employees can benefit from the expert knowledge provided by financial advisors and accountants. But how do you know if you need the services of one, or the other, or both? Let’s look at the roles of each professional respectively, so that you can better determine which one might best suit… Read More
Can Starting a Small Business Help Lower Your Taxes?
Did you know that the IRS allows you to deduct as much as $10,000 from your personal taxes in the year before you open up a company? Then, as if that weren’t reason enough to come over all entrepreneurial, in the same year that your business starts, you are also permitted to deduct additional ongoing expenses, including home offices, transportation, advertising costs, travel and so on. So, while the simple… Read More