Bonus Depreciation: Big Changes Coming
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. If you’re like most small business owners, you want to maximize your tax deductions prior to the end of the year. Keep reading to understand how to do […]
Most Common Reasons Businesses Overpay Taxes
According to the IRS, taxpayers have the right to only pay the amount of tax legally due, including penalties and interests. However, so many businesses end up overpaying their taxes because of simple mistakes or misunderstandings of the tax laws. That’s sad, but it’s not a surprise. After all, the federal tax code is over […]
Budget Tips for Business Growth
No matter what stage your business is in, budget tips will play an important part in ensuring its success. But when you’re trying to grow your business, having a clear understanding of your finances and being proactive about planning can make all the difference. To help you get started, we’ve put together some budgeting tips […]
Using Data-Driven Decision-Making to Grow
Businesses now have access to more data than ever before. But what good is all that data if you don’t know how to use it? If you have siloed, unused data, it is probably costing your business money and missed opportunities. This is why Data-driven decision-making is critical. Data-driven decision-making (DDDM) is the process of […]
Managing Cash Burn in Your Business
Do you have a handle on cash burn in your business? Entrepreneurs and business owners have to delicately balance multiple dicey factors when it comes to their company’s finances. They have to make sure they’re making enough revenue to cover costs and turn a profit, but they also can’t skimp on spending where it’s necessary […]
How to Track and Manage Business Cash Flow
If your business is struggling with cash flow, you are not alone. Small and medium businesses consider this particular financial metric one of their top 5 challenges. In fact, studies show a sizable portion of businesses fail due to cash flow issues. Cash flow is simply the movement of money in and out of your […]
5 Common Tax Planning Mistakes
Are you certain you’re not making tax planning mistakes in your business? As an entrepreneur, you often have to wear many hats and juggle many balls. You must manage your team, focus on your product or service, and find new ways to grow your business. It’s no wonder many entrepreneurs tend to put their tax […]
Aligning Actions with Business Finances
As your business grows, planning and goal setting become more important to maintain your company’s financial health. Your business goals should direct your overall financial strategy, including saving, spending, and investing. While goals are great, they should be backed with deliberate, intentional actions to make them happen. You need to take specific financial actions aligned […]
Mid-Year Tax Planning Checkup
Many small business owners consider tax planning the business equivalent of a root canal. They know it’s both necessary and important to do a tax checkup, but they’re not particularly eager to do it. Given those feelings, which are certainly understandable, it’s easy to see why they might be even more reluctant to do a […]
Starting with Profit in Your Tax Plan
Many things are turning out to be different in the post-pandemic economy, and that includes your tax plan. It may or may not turn out to be the new normal when we finally clear the pandemic, but at this point, one thing we do know is that many of the rules have changed. So what […]