Being in business can be challenging, especially when it comes to filing taxes properly. If your business is an LLC or S corporation, ask your tax professional if the QBI deduction introduced by the 2017 Tax Cuts and Jobs Act applies to you.
The main goal of any business is to make profits. Interestingly, despite making profits, some business owners still find themselves short of cash and unable to account for some of the expenditure. If you are one of those people, it's time for you to learn more about the balance sheet and embrace it.
Every month you receive a financial statement in the mail from your accountant. The numbers on your monthly financial statement are trying to tell you about the health of your business. Understanding these statements isn't boring once you realize that growing your business depends on those little numbers.
As a small business owner, you are the only person who is going to make sure that you are prepared for your retirement. If you want to retire eventually, you need to start planning today. Here are some ways to start saving money for your retirement (and your employees).
A tax extension is what you apply for when you need more time to file your tax returns. If the IRS approves your request, it gives you six more months to sort out any complications. Here are a couple of tips to help you take full advantage of this feature during the next tax season.