For this week’s post, we’ve linked up with AccuPay to provide you with some important updates for Part-Time Workers. Classification of a worker as an employee or a “1099 person” has nothing to do with whether they are full-time, part-time, or seasonal. The number of hours worked is not a factor at all in determining [...]
We’re often asked about extending a tax return and the pros and cons that go along with doing so. Here are five things you should know about extending a business and/or personal income tax return (Form 1120, Form 1065, Form 1040): An extension only extends the deadline for when you have to file. It [...]
We get lots of questions from clients about what is deductible with regard to business use of their vehicle. Here is a recap of some of the rules of what is deductible and what is not. When it comes to your automobile, first understand that the IRS allows you to choose one of two methods. [...]
I drove 45 minutes the other night (one way!) for a 30-minute swim lesson. This was my first swim lesson so I was a little apprehensive about it. (For the record, I can swim but my intent is to try to learn to swim more “efficiently” for triathlons). I even showed up 10 minutes early. [...]
In many of the small businesses I’ve worked with — and in our business too — marketing consistently is challenging. I’m not telling you what type of marketing you should do for your business, because every enterprise should have their own marketing plan and approach based on their company goals, target demographic, etc. What I [...]
What are your favorite companies to buy from? Do you have loyalty to a certain brand or store? What causes you to choose between buying a TV from HH Gregg and Best Buy? A t-bone steak from the local butcher instead of Kroger? Sure, location and price can play a short-term role. But in the [...]
Business owners of all types and in all industries tend to address tasks and projects as they are absolutely needed. New customers coming in slow? Set up a website to enhance your marketing. Cash flow tight? Apply for a line of credit. Paying too much in overtime to employees? Hire another producer. There are some [...]
Business owners are notorious for getting caught up, bogged down, and held up on their progress as a result of the minutia of their day-to-day duties. This makes fitting in the planning for new strategies and initiatives very difficult. Even those with the greatest of intentions will find it difficult to focus on planning when [...]
Congratulations! You’ve been selected to be audited by the IRS! What should you expect? How bad will it be? What are your chances of being looked at? Here are some random thoughts and observations I have related to IRS audits. Although statistics don’t show it (and most audits are about two-years-old), it seems as though [...]
The power and ability of a spreadsheet tool is most often untapped in small business. What I commonly see is redundant data entry and many things that could be much more automated (which translates to “easier for you!”). It may seem like common sense for some but for others when in doubt, put your numbers [...]
