As a business owner, how much confidence do you have in your financial reports’ numbers and internal control? Does the net income represent a successful business operation? Alternatively, does the net loss expose all your business's weaknesses? Are you sure the amount of inventory sitting in your warehouse is the number shown in the balance sheet? [...]
The promise of the new year lies ahead. One way to help ensure it’s profitable is to re-evaluate your company’s pricing strategy via market research. You need to devise an approach that considers more than just what it costs you to produce a product or deliver a service; it also must factor in what customers [...]
Remember those old miner towns? They were company towns where all residents worked for the mine owner. Most towns didn’t even have money. They had tokens. The workers received tokens that they spent at the company general store or the company diner. The workers even lived in company housing. Even if they weren't paid in [...]
A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement, and commercial negligence. If your company finds itself headed to court looking to recover lost profits, diminished business value, or both, it’s important to know how the damages might be determined. What Methods are [...]
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Small-business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns [...]
While Microsoft Office is a standard piece of software that many employees need to excel at, a resume sets you apart from everyone else. A common theme with college graduate resumes is that most applicants list “proficient in Microsoft Word, Excel, and PowerPoint.” Instead of the generic lingo, employers like to see specifics of what [...]
Tax planning is a juggling act for business owners, especially when considering an exit strategy. You must keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must remain focused on your own financial goals and future. For example, you need to [...]
The Tax Cuts and Jobs Act allows a general business credit to certain employers for paid family and medical leave. This credit can be used to reduce a taxpayer’s alternative minimum tax (AMT). For tax years 2018 and 2019, an eligible employer with an allowed written policy regarding family and medical leave can deduct between [...]
A technician at a mobility equipment supplier was servicing the motorized wheelchair of a long-time customer and noticed it was a brand-new model. “Where did you buy the chair?” he asked the customer. “At the healthcare supply store on the other side of town,” the customer replied. The technician paused and then asked, “Well, why [...]
Gambling taxes can be a complicated subject to figure out, but they are extremely important. The thrill of earning an easy dollar has more and more people interested in gambling. Whether it be sports betting, casino trips, lottery tickets, or even a friendly poker game, chances are that most of us have placed some type [...]
