Those who run family-owned businesses often underestimate the need for succession plans. After all, they say, we’re a family business — there will always be a family member here to keep the company going, and no one will stand in the way.Not necessarily. In one all-too-common scenario, two of the owner’s children inherit the business and, [...]
Many factors go into the success of a company. You’ve got to offer high-quality products or services, provide outstanding customer service, and manage your inventory or supply chain. But there’s at least one other success factor that many business owners often overlook: internal leadership training and development.Even if all your executive and management positions are filled [...]
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a [...]
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash accounting method would be advantageous and if so, [...]
A strong economy leads some company owners to cut back on marketing. Why spend the money if the business is so good? Others see it differently — a robust economy means more sales opportunities, so pouring dollars into marketing is the way to go. The right approach for your company depends on many factors, but [...]
When starting a new business, new business owners often lament having limited funds and virtually no time for bookkeeping, HR tasks, and payroll, to name a few. Hiring a certified public accountant (CPA) may not be affordable in the early stages, but it’s well worth the investment if you’re looking to grow your business. If [...]
For several years now, cloud computing has been touted as the perfect way for companies large and small to meet their software and data storage needs. But, when it comes to choosing and deploying a solution, one size doesn’t fit all.Many businesses have found it difficult to fully commit to the cloud for a variety of [...]
When debt is forgiven, it is not always given away tax-free. Depending on the situation, you could have to pay tax on the cancellation of debt. Having a new debt created to the IRS just as you are being saved from the crushing debt other creditors is less than ideal. Fortunately, there are situations where the [...]
Business owners are constantly bombarded with terminology and buzzwords. Although you probably feel a need to keep up with the latest trends, you also may find that many of these ideas induce more anxiety than relief. One example is change management.This term is used to describe the philosophies and processes an organization uses to manage change. [...]
When you start a new job you are asked to fill out a few forms. You have an I-9, W-4 (State and Federal), and possible health insurance forms. The W-4 is one of the most confusing of them all. It is a document that the Internal Revenue Service (IRS) has every employee fill out. It [...]
