Closing a sale feels great. But here’s a question worth asking: Did that sale actually make you money? It’s surprisingly common for businesses to discover they’re breaking even on certain sales or, worse, losing money without realizing it. The difference between a profitable sale and one that costs you money comes down to one thing: …
Tax season doesn’t have to mean chaos and last-minute scrambling. With the right preparation, you can approach filing deadlines with confidence rather than stress. Here’s what business owners need to know to get their financials ready for their CPA. Key Dates to Remember at Tax Season Mark your calendar for January 31—the deadline to issue …
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Managing overtime costs presents a constant balancing act for business owners. While overtime often signals strong demand for your products or services, excessive overtime costs can strain your cash flow and complicate payroll management. Understanding the current rules and implementing effective oversight strategies can help you maintain control of these expenses. Understanding Federal Overtime Requirements …
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You started your business to do what you love, not to spend hours sorting receipts and reconciling bank statements. Yet many business owners find themselves doing exactly that, convinced they’re saving money by handling their own bookkeeping. The reality? Do-it-yourself bookkeeping often costs more in the long run. Good bookkeeping serves two critical purposes: When …
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You know that feeling when tax season rolls around and you realize you haven’t heard from your CPA since last April? That knot in your stomach isn’t just stress about taxes. It’s your gut telling you something’s off in this relationship. A great CPA does more than crunch numbers and file forms. They should be …
The qualified business income deduction (QBI) has been a valuable tax benefit for business owners since its introduction in 2018. This powerful provision allows eligible taxpayers to deduct up to 20% of their qualified business income, offering significant tax savings that help businesses reinvest in growth and operations. With the recent passage of the One …
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Every year, some business owners breeze through tax season while others scramble at the last minute, stressed and overwhelmed. What’s the difference? Smart business owners know that a little preparation goes a long way. Here’s what they do to make tax season easy, including tips on how you can adopt these same strategies. Close Your …
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If your business has multiple owners, there’s one document you absolutely need but might be overlooking: a buy-sell agreement. This essential document spells out exactly how an owner can sell their stake in the business, whether to another partner or a third party. Think of it as a roadmap for what happens when an owner—or …
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For mid-market business owners considering an exit strategy, successful merger and acquisition (M&A) transactions require thoughtful planning, systematic improvements, and professional guidance, which should begin at least three to five years in advance. Here’s your roadmap for positioning your business for a successful sale. 3-5 Years Out: Foundation Building for Merger and Acquisition The most …
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Running a small business comes with countless responsibilities, and tax compliance sits high on that list. Unfortunately, even well-intentioned business owners can make costly mistakes that result in penalties, interest, and unnecessary stress. Here are the most common tax compliance mistakes to avoid. Missed Filings: The Costliest Mistake One of the most expensive errors small …
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