Running a small business is a demanding task, requiring you to wear many hats, from managing operations to marketing and customer service. Among these responsibilities, bookkeeping and accounting are crucial for the financial health and sustainability of your business. While it may seem daunting, effective financial management doesn’t have to be overly complicated. Here are some essential bookkeeping and accounting tips to help small business owners stay organized, compliant, and… Read More
Frequently Asked Questions About Estimated Taxes
Quarterly Estimated Tax Payments can be a nightmare for business owners to determine how much they owe the IRS. Here is our guide for Frequently Asked Questions regarding Estimated Taxes. What are Estimated Taxes? Estimated Taxes are taxes that are paid to the IRS throughout the year on earnings that are not withheld from the federal government. Most people pay these taxes on a quarterly basis. Who pays estimated taxes?… Read More
Is That Financial Aid Taxable?
The college search process is an exciting but time-consuming process. After your child narrows down the colleges of his or her choice, you both have to figure out the issue of paying for tuition and room and board. The reality is that a four-year college education is expensive. The College Board1 reported that the average annual published tuition and fees for in-state students at a four-year public college was $11,260… Read More
Double Taxation: How Small Businesses Can Avoid It in the U.S.
Double taxation is a significant concern for small business owners in the United States. It occurs when the same income is taxed twice: once at the corporate level and again at the individual level when profits are distributed as dividends. This situation can create a financial burden for small businesses, affecting their ability to reinvest profits and grow. Understanding how double taxation works and exploring strategies to avoid it is… Read More
What’s the Value of Your Business?
Like most business owners, you have probably invested a lot of energy into growing your business. And like other business owners, you probably hope to exit your business at some point in the future with enough money to ensure your financial security. When the time comes to sell your business, you’ll have to determine its fair market value (FMV) to ensure you’ll receive a fair price. Since it is a… Read More
The Benefits of Laddering for an Income Investor
If you are investing in bonds for income, you most likely want to minimize any risk of loss to your portfolio. Since no investment is entirely risk free, you need to understand where the risks with bonds lie. One risk is the possibility that the issuer won’t pay the interest or repay the principal at maturity. There’s also reinvestment risk, or the risk that your bonds will mature while interest… Read More