Incoming revenue is vital to business growth, but it doesn’t paint the most accurate financial picture of your business. You must know whether your company is profiting after deducting business expenses. You need to determine your business’s net income.
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Author:
Michele Bossart
A Guide to Start Buying Wholesale for Small Business
You know that spending less on business expenses like supplies and inventory can help you maximize your business’s profits. You can’t just eliminate those expenses; otherwise, you wouldn’t have anything to sell. But, you can possibly reduce how much you spend through wholesale buying. Wholesalers supply businesses with products in large quantities. Businesses that buy […]
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What Is Owner’s Equity?
If you are a sole proprietor or partner, you or you and your partners are entitled to everything in your business. You don’t provide dividends to shareholders. You have full ownership of your business. However, you still have liabilities that you need to handle. Failing to consider your liabilities will give you a false picture […]
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What Is Gross Income for a Business?
Gross income is an important financial figure you can use to calculate other figures and determine how your business is doing. Learn about gross income, how to calculate it, and how to use it.
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What Is Your Small Business Tax Liability?
Juggling different expenses comes with the job of being a small business owner. One cost you’re responsible for is your company’s taxes. There are several aspects of your business that the government enforces taxes on. To stay legally compliant, you must stay on top of your small business tax liability.
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Don’t Get in Over Your Head: Understanding Overhead Cost
Overhead costs are the ongoing expenses that support your business but don’t generate revenue.
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Employee Stock Ownership Plan: How Can It Benefit Your Business?
As a business owner, you might offer a variety of benefits to your employees, including health insurance and retirement plans. One option you can offer employees is an employee stock ownership plan (ESOP). Along with other benefits, ESOPs are growing in popularity for small businesses. According to the National Center for Employee Ownership (NCEO), as […]
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Independent Contractor Misclassification: How to Avoid
An estimated 3.4 million workers deal with independent contractor misclassification. When you bring someone on board, determine whether the worker is an independent contractor or employee. It’s no secret that the IRS has strict policies in place to crack down on employers who misclassify contractors. So, how do you avoid misclassifying independent contractors?
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What Is a Not-for-profit Organization?
There are countless organizations and charities that work to help individuals or communities in need. These types of organizations are typically considered not-for-profits. Read on to find out what is a not-for-profit organization and how not-for-profits differ from nonprofit organizations.
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I Lost My PIN for EFTPS Payroll Deposits and Lived to Tell About It
Now that you’re making payroll tax deposits via the Electronic Federal Tax Payment System, you may wonder: “What happens if I lose that pesky EFTPS PIN number?”
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