Many business owners dream about finding ways to reduce their tax liabilities. With IRS Form 8832, you may be able to do just that by changing your tax classification. Read on to learn what is Form 8832 and whether you can use it to switch up your business’s tax classification. What is IRS Form 8832? […]Read More Shake up Your Business’s Tax Classification With IRS Form 8832
How Tracking Aging of Accounts Receivable Can Help Your Business
If you offer credit to customers at your small business, you have accounts receivable (AR). Sometimes customers pay on time, while other times they do not. Aging of accounts receivable comes into play when a customer has a past due invoice. Keep reading to learn all about aging of AR and how it can help […]
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You hear about it all the time in the news—Cost of living rising! Maybe you think about it on a daily basis—Do I earn enough to cover my standard of living?Read More The Average Cost of Living by State, and Why Ignoring it Could Sink Your Business
Setting product or service prices is arguably one of the biggest yet most challenging decisions you can make. Some businesses use the cost-plus pricing strategy to reach a price that’s justifiable.Read More Should You Give the Cost-plus Pricing Strategy a Go?
Mistakes are part of being a business owner. At one point or another, you may make a mistake on a form, such as your business income tax return. If your business is structured as a C Corp or taxed as a corporation, you can use Form 1120X to amend your original return. Read on to […]Read More Make a Mistake on Your Corporate Income Tax Return? Cue Form 1120 Amended Return
When it comes to your small business, you don’t want to be in the dark. Your accounting books should reflect how much money you have at your business. If you use double-entry accounting, you also record the amount of money customers owe you. But, what happens if they don’t pay? To protect your business, you […]Read More Learn All About Allowance for Doubtful Accounts (Aka Bad Debt Reserve)
Want to increase your business’s prices? Add business value. Are you looking to stand out from competitors? Again, value is the answer. Whatever your objective, adding business value can help you get there.Read More Adding Business Value That Is Actually, Well, Valuable
If you’re a business owner who owns a building, land, or property, you are probably familiar with business property taxes. But, you may be responsible for paying business personal property taxes in addition to your other taxes. Read on to learn all about business personal property tax and whether you’re responsible for paying it.Read More Do You Have to Pay Business Personal Property Taxes?
As a business owner, you’re responsible for a number of taxes. Some may be federal or local, while others are state taxes. So, what are the types of state tax obligations you need to keep on your radar?Read More What’re Your Business’s State Tax Obligations?
Writing a small business plan takes time and effort … especially when you have to dive into the numbers for the financial section. But, working on the financial section of business plan could lead to a big payoff for your business.Read More How to Craft the Financial Section of Business Plan (Hint: It’s All About the Numbers)