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No business owner likes being strapped for cash, but mismanaging cash flow happens. If you’re struggling to control your small business funds, check out the money management tips in this article.
Read More 9 Money Management Tips to Keep Your Small Business Afloat
Are you considering buying a business to start your journey into small business ownership? Or, do you want to acquire another small business to expand your existing one? Or, do you want to acquire a product to add it to your business? If you answered yes to any of these questions, you need to know […]
Read More How to Conduct Due Diligence When Acquiring a Small Business or Product
When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions.
Read More How to Change from Cash to Accrual Accounting
Choosing a business structure is a big deal. The way you structure your business affects how much you pay in taxes, your personal liability for business losses, how you pay yourself from your business, and more. Sole proprietorships, partnerships, corporations (S Corp and C Corp), and LLCs (single-member and multi-member LLCs) are business structure types.
Read More What Is the Difference Between S Corp and C Corp?
Business assets are items of value that significantly contribute to your small business net worth. You need to properly calculate, take care of, and record your business’s tangible assets. Learn about tangible assets below.
Read More Your Go-to Guide to Understanding Tangible Assets
For some business owners, spending money on travel and entertainment is inevitable. You might need to take a business trip or decide to take a client out for lunch. Whatever your situation, you might be able to claim travel, meals, and entertainment tax deductions.
Read More Travel and Entertainment Expenses: Learn How to Deduct
When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period.
Read More Wrap up Your Accounting Period With Closing Entries
To turn a profit in your business, you need to make sure your products or services bring in more money than what you put into them. But if your business expenses are greater than your revenues, you won’t stay afloat. Learn about indirect cost and how to calculate and reduce it.
Read More What Is an Indirect Cost?
Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […]
Read More What Is an Audit?
Are you struggling to pay your business or employment tax liabilities? If you fail to pay, you might face a tax lien. For a small business owner, a tax lien can have devastating effects. That’s why you must understand tax liens to prevent them.
Read More What Is a Business Tax Lien?