Did you know that a contractor, a business partner, a vendor, a customer – literally anyone – can fill out a form with the IRS stating that you may be misclassifying your hired help as contractors when they should be employees? Yikes! As if an IRS audit is bad enough, an IRS audit that comes…
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I once had a boss that often said, “Working would be easy if we didn’t have to deal with people.” Regardless of what you are selling – whether services or widgets – you have to deal with someone: a colleague, a customer, tech help, or marketing support. People make our businesses successful. And, sometimes, people…
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$256,143.10 That is the amount of taxes, fees, and penalties that Special Occasions Invitations owed the government in back taxes. Jorge and his wife Louisa, the business owners, had no idea. 15 years ago, Jorge and Louisa decided to chase the American dream and start their own business. They started brainstorming ideas and when a…
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If an unexpected economic crisis hit our country later this year, would your business survive it? In March 2020 when the COVID-19 pandemic swept through our country, there were businesses that were able to weather the storm and are still in business today. Unfortunately, it’s estimated that 29.7 percent of all small businesses in the…
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Lisa owned a successful floral shop downtown. Or at least, she felt like her small business was successful. But for some reason, the financial status of the shop never quite lined up to how busy the business was. She worked hard and had a good pricing model for her products. She had even secured several…
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It’s the end of 2021. After a year of what I hope has been a very successful and busy year for you and your business, it’s time to take a deep breath, relax, and enjoy the holiday season with friends and family. You deserve a much needed break to refresh yourself for the upcoming new…
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Imagine it’s January or February 2022. You are preparing for the upcoming tax deadlines, but as you begin to pull everything together, you realize you are missing crucial elements. Maybe you have important questions only your tax advisor can answer, but now they’re in the thick of tax season and are nearly unreachable. Maybe you…
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Think back to the last road trip you took. Did you hop in your car and drive off, wandering aimlessly from city to city? Of course not! You intentionally chose a destination and carefully planned your route before heading out. Running a business is a lot like a road trip. First, you need to decide…
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Over the last couple of months, we’ve discussed how vital a clear picture of your costs and correct pricing are for maximizing profits. Another piece of that puzzle is having a way to effectively track your revenues and expenses to make it easier to understand and analyze your financial statements as a whole. That tool is a…
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You already know that good customer relations are vital to business success and longevity, so you pour time and energy into nurturing those relationships. While it’s wise and even admirable to focus on your customers’ needs and wants, you don’t want to do that at the expense of your bottom line. If you’ve noticed your…
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