Blogs
4 Things Not to Do When Your Business is Audited
Most of the time, small business returns are not audited. However, in recent years, the IRS has gotten more active. In November 2021, the IRS announced that audits would increase by 50% in 2021. In August 2022, the Inflation Reduction Act was passed, which included...
Things to Know About Small Business Payroll
Due to the size and demands of the company, larger corporations have separate departments to handle processes including inventory management, bookkeeping, budgeting, payroll, and more. However, business owners learn quickly that they are limited with time and...
How to Identify What’s Draining Your Small Business Budget
When you’re just getting started in the small business world, you may find yourself overwhelmed by all of the advice you’re given. Even if you've been in business for a while, it’s hard to know what will work and what won’t. In fact, even some experienced business...
10 Most Common Reasons Small Businesses Fail
According to research, only about 20% of new businesses make it past the first year and, even if yours does, only about 50% make it past 5 years. There are many reasons small businesses fail and these statistics can be disheartening, whether you are just getting...
Can You Deduct Business Losses when Filing Taxes?
Most business owners would agree that a business loss is a bad thing- but it doesn’t have to be entirely negative. You may be able to use your business losses on your personal taxes to reduce your tax obligations on income from other sources. Learn how to deduct...
7 Misconceptions about Owning a Small Business
For many years, most people have believed that entrepreneurs are just too unconventional or lazy to work a typical 9 to 5 job. However, in recent years, there has been a shift in these beliefs, and it’s easier than ever to start your own business. As a result, many...
Small Business Financial Trends for 2023
Financial trends are looking quite different than a few years ago. Prior to the COVID-19 pandemic, most people seemed to have a positive outlook on starting a small business. However, post-pandemic, small businesses are facing an array of ever-evolving regulations,...
Top 7 Ways Small Businesses Overspend
Small business owners have a lot of things to deal with and, even with a great business idea and solid business plan, it’s easy to lose track of finances and overspend. However, if you are not aware of what you have coming in versus what you have going out, your...
10 Tax Tips for Small Business Owners
One of the many responsibilities of owning a small business is paying taxes. Many small business owners claim that paying taxes, while this is one of the most important tasks, is one of the least enjoyable. This is because many of the tax laws can be confusing- which...