Turn Your Home Office Into a Tax Deduction

Posted on 18. Feb, 2021 by in IRS, Small Business Tips, Tax Tips

If you worked from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to deduct your […]

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A Happy Banker Makes for a Happy Business

Posted on 15. Feb, 2021 by in Banking, Small Business Tips

With the onset of COVID-19, small business banks are more nervous about potential loan losses than ever. Here are several tips for your business to maintain a great working relationship with your lender. These same tips can also be used if you want to plant seeds with your banker for potential future loans. Produce timely […]

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Seven Tips For Financial Wellness In 2021

Posted on 03. Feb, 2021 by in Budget, Credit Report, Small Business Tips

Common New Year’s resolutions are to lose weight or become more active. Perhaps 2021 is the year to shift focus. Here are seven tips to help you become more financially fit. Create a budget. It’s easy to get into financial trouble if you spend more than you earn. By watching your budget more carefully, you might […]

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2021 Retirement Plan Limits

Posted on 01. Feb, 2021 by in IRS, Retirement Accounts, Small Business Tips

As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done […]

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PPP Loan Expenses Are Now Tax Deductible

Posted on 26. Jan, 2021 by in COVID-19, IRS, PPP, Small Business Tips, Tax Updates

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The CARES Act created the PPP program in March 2020. The program helps businesses adversely affected by the […]

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More Stimulus Payments on the Way

Posted on 19. Jan, 2021 by in COVID-19, Small Business Tips

What you need to know NOW! You could soon see another stimulus payment in your bank account with the recent passage of the Emergency Coronavirus Relief Act of 2020, which means more direct relief to you and your family. Here are some of the major points you need to know that are buried inside this […]

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Budgeting Made Simple for the Small Business Entrepreneur

Posted on 30. Dec, 2020 by in Budget, Managing Finances, Small Business Tips

Most of us came from the corporate world where working with budgets was an everyday occurrence. So now you are the one in charge and budgeting is the last thing on your mind for your own business. Budgeting is just as important to the small business owner as it is to major corporations. It helps […]

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Retirement Savings Tips for Small Business Owners

Posted on 15. Dec, 2020 by in Retirement Accounts, Small Business Tips

As an owner of a small business, you’ve proven that you’re a self-starter by operating a successful private enterprise. Of equal importance is applying your skills towards saving for your future. Here are some of the most popular tax-advantaged retirement vehicles for small business owners in 2020 and some tips on saving for retirement. Options […]

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Steer Clear of Money-Making Scams While You’re Stuck at Home

Posted on 08. Dec, 2020 by in Fraud, Small Business Tips

Scammers are targeting people looking to make money while stuck at home. While there are plenty of legitimate opportunities to earn extra cash, the Federal Trade Commission (FTC) says to steer clear from the following money-making scams: At-Home Medical Billing Businesses. Many medical billing business opportunities are worthless. Their promoters don’t tell the truth about earnings […]

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How to Walk the Tightrope When Raising Prices

Posted on 01. Dec, 2020 by in Cashflow, Pricing, Revenue, Small Business Tips

Raising prices can be fraught with risk during good economic times. So what happens if you try to raise prices during bad economic times? As Hamlet would say, “Ah, there’s the rub.” If you raise prices, you risk losing clients to competitors. If you don’t, decreasing revenue or rising costs can capsize your company. So […]

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