Practical insights for small business owners. Written by a CPA & CMA who also contributes to Forbes and Entrepreneur. 51 posts and counting.
Running a small business when applying for a mortgage can bring complexity into an already stressful application process. Due to this added complication, the mortgage lender might ask for extra…
Read →So many events can result in big life changes. Joyous or sad, we usually experience these events with friends and family. Unless your accountant happens to be in that circle, they are usually the…
Read →The philanthropic act of giving to those less fortunate is a great way to feel better about yourself and make the world better. In addition, you get to deduct that money as a charitable donation…
Read →When you have children who are in or about to start college, there is quite a bit of tax planning that can be done to maximize tax and financial aid (FAFSA) benefits. Ideally, college savings…
Read →When you have a profitable year, you might be looking at ways to decrease your taxable income, and thus your taxes. There are many ways to achieve this, and many business owners come across advice…
Read →Business owners are always looking for ways to save money, whether on expenses or taxes. In many family businesses, children can start to help from a young age. In addition to nonfinancial…
Read →Camilla runs a family bakery. Her kids are getting older and they help out a significant amount, for which Camilla compensates them reasonably. She has seen some talk online about tax advantages…
Read →In years when the stock market trends downward, investors often look to make the best of a bad situation by using those losses to gain tax advantages. Some incorrectly believe that losses in their…
Read →Most business owners would agree that health insurance premiums should be deductible. After all, when you work as an employee, you typically pay your health insurance premiums pre-tax. Luckily,…
Read →The Augusta Rule is a tax strategy that some business owners can take advantage of to save money for their business while getting a large tax deduction. This rule allows someone to rent out their…
Read →Bianca started her massage therapy business three years ago after getting her license. She began by offering in-home services to the local area. However, as more referrals poured in, her business…
Read →Business owners have a goal, and often a fiduciary duty, to pay the minimum amount of tax allowable. Tax planning is the process by which to achieve this goal. One strategy that should be included…
Read →Only a small percentage of Americans own a business, but that is increasing with the proliferation of side businesses and the gig economy. While your business might not be traditional like a…
Read →Business ownership is no longer the domain of a small percentage of the population, at least not according to the IRS. If you freelance or have a side gig, you have a business. Today, over…
Read →There are a lot of opinions about when a business owner should hire their first employee. Each situation is different, so you need to consider what stage your business is in, how much capital you…
Read →There are many ways to be successful in your business, your career, your life. The internet is ripe with examples of people achieving tremendous success by doing one thing right and seemingly…
Read →When I began my accounting practice in 2017, I set myself some clear guidelines. In truth, I didn’t set out to start an accounting practice: I had a greater goal of living and working from…
Read →Harlan has had a few successful years as an insurance salesman, and he’s excited to expand his business. However, he feels his clients don’t truly understand what he does for them, which leads to…
Read →Two years ago Dave opened a marketing company. He was great at his job and able to grow his company to two dozen employees. When needed, he used consultants and coaches to elevate him to the next…
Read →There are various departments and functions within any business that must collaborate to offer products and/or services to its customers. Not all businesses are the same and thus functions like…
Read →Over the last two years Samantha has been steadily growing her marketing business. Compared to the first year her income has doubled, but somehow she finds herself still struggling to pay all her…
Read →Small business owners prefer to organize their businesses as LLCs, and for many the best tax strategy is to have their LLC taxed as an S Corp. This strategy allows owners to effectively manage the…
Read →As the tax year comes to a close for her business, Elvina contacts her accountant to discuss filing tax returns. Elvina’s small business, which provides counseling services, has allowed her to…
Read →Wiley noticed that his business showed a loss for last year. He feels that can’t be true so he decides to set an appointment with his accountant. “I know we made money last year, but the income…
Read →Clint has a small business and draws heavily from his business degree and corporate experience when setting up his accounting system. The process was long and tedious but he’s happy with the…
Read →Steve started a business three months ago providing personal training services online. Like many new business owners, Steve didn’t start with any accounting or tax knowledge, and has had to pick…
Read →On a slow day in November, Tim logs into his accounting software to see where his profits are this year. His business has been on an amazing growth trajectory since last year: sales grew tenfold…
Read →Mary has been operating her life coaching business for two years. Three months ago, she was able to leave her full-time job to focus solely on her business. This major transition away from a…
Read →Small business owners start out investing the majority of their money back into their own business. This makes sense since you want to grow the business and benefit from the growth in the future.…
Read →In January 2019 I decided that I would focus my business in a new direction by January 2020. I intended to fully shift from managerial work to accounting work. I had recently passed my CPA exam…
Read →After a very productive tax season, I find myself analyzing my lifestyle spending more than I have in a few years. I’m very aware of how lifestyle creep, also known as lifestyle inflation, can…
Read →It’s tax preparation season, and like most business owners, Kim decided to just file for an extension to give herself more time. After reviewing the return prepared by her accountant Frank, she…
Read →Jose has been using an online bookkeeping system for the last five years. He’s hired multiple bookkeepers and accountants but his accounting remains messy. The last accountant he hired cleaned up…
Read →Rick has been managing his small business accounting using a spreadsheet for the last eight years. He has a fair amount of number crunching to do, but it still seems faster than trying to enter…
Read →For many people, acquiring a rental property is the first major investment they make that they also must actively manage. Many property owners don’t move past a couple of properties while others…
Read →Many aspects of our lives revolve around a monthly schedule, and bills are no exception. We expect to make car, mortgage, and utility payments each month. However, there are other expenses, like…
Read →When I purchased my first large business asset, a semi truck to be used in my family’s trucking business, I got a great deal of 30% down and 30% interest, and full repo if 14 days late. Talk about…
Read →Martin had a very profitable year with his home remodeling business. He knows he will need to pay a lot in taxes. His accountant warned him to pay estimated taxes but Martin was too busy to…
Read →Jane starts a wedding photography business. She is excited since this is what she’s always wanted to do. She already has bookings on most weekends for the rest of the year to keep her busy and…
Read →There have been a few times in my consulting and accounting career that I have had to explain very basic financial topics to seasoned business owners. I have talked to VPs of billion-dollar…
Read →I recently attended IMA’s annual conference, ACE2021. One of the hot discussion topics was Robotic Process Automation (RPA). The technology itself isn’t new—let’s face it, we’ve all dealt with…
Read →I’ve owned and managed businesses for over a decade and been around business owners for even longer than that. Some businesses drown in paperwork while others exist with a debit card and a wallet…
Read →Katie sat down with Marissa, her CPA, to finalize her taxes. It’s already past the deadline, so the pressure is on to get them filed promptly to avoid any more penalties. After a grueling two…
Read →Bob started an online store two years ago selling his favorite coffee from around the world. It started out as a fun idea, merging his passion for coffee with his desire to travel. The store took…
Read →The majority of small businesses don’t file taxes outside their home state. This is simply because they are typically local and don’t have physical locations or connections to any other states.…
Read →Small business owners wear many hats. They tend to fill every role—from the chief executive to the janitor. Business owners also need to keep in mind their business taxes and the complexities…
Read →Christina has a small bakery. As a hobby, she has been designing websites for fun for the last 10 years. What she enjoys most is trying all the new web building software. In the past three years…
Read →Due to the current pandemic, business travel has decreased dramatically. No more large conferences, trade shows, or company retreats. But although travel has declined, it hasn’t stopped, and some…
Read →My family comes from Romania, and like most Eastern bloc countries, the brush with communism left many people to rely on the government for their retirement. There is also a strong family support…
Read →Small businesses don’t budget—or at least that’s the overall consensus I get from most small business owners. Outside of the vague, “I need six thousand to cover operating costs” or “Sure we have…
Read →When it comes to hiring a business coach, finding a mentor, or asking professionals for advice, small business owners have a plethora of options. Business knowledge can be obtained through…
Read →Jane starts a wedding photography business. She is excited since this is what she’s always wanted to do. She already has bookings on most weekends for the rest of the year to keep her busy and…
Read →Only a small percentage of Americans own a business, but that is increasing with the proliferation of side businesses and the gig economy. While your business might not be traditional like a…
Read →Many aspects of our lives revolve around a monthly schedule, and bills are no exception. We expect to make car, mortgage, and utility payments each month. However, there are other expenses, like…
Read →When you have a profitable year, you might be looking at ways to decrease your taxable income, and thus your taxes. There are many ways to achieve this, and many business owners come across advice…
Read →Harlan has had a few successful years as an insurance salesman, and he’s excited to expand his business. However, he feels his clients don’t truly understand what he does for them, which leads to…
Read →When you have children who are in or about to start college, there is quite a bit of tax planning that can be done to maximize tax and financial aid (FAFSA) benefits. Ideally, college savings…
Read →Running a small business when applying for a mortgage can bring complexity into an already stressful application process. Due to this added complication, the mortgage lender might ask for extra…
Read →Small business owners prefer to organize their businesses as LLCs, and for many the best tax strategy is to have their LLC taxed as an S Corp. This strategy allows owners to effectively manage the…
Read →Clint has a small business and draws heavily from his business degree and corporate experience when setting up his accounting system. The process was long and tedious but he’s happy with the…
Read →Martin had a very profitable year with his home remodeling business. He knows he will need to pay a lot in taxes. His accountant warned him to pay estimated taxes but Martin was too busy to…
Read →When I purchased my first large business asset, a semi truck to be used in my family’s trucking business, I got a great deal of 30% down and 30% interest, and full repo if 14 days late. Talk about…
Read →Bob started an online store two years ago selling his favorite coffee from around the world. It started out as a fun idea, merging his passion for coffee with his desire to travel. The store took…
Read →There are various departments and functions within any business that must collaborate to offer products and/or services to its customers. Not all businesses are the same and thus functions like…
Read →In years when the stock market trends downward, investors often look to make the best of a bad situation by using those losses to gain tax advantages. Some incorrectly believe that losses in their…
Read →Most business owners would agree that health insurance premiums should be deductible. After all, when you work as an employee, you typically pay your health insurance premiums pre-tax. Luckily,…
Read →Business owners are always looking for ways to save money, whether on expenses or taxes. In many family businesses, children can start to help from a young age. In addition to nonfinancial…
Read →In January 2019 I decided that I would focus my business in a new direction by January 2020. I intended to fully shift from managerial work to accounting work. I had recently passed my CPA exam…
Read →When I began my accounting practice in 2017, I set myself some clear guidelines. In truth, I didn’t set out to start an accounting practice: I had a greater goal of living and working from…
Read →After a very productive tax season, I find myself analyzing my lifestyle spending more than I have in a few years. I’m very aware of how lifestyle creep, also known as lifestyle inflation, can…
Read →Wiley noticed that his business showed a loss for last year. He feels that can’t be true so he decides to set an appointment with his accountant. “I know we made money last year, but the income…
Read →Over the last two years Samantha has been steadily growing her marketing business. Compared to the first year her income has doubled, but somehow she finds herself still struggling to pay all her…
Read →Business ownership is no longer the domain of a small percentage of the population, at least not according to the IRS. If you freelance or have a side gig, you have a business. Today, over…
Read →On a slow day in November, Tim logs into his accounting software to see where his profits are this year. His business has been on an amazing growth trajectory since last year: sales grew tenfold…
Read →As the tax year comes to a close for her business, Elvina contacts her accountant to discuss filing tax returns. Elvina’s small business, which provides counseling services, has allowed her to…
Read →Business owners have a goal, and often a fiduciary duty, to pay the minimum amount of tax allowable. Tax planning is the process by which to achieve this goal. One strategy that should be included…
Read →Steve started a business three months ago providing personal training services online. Like many new business owners, Steve didn’t start with any accounting or tax knowledge, and has had to pick…
Read →Rick has been managing his small business accounting using a spreadsheet for the last eight years. He has a fair amount of number crunching to do, but it still seems faster than trying to enter…
Read →Bianca started her massage therapy business three years ago after getting her license. She began by offering in-home services to the local area. However, as more referrals poured in, her business…
Read →There are many ways to be successful in your business, your career, your life. The internet is ripe with examples of people achieving tremendous success by doing one thing right and seemingly…
Read →Mary has been operating her life coaching business for two years. Three months ago, she was able to leave her full-time job to focus solely on her business. This major transition away from a…
Read →For many people, acquiring a rental property is the first major investment they make that they also must actively manage. Many property owners don’t move past a couple of properties while others…
Read →So many events can result in big life changes. Joyous or sad, we usually experience these events with friends and family. Unless your accountant happens to be in that circle, they are usually the…
Read →Small business owners start out investing the majority of their money back into their own business. This makes sense since you want to grow the business and benefit from the growth in the future.…
Read →The philanthropic act of giving to those less fortunate is a great way to feel better about yourself and make the world better. In addition, you get to deduct that money as a charitable donation…
Read →The Augusta Rule is a tax strategy that some business owners can take advantage of to save money for their business while getting a large tax deduction. This rule allows someone to rent out their…
Read →Camilla runs a family bakery. Her kids are getting older and they help out a significant amount, for which Camilla compensates them reasonably. She has seen some talk online about tax advantages…
Read →Jose has been using an online bookkeeping system for the last five years. He’s hired multiple bookkeepers and accountants but his accounting remains messy. The last accountant he hired cleaned up…
Read →There are a lot of opinions about when a business owner should hire their first employee. Each situation is different, so you need to consider what stage your business is in, how much capital you…
Read →Two years ago Dave opened a marketing company. He was great at his job and able to grow his company to two dozen employees. When needed, he used consultants and coaches to elevate him to the next…
Read →It’s tax preparation season, and like most business owners, Kim decided to just file for an extension to give herself more time. After reviewing the return prepared by her accountant Frank, she…
Read →There have been a few times in my consulting and accounting career that I have had to explain very basic financial topics to seasoned business owners. I have talked to VPs of billion-dollar…
Read →I recently attended IMA’s annual conference, ACE2021. One of the hot discussion topics was Robotic Process Automation (RPA). The technology itself isn’t new—let’s face it, we’ve all dealt with…
Read →I’ve owned and managed businesses for over a decade and been around business owners for even longer than that. Some businesses drown in paperwork while others exist with a debit card and a wallet…
Read →Katie sat down with Marissa, her CPA, to finalize her taxes. It’s already past the deadline, so the pressure is on to get them filed promptly to avoid any more penalties. After a grueling two…
Read →The majority of small businesses don’t file taxes outside their home state. This is simply because they are typically local and don’t have physical locations or connections to any other states.…
Read →Small business owners wear many hats. They tend to fill every role—from the chief executive to the janitor. Business owners also need to keep in mind their business taxes and the complexities…
Read →Christina has a small bakery. As a hobby, she has been designing websites for fun for the last 10 years. What she enjoys most is trying all the new web building software. In the past three years…
Read →Due to the current pandemic, business travel has decreased dramatically. No more large conferences, trade shows, or company retreats. But although travel has declined, it hasn’t stopped, and some…
Read →My family comes from Romania, and like most Eastern bloc countries, the brush with communism left many people to rely on the government for their retirement. There is also a strong family support…
Read →Small businesses don’t budget—or at least that’s the overall consensus I get from most small business owners. Outside of the vague, “I need six thousand to cover operating costs” or “Sure we have…
Read →When it comes to hiring a business coach, finding a mentor, or asking professionals for advice, small business owners have a plethora of options. Business knowledge can be obtained through…
Read →Book a free one-hour consultation with Vlad Rusz, CPA & CMA. A real conversation about your specific situation, what’s working, and what isn’t. No pressure, no commitment.
