As the old saying goes, it takes money to make money. Sure, your small business owner clients can bootstrap their new business to a certain extent. However, when it's time to scale and make substantial investments in property and/or personnel, in most cases, outside capital has to be acquired. And truth be told, many of the entrepreneurs you know simply don’t know how to get their hands on the capital they need. On the flip side, investors are always looking for ways to grow their portfolio. … [Read more...]
6 Ways To Decrease Business Expenses
The clarity and direction you derive from analyzing financial statements is powerful. The problem is, most small business owners struggle to make any sense out of these documents. Profit and loss statements, balance sheets, cash flow projections…oh my! It’s all so confusing—especially to the right-brained side of the entrepreneurial world that would rather do anything EXCEPT analyze numbers! This is where you come in. Your number-crunching ninja powers are something most of your clients … [Read more...]
How to Decrease Your Payroll Taxes with a Common Paymaster
Today’s large businesses are often comprised of many different companies such as subsidiaries in various locations. If some employees work for more than one of those related companies, and if the companies have their own payrolls, both the business and the affected employees may be overpaying FICA (social security) and FUTA (federal unemployment) taxes. Fortunately, the federal government provides a solution. Multi-entity corporations may avoid overpaying payroll taxes and duplicating payroll … [Read more...]
Why and How to Revoke an S Corporation: What You Need to Know
Many small businesses operate as S corporations to avoid the complexities of C corporations and to avoid double taxation. C corporations are taxed before money is distributed to their shareholders who are taxed yet again. On the other hand, the income of S corporations flows directly to shareholders who pay for taxes on their personal returns. There is sometimes a day, however, when an organization outgrows its S corp status, and the company would like to revoke it in favor of operating as a C … [Read more...]
3 Ways to Heighten Your Visibility And Grow Your Tax Business
Would you like to generate more revenue in your tax business? Who wouldn’t? Just like many other businesses, the tax business is a numbers game. You gather leads and eventually some go from cold to HOT and new clients walk through your front door. Sounds easy, doesn’t it? Well, there’s a little more to it than that. But if you’re willing to do what it takes to heighten your visibility, you can garner a fair amount of leads—not only to sustain your business but also to thrive. Here … [Read more...]
Help Your Small Business Clients Avoid an IRS Audit
As a tax professional you are well aware that every one of your business clients has two main goals at tax time: Calculate as many deductions as possible Avoid an IRS audit They’re counting on you for help. Most of them are unable to do this on their own, so your guidance is priceless. This is especially true for small businesses—and most vulnerable to RED FLAGS are home-based businesses. Knowing how to advise your clients about what to deduct when filing taxes is … [Read more...]
The ROI of Business Networking Part Two
Did you catch part one of this series on the ROI of Networking? If not, check it out here. Business networking can be lucrative. It’s one way to meet new people and build relationships. The goal is to allow those relationships to pay off in one way or another. If you connect and they become clients, the ROI can be pretty good. Other times, they become great referral sources. The pay off can come down the line so staying top of mind has value. Conventional networking has huge benefits. … [Read more...]
The ROI of Business Networking
Meeting people who eventually become clients is the goal of any successful business. Networking is one way to do this but it also costs money. Is it worth the investment? What’s the ROI? There will always be a return on investment as long as you are able to convert prospects into paying clients. That goes for everything you do. Sales is a number’s game. The more people you meet, the more relationships you build and the higher your conversion ratio. Can we agree you’re not going to meet … [Read more...]
3 Ways Outsourcing Saves Time and Money
Most entrepreneurs are hands-on people. Because they are doers by nature, they often believe no one can perform a task as well as they can, so outsourcing doesn’t usually cross their minds. Small business owners end up doing everything themselves – even simple tasks that can be outsourced to subcontractors. Guess what happens? Plates overflow, nerves fray, and things fall through the cracks. Sometimes important things. Outsourcing can prevent all of this. What is Outsourcing? … [Read more...]
How To Turn Extra Office Space Into Extra Income
Wouldn't it be nice to relieve the financial stress of the off-season by creating year-round income? If you own an office space, or even possibly if you rent one, you could be leaving a lot of money on the table if you’re not subletting or renting it out when you’re not using it. How many hours each week is your office completely empty? If you reduce your hours during the off-season, and especially if you work from home more often, you should consider these options: Rent out your … [Read more...]
