Year: 2018

The income statement of any business is probably the most important report of all.  It is a snapshot of the financial performance of your business over a period of time, such as a month or year.  You might also hear it called the Profit and Loss Statement, or P&L.  The income statement can give you all kinds of insights as to whether you are bringing in enough sales, if your prices are generating enough profit, and how your expenses are running.  Let’s take a look at the report, step Read more [...]

The 2017 Tax Cuts and Jobs Act revised some foundational deductions, exemptions, and tax brackets for the 2018 tax year. Here’s a rundown of what’s changed in that area for individuals:  Exemption On your 2017 1040 tax return, you likely received an exemption of $4,050 per person.  Check line 42 of your own return. In 2018, this exemption is discontinued, but you won’t really lose out because the standard deduction has increased to compensate for this elimination. Standard Deduction In Read more [...]

Has your friend, neighbor or colleague told you that if you take the home office deduction, it will be a “red flag” to the IRS that will trigger an audit? Well, that is just not true! 2017 is the last tax year that you can take a home office deduction since the Tax Cuts and Jobs Act excludes it for tax years 2018-2025. In order to claim the home office deduction, you MUST QUALIFY. To qualify, you are required to meet two tests: 1) regularly used and 2) exclusively used for business. Regular Read more [...]

Cool Apps: Food Delivery Options If you haven’t looked recently, there is a whole new world out there designed for our convenience. One of these conveniences is food delivery. This industry has changed so much that it deserves a fresh look. No longer do you need to go out for lunch if you are having a busy day or just need to stay in the office for any reason. You can simply order lunch on your cell phone, and it will be delivered approximately 45 minutes later to your door. There’s an app Read more [...]

One of the most important success factors of small businesses is the ability to generate revenue, and to do that, most businesses need to market their services and products to bring in new customers and sales. The challenge for small business is how to make their marketing dollars work the hardest, and this requires careful tracking and measurement. Here’s one way to get started tracking your marketing spending so that you can find out what’s paying back the most. List your sources of revenue First, Read more [...]