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Year-End Accounting Tasks: What Should You Do?

Accounting Tasks at Year-End You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates monthly, so you’re actually saving money by doing some of them at year-end.  Here are just some of the items that are performed at year-end. Tax-related: If you have payroll, employees Read more [...]
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Money Management

How to Save More in 2019 Many people in their retirement years have regrets about not saving more during their earning years, but you don’t have to be one of them. All you need to do is be realistic and proactive about saving. It’s all about paying your future self.     Circumstances can arise that can erode savings you hoped would be there for retirement. Some of those events include not being able to work due to poor health or a bad job market, unanticipated hospital Read more [...]
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Tax Tips

Sales Tax Checkup Collecting sales tax is one of those things that most businesses need to do on a regular basis.  It’s also a chore that is somewhat done by machines and administrative personnel. If the rules change and the procedures go out of date, business owners who are not watching for these changes could be taking risks they don’t realize they have.  In 2018, the world of sales tax was turned upside down by one court case: South Dakota vs. Wayfair, Inc. Wayfair is Read more [...]
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How to Write Your Mission Statement

Mission statements are not just for large corporations. As an owner of a small business, you can benefit from going through the exercise of writing your mission statement. It can not only re-connect you with your “why,” it can also communicate an important part of your business to all of your stakeholders.

What Is a Mission Statement?
A mission statement answers the question “What impact will you have on the world?” It’s your core purpose, your reason for being.

Here are a couple Read more [...]

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Heavy Vehicle + Deductible Home Office = Major Tax Savings

You can reap major tax deductions with the heavy vehicle and home-office combo. The heavy vehicle produces quick tax savings. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles.
Tax Deductions
For example, say you bought a $50,000 vehicle that you use 60 percent for business. Your depreciation and expensing elections apply to $30,000. But if you can increase your business Read more [...]