Small Business Financing: Securing A Loan

Big 3, Securing a Loan, Financing, Small Business

At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Cash flow is the key to business success. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources.

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Cash Flow: Key to Business Success

Big 3, Cash Flow, Small Business

Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services.

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Safeguarding Financial Records

Big 3, Safeguarding Records

Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it's always a good idea to plan for what to do in case of a disaster. Here are some necessary steps you can take right now to prepare:

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Tax Rules for Rental Income From Second Homes

Tax Rules, Rental Income, Big 3

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself.

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Tax Benefits of S-Corporations

Big 3, Tax Benefits, S-Corporation

As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows.

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5 Tax Deductions That Disappeared in 2018

Tax Reform, Important Tax Changes 2018, Big 3

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018.

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Meal & Entertainment Under the New Tax Law

Tax Reform, Meal & Entertainment

The new tax act established new limitations on the deductibility of certain business meals and entertainment expenses. Beginning January 1, 2018, entertainment expenses are nondeductible unless they fall under the specific exceptions under the new tax law.

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Saving for Education: 529 Plans

tax-saving strategies, 529 Plan, Big 3

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school.

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Tax Breaks for Hiring New Employees

hiring employees, Tax Preparation, Big 3

If you're thinking about hiring new employees this year you won't want to miss out on tax breaks available to businesses with employees.

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Discover a Mistake on Your Tax Return?

Tax Preparation, 2018, Big 3, Tax Return Error

Finished filing a tax return? What should you do if you already filed your federal tax return and then discover a mistake? First of all, don't worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.

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Tax Consequences of Crowdfunding

Tax-Tip Tuesday, Crowdfunding

Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it's often possible to raise the cash you need but the downside is that the IRS considers that money taxable income. Tax preparation for small businesses is important, so here's what you need to know.
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Tips for Teenage Taxpayers Starting a Summer Job

Self-Employed, Tax Preparation, Tax-Tip Tuesday

Many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers need to know when starting a summer job:  

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Plan Ahead for Vacation Home Rentals

Vacation Homes, Tax Preparation

During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals.

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5 Easy Ways to Lower Your Tax Bill When You're Self-Employed

Lowering Tax Bill, Self-Employed

If you're like most small business owners, you're always looking for ways to lower your taxable income. Here are five ways to do just that.

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Selling Your Small Business

Small Businness, Business Valuations, Selling Your Business

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.

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Reporting Virtual Currency transactions

Reporting Transactions, Virtual Currency

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill.

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New Jersey's Equal Pay Law: What NJ Employers Need to Know

Employers, New Jersey Law

New Jersey Gov. Phil Murphy announced Tuesday that he would sign new equal pay legislation, making it the most comprehensive in the nation. Effective July 1, 2018, this law will make it illegal to offer unequal pay to employees for substantially similar work as long as, skill, effort, and responsibilities, are weighed.
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Donating A Car to Charity

If you donated a car to a qualified charitable organization in 2017 and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations.

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BEWARE THE W2 SCAM!

tax scams, IRS Scam Warning, New W-2 Scam

The Form W-2 scam has emerged as one of the most dangerous phishing emails in the tax community. During the last two tax seasons, cybercriminals tricked payroll personnel or people with access to payroll information into disclosing sensitive information for entire workforces. Read on to learn more about this recent scam...

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5 Tax Breaks that Survived Tax Reform

New Tax Laws

Recent tax reform legislation affected many provisions in the tax code. Many were modified, either permanently or temporarily, while some were repealed entirely. Here are five that survived.

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