Hiring Your First Employee? Make It a Success!

  Are you ready to hire your first employee? Perhaps you started a new business, and are working solo or with a spouse or business partner. Now the business is growing and there’s just too much to do. You find yourself working long hours and still not keeping up. It may be time to make…

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Small Business: Coping with Shortages and Delays

As we entered the New Year, businesses continue to be hampered by a near-unprecedented lack of supplies and materials. Besides items that have received widespread national attention like toilet paper and computer chips for cars, the slowdown in the supply chain is affecting everything from electronic devices to couches to sneakers—and plenty in between. To…

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Make Payroll Taxes Easy in 2022

Handling employment taxes can be complicated, especially when you’re required to file important tax documents throughout the year. Here’s a quick recap of the most vital payroll tax forms and what you can do to make your payroll life easier heading into 2022.   Important Payroll Tax Forms Form 941 — Employer’s quarterly federal tax…

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JUST THE FACTS: Borrowed Money Must Be Paid Back

In the back of every Form 1040 instruction booklet there’s a section that shows where our federal government gets its money and where it is spent. As taxpayers, it makes sense to know this information. Here is the data for the government’s fiscal year ending September 30, 2019, as reported by the IRS in the…

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The Power of Comparative Financial Statements

Your business has a story to tell. One of the ways to hear your business’s story is by reading through comparative financial statements. The importance of comparative financial statements An up-to-date balance sheet, income statement and statement of cash flows are essential financial reports you should consistently analyze. But these financial statements by themselves don’t…

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Fake Products (and Money!) Are Big Business

How to protect yourself from modern-day counterfeiter Counterfeiters are getting better at tricking you. They do this by using fake images, creating realistic websites and promising low prices. According to the Organization for Economic Co-operation and Development (OECD), fraudsters hold an estimated 3.3% of world trade, up from 2.5% in 2016. Here are some commonly…

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Five Tax-Loss Harvesting Tips

Though the markets have been up strongly this year, your investment portfolio could have a few lemons in it. Using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. Here are five tips: Tip #1: Separate short-term and long-term Your investments are divided into short-term and long-term buckets.…

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The Busy Business Owner: Get Back 15 Minutes a Day

Meetings, phone calls, emails, text messages, and water cooler conversations with your employees constantly bombard you as a business owner. Freeing up even just another 15 minutes a day could dramatically improve both your workflow and peace of mind. Here are some suggestions for getting back 15 minutes every day: Use your phone. Whenever possible, use…

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Manage Your Business’s Unemployment Taxes

  As a business owner, you’re required to pay three different types of payroll taxes. 1. FICA (Federal Insurance Contributions Act) is the tax used to fund Social Security and Medicare programs. 2. FUTA (Federal Unemployment Tax Act). Employers pay this federal tax to provide unemployment benefits to laid-off workers. 3. SUTA (State Unemployment Tax…

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Building a Fortress Balance Sheet

  The best way to weather a storm is often by being prepared before the storm hits. In the case of small businesses, this means building a fortress balance sheet. What is a fortress balance sheet? This long-standing idea means taking steps to make your balance sheet shockproof by building liquidity. Like a frontier outpost…

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