Posts Tagged ‘finances’
Debt: Gone But Not Forgotten by the IRS
With the ups and downs of our economy over the last 2 years, you may have had a loan or credit card balance forgiven or cancelled by a financial institution. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for you and your…
Read MoreTips to Maximize the Value of a Car Donation: A little mistake could cost you plenty
At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you think. The Rule When you donate a…
Read MoreThe 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…
Read MoreFive 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.…
Read MoreThe 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…
Read MoreBuilding 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…
Read More4 Key Elements of Great Business Books
Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and maintain a healthy bookkeeping system: Select the proper accounting method There are two…
Read MoreWatch Out! 7 Vacation Costs That Sneak Up on You
Going on vacation is a time to get away, relax and enjoy new experiences. But if you don’t pay close attention, extra costs can sneak up on you like tiny money-stealing ninjas. Here are seven sneaky vacation costs to watch out for: Covert airfare increases. Airline pricing algorithms are programmed to store your browsing history…
Read MoreDon’t Leave Your Business Exposed: 5 Insurance Tips to Protect Your Assets and Your Bank Account
Have you conducted a business insurance review lately? Changes in your business equipment, real estate holdings, the amount of inventory, and the number of employees are all good reasons to review your insurance. Here are a few policy review tips to consider: Keep in regular contact with your insurance company. Keep your insurance agent apprised…
Read MoreDon’t Let Disaster Befall Your Favorite Non Profit
The filing deadline for most non-profit organizations is May 15. Missing this deadline results in penalties that can devastate the organization’s budget, or worse, strip them of their non-profit status and make your donations non-tax deductible! Here’s what you can do to help them: Check the charitable status online. The IRS has a master list…
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