Business Advice

Navigate Business Changes Successfully

business-changes

Change happens. That’s especially true in the business world, where changes may be mandated by tax or regulatory requirements, increased competition, shifts in customer needs, or technological advances. Whatever your reason for making a change in your business, managing the process effectively is the best way to succeed. Here are suggestions for handling change. Clarify…

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Tips to Manage Work-From-Elsewhere Employees

teleworking

It’s a mobile world, and your employees may be asking to work from a location other than your office. Adapting to this request can allow you to keep quality talent and accommodate workers who may have health or other issues that make working in a traditional office difficult. But managing employees from a distance can…

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Independent Contractor or Employee: The Distinction Matters to the IRS

independent-contractor-or-employee

If you’re a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees. For example, you’re required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid time off and pension contributions. None of these are required with…

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Five Year-End Tax Savers For Businesses

business-owner-tax-saving-tips

The year is nearly over, but you can still take action to lower your business income tax during the final months of 2015. Here are five moves to consider. Postpone revenue to 2016. If your business reports on the cash basis, delay billing your customers long enough to ensure that payments will arrive after 2015.…

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Ready or Not, Smart Cards are Coming

credit card

First, the “smart phone” was introduced. Next came the “smart television.” It was inevitable that the “smart card” would make its way into the marketplace. Smart cards, commonly called EMVs (an acronym for Europay, MasterCard, and Visa), are already in use in Europe and other parts of the world. With an EMV, the magnetic strip…

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CASH OR ACCRUAL? DO YOU KNOW THE DIFFERENCE?

cash accrual

When you start a business, you have many decisions to make. One is the method of accounting your business will use for reporting income and expenses on your tax return. Two methods generally used are “cash” and “accrual.” The cash method is the easiest to implement. Under the cash method, you recognize income when you…

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SELF-EMPLOYED? START SAVING FOR RETIREMENT

self-employed-save-for-retirement

If you’re self-employed, retirement may be the last thing on your mind. When financial gurus recommend setting aside 15-20% of your income toward retirement, your eyes may glaze over. After all, as an independent contractor or small business owner, you know income is often sporadic. Clients don’t always pay on time. Markets tend to move…

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Avoid the Common Problems Faced by New Businesses

Common Problems for New Business Owners

If you recently started a business of your own, your challenge now is to make your business as successful as possible. To improve your chances for success, try to avoid some of the common traps that snare new companies. Troubles with cash flow. If you actually run out of cash, that’s a disaster. But a…

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Understanding “Sunk” Costs in Business Decisions

lost money in business

Once your business incurs costs that can’t be recovered, those costs become irrelevant to subsequent business decisions. Such expenditures, known as sunk costs, can include money paid, time spent, or resources used that are no longer retrievable. For example: You’ve invested $20,000 in an expansion project, and it’s become apparent that it will cost another…

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