Skip to main content

Making Hard Decisions that are Right for Your Business

By BusinessNo Comments

Being an entrepreneur definitely has its perks. But it also comes with its share of stress. One of the biggest burdens, probably just behind finances, is having the final say in decision making. This may sound awesome, and sometimes it is. You get to choose where to locate your company, which office is yours (that one’s easy, of course you’ll take the corner office with…

Read More

How to Deal with Your Tax Stress

By Business, TaxesNo Comments

What? Are you saying taxes are stressful? You’re not alone. Why are taxes so stressful? Some people just don’t like doing the math, others may have a dislike of government authority, and WebMD says people who have been through an audit can actually suffer from posttraumatic stress syndrome during tax season. We know, the IRS sucks! But you shouldn’t have to let your tax stress…

Read More

Does Buying a Home Help with Taxes?

By Tax Deductions, TaxesNo Comments

Ahhh… the American Dream. Home ownership is a key element in the pursuit of the American Dream. It gives us stability, a place to plant our roots and be a part of a community. It’s also an investment. Paying a mortgage builds equity; paying rent just gives you a place to live for another month. But does buying a home help with taxes? Can buying…

Read More

You Missed the Tax Deadline. What Now?

By Accounting, TaxesNo Comments

The dreaded tax season is over. Tax Day has come and gone and the deadline to file and pay is now passed. But what the heck happens now if you missed the tax deadline? We’re talking specifically about federal income tax penalties here. You’ll need to look up your own state penalties as each state will be different.   Minor Tangent We’re not getting into…

Read More

What is the Tax Deadline for 2022?

By Responsibility, TaxesNo Comments

I recently watched a TED Talks video, Inside the Mind of a Master Procrastinator by Tim Urban. Procrastinators have this Instant Gratification Monkey in their mind that makes them easily distracted by everything else except for what actually needs to be done, and the only thing the Monkey is afraid of is the Panic Monster which only comes out when a deadline is involved. So,…

Read More

4 Tips on How to Stop Being Disorganized for the Small Business Owner

By Bookkeeping, BusinessNo Comments

As a business owner you know you need to keep track of your books, reports, documents, and receipts, but you also realize you’re not a naturally organized person. Well, props to you for recognizing one of your weaknesses. It doesn’t mean you are a weak person. You simply need to develop some habits for how to stop being disorganized. These are not best practices, per…

Read More

Self-Employed Tax Deductions | Don’t Miss these Savings!

By Business, Tax DeductionsNo Comments

If you’re a small business owner, you might be wondering if there’s some way you can combine your personal life and business life to maximize your self-employed tax deductions and probably feeling like you’re missing out on some tax write-offs as well. Unfortunately, you’re right. You probably are missing out on some of those deductions because many accountants will tell you no across the board….

Read More

Managing Small Business Finances – An Introductory Guide for Entrepreneurs

By Business, Cash ManagementNo Comments

Guest Writer – Chelsea Lamb from Business Pop   As a small business owner, you have to wear many hats. When you’re first getting your company off the ground, you’ll likely handle everything from marketing to management, hiring—and financials. For many new entrepreneurs, the financial side of running a business is one of the most daunting tasks they’ll face. Don’t let money matters intimidate you….

Read More

Filing Taxes for Small Business Owners

By Business, TaxesNo Comments

Filing taxes for small business owners can be very overwhelming and stressful. One thing though seems to be at the foundation of the issue and is illustrated in a question we get fairly often.   Does my accountant file ALL the tax returns I’m supposed to pay?   We get this question a lot. Usually sometime in May, after taxes have been filed, and the…

Read More

Seasonality in Business and the Beauty of Profit First

By Business, Cash Management, Profit FirstNo Comments

Almost all industries have seasonal fluctuations in revenue. The travel industry sees an increase during the summer months. As an accounting firm our busiest season is January-April. The Construction industry and landscapers generally see a major decline in revenue during the winter. So how do you deal with seasonality in business to survive the slow months? Well, that’s the beauty of Profit First! It solves…

Read More

How to Manage your Cash Flow and Books when you’re Not Good with Numbers

By Cash Management, Profit FirstNo Comments

You’ve probably felt it at times looking over your financial statements. “Um… I can read the numbers, but are they good or bad? What are they trying to tell me?” Then you’re told by financial experts to perform a deep analysis so you can run projections and create a budget. That’s a whole slew of more numbers and complicated calculations on top of still trying…

Read More

What Should You Do When Allocating Cash to Different Bank Accounts?

By Cash Management, Profit First, UncategorizedNo Comments

We Want You to have Clarity in Your Cash Flow. You want to have clarity in your cash flow so whether you’re allocating cash, wanting to reward your employees, or creating an expansion plan, you can make smarter more focused money decisions. Often times when running the Profit First for Microgym’s system (the best way to manage your cash flow each month), we get asked…

Read More

Negative Balances are a Red Flag in your Bookkeeping

By Accounting, BookkeepingNo Comments

Webster defines Red Flag as “a warning signal or sign; a problem to be dealt with.” Negative accounts are a big red flag in your bookkeeping.   Despite popular belief, bookkeeping isn’t necessarily only for doing your tax return, although that’s an added benefit. Bookkeeping is for recording and organizing all of your financial transactions made for your business operations. With good records you are…

Read More

Can You Write Off a Car for Business?

By Tax Deductions, Taxes, UncategorizedNo Comments

If done properly, yes! You can most certainly write off a car for business. If you didn’t already know this, the IRS sucks! The average small business owner can expect to pay about 19% in taxes. That’s just your business and doesn’t even include your personal income taxes. Uncle Sam is greedy and will tax everything from your groceries to your property. And while we…

Read More