Here are the articles I’ve contributed to Entrepreneur.
A prominent problem for business owners is how to save for retirement. The corporate pension plan is long gone, and anyone still drawing on one should consider themselves lucky. Government pension plans are on questionable footing and the younger generation doesn’t plan on social security providing a comfortable retirement. That leaves 401(k) to bridge the woefully large gap.
There’s an alternative system that can benefit everyone involved when implemented correctly. When employees are traveling, businesses have the option to pay them a per diem, or daily rate. This approach eliminates the need for both expense reports and supervision of travel spending.
In order to better understand your and your family’s tax situation, most tax preparers and CPAs are very diligent about asking you the right questions, either over the phone or through a questionnaire. You will be asked about rental properties, buying and selling a home, home office deductions for your business, childcare expenses, etc.
I’ve owned and managed businesses for over a decade and been around business owners for even longer than that. Some businesses drown in paperwork while others exist with a debit card and a wallet full of cash.
There are many useful reports for a business owner to review to gauge and better understand their business’s financial health. With cloud-based accounting, there are a plethora of reports available.
Effective budgeting is likely nonexistent because the business owner lacks oversight. Setting a budget and then ignoring it might be worse than not setting one at all. Budgeting is so fruitless for small businesses because they are not using the right strategy. Many small businesses stop after setting a budget and don’t develop a whole strategy to implement and reinforce the budget.
There are many lists online that offer examples of what business owners can deduct. Some deductions are quite creative such as renting your home to your business for the annual shareholder meeting while others are more obvious like the deduction for a home office. It’s unlikely that business owners will remember these long lists, however, so here are five key tips to make sure you never miss a tax deduction again.
If you own a business that has flow through taxation, you are unlikely to benefit from multistate taxation, but you still need to address it. Here’s what business owners can do to manage compliance and tax implications in multiple states.
When it comes to hiring a business coach, finding a mentor or asking professionals for advice, small-business owners have a plethora of options. Business knowledge can be obtained through numerous free or low-cost options, like webinars and government resources, or owners can choose to hire professional coaches and consultants to provide specialized advice.