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Tax­-smart Ways To Take Cash Out of Your Corporation

Owners of closely held C corporations are often interested in withdrawing profits from their companies in ways that minimize taxes. What are the options?

The Rental Route

Buy or lease? It’s a decision many small businesses face.

Using a Vehicle for Business: Q&A

Next to your home, your car is probably the most expensive investment you make. And the costs of paying for and maintaining it can be considerable. Can you recoup some of your investment by claiming vehicle expenses on your tax return?

Using Sales Receipts: The When and How

How do you let your customers know how much they owe you, and for what products or services? Some types of businesses always use sales receipts. Some use them occasionally. Here's what you need to know about them.

All About the Earned Income Tax Credit

Individuals who are working and who have low-to-moderate taxable income may qualify for this income tax credit. If you meet the Internal Revenue Service’s seven criteria, you may be eligible for the Earned Income Tax Credit (sometimes called Earned Income Credit, or EIC).

Charging for Time in QuickBooks Online Plus, Part 1

You could be losing revenue if you’re not tracking billable time carefully. QuickBooks Online Plus can help. Part 1 of 2

Charging for Time in QuickBooks Online, Part 2

Last month, we talked about time-tracking setup, single-activity data entry, and user permissions. This month, we’re exploring additional time-and- billing steps.

Cross Promote by Partnering with Locally Owned Businesses

If you own a small business and are looking for ways to promote your business that won't break the bank, you may wish to consider cross promoting. Cross promoting involves partnering with other local small businesses to create a marketing campaign that benefits each business separately and the local economy overall.

Federal Tax Breaks Restored

Individual and business taxpayers can benefit from a variety of federal tax breaks that were extended or made permanent by the Protecting America from Tax Hikes (PATH) Act and the Consolidated Appropriations Act, 2016. Here are selected highlights.

How to Address Chronic Complainers in Your Business

Complainers, if left to their own devices, can really suck the life right out of your business, not to mention the productivity. If you aren’t careful when dealing with a chronic complainer in your ranks, a 30-second rant can turn into an hour long discussion about all the ills of the world.

Make QuickBooks Your Own: Specify Your Preferences

QuickBooks was designed to be used by millions of businesses. In fact, it's possible to install it, answer a few questions about your company, and start working right away. However, we strongly suggest you take the time to specify your Preferences. QuickBooks devotes a whole screen to this customization process. You can find it by opening the Edit menu and selecting Preferences.

Taking Family Members on a Business Trip

Anyone who spends a significant amount of time traveling for business purposes will tell you that living out of a suitcase is no fun. Taking a spouse or the whole family along from time to time for a combined business trip/vacation can make the travel more enjoyable. Here are some tax rules to consider when family members accompany a business traveler.

5 IRS Audit Red Flags

You may have done nothing wrong. But the prospect of an IRS audit makes everyone sweat.

Advantages of a Third-Party Registered Agent for Businesses

For many businesses, a registered agent is a requirement, not a luxury. Failing to retain a registered agent can result in an LLC, for instance, losing its legal status in the state...

Are You Applying Finance Charges? Should You Be?

Assessing finance charges is a complicated process. But if you have a lot of late payments coming in, you may want to consider it.

Depreciating Business Property

Depreciation deductions can be extremely valuable for a business. For example, in a recent court case, a federal judge ruled a company could begin taking its depreciation deductions for two buildings housing retail stores at a point prior to when they were "open for business." The ruling allowed the company to show a loss for that tax year, which the company then used to offset income in earlier years and ultimately claim a total tax refund of over $2 million.*

Drug Testing for New Hires is Important for Your Company

If you have been considering putting a drug testing program into place, you're not alone. Up to 60% of new hires are now required to pass a drug test before beginning a new job.

Tracking Products and Services in QuickBooks Online, Part 2

Last month, we explored the process of creating a product record. Now we'll look at where they're used in QuickBooks Online.

Understanding Background Check Laws

As a business owner, it is normal to want to know as much as you can about a potential employee. That's where background checks come into play...

What is a PEO?

The acronym PEO stands for "professional employer organization." These organizations help business reduce costs by allowing them to outsource the management of...

5 Reasons Your Business Needs An Exit Strategy

If you are like most entrepreneurs, the last thing you are thinking about is how to exit your business. You are more concerned about growth, expansion and sometimes just making ends meet. Well, the truth is, all successful business people have a clear exit strategy...
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