You check your profit and loss report. Looks solid. Then your bank account tells a different story. And when it’s time to apply for financing, sell the business, or file taxes, someone’s raising their eyebrow at your numbers. That eyebrow? It’s pointed straight at prepaid expenses. This is one of the most common accounting mistakes […]
Banks, Buyers and the IRS All See the Same Red Flag. Do You? Read More »
Breaking up a business partnership? Sorry to say it, but the IRS doesn’t believe in clean breakups. Even if everyone agrees to walk away like grown-ups, the tax side can still sneak up and bite you. Here’s what to watch out for before you call it quits. 1. You Might Owe Tax on “Phantom Income”
How a Business Breakup Becomes a Full-On Tax Nightmare Read More »
Hiring an intern or some short-term help might sound like a simple way to lighten the load this summer. But if you don’t get the payroll and tax stuff right, you’re asking for an expensive mess. We’ve seen it too many times. Someone brings on a student, a neighbor’s kid, or a part-time cousin and
Before You Hire an Intern, Read This or Regret It Later Read More »
