It’s always the same story. Revenue looks fine. Maybe even great. But cash is missing and nobody’s sure what went wrong… until it’s too late to fix it. By then, it’s Q4. The numbers are messy, the tax bill is ugly, and someone’s scrambling. This is why June matters. It’s the halfway point. You still […]
Most Business Owners Don’t Do These 5 Things. Then They Call Us in a Panic Read More »
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 »
Look, we get it. June is not exactly tax season. You’re thinking about vacations, client projects, maybe fixing that weird rattle in the work truck. But the IRS? They’re thinking about estimated taxes, and they expect your next payment by June 16. Miss it, and you’re basically handing them late fees on a silver platter.
Don’t Feed the IRS Late Fees: Pay Up by June 16 Read More »
Let’s say you buy a $45,000 flatbed trailer for your business. You don’t just toss that expense on your taxes and move on. Not always. Instead, you might depreciate it. That means you spread the cost out over several years instead of deducting it all at once. Sounds annoying? It kind of is. But done
Don’t Just Buy It. Depreciate It and Pay Less in Taxes Read More »
If your business is doing well and you’ve got a nice pile of cash sitting in the bank, that’s a win… right? Not always, according to the IRS. There’s a sneaky little penalty called the Accumulated Earnings Tax. It’s their way of saying, “Congrats on the profits… but if you don’t do something with that
When Holding Onto Too Much Cash Turns Into an IRS Problem Read More »
You made a profit last quarter. On paper, everything looks fine. So why are you sweating payroll and dodging vendor emails? It’s not a sales problem. It’s a cash flow problem. These are the warning signs to watch before your bank account pulls another disappearing act. 1. You’re Looking at Profit, Not Cash Profit is
You Don’t Need More Sales. You Need Better Cash Flow Read More »
You made a budget. Back in January, probably. You had plans, projections, optimism… maybe even color-coded spreadsheets. Now it’s nearly June, and the whole thing is off the rails. Most small business budgets fall apart before Memorial Day. But that doesn’t mean budgeting is useless. It just means the way most people build them doesn’t
This Is Why Your Budget Fell Apart (And How to Stop It from Wrecking Q3) Read More »
Running an S Corp comes with perks. One of the biggest? You don’t have to pay self-employment tax on distributions. But some folks take that and run straight into trouble. They pay themselves a tiny salary, take huge distributions, and think they have outsmarted the IRS. They haven’t. If your salary is not “reasonable,” the
The IRS Doesn’t Care What You Call It. If Your Salary Is Too Low, They’re Coming Read More »
