by Karla Dennis | Oct 11, 2018 | Blog
Why Small Business Owners Should Keep Accurate Records This post was originally published on July 17 2013, and updated on October 11 2018. If you haven’t heard recently that audits are on the rise, you might want to start paying more attention because small business owners are being attacked more often than individual tax filers. When we hear that our government does not have money to balance the budget, we can assume that they are going to do something to generate more revenue. The biggest revenue stream we have as a government is income taxes; this is why we will see an increase in audits. Because small business owners have the greatest opportunity to under-report their income and over-report their expenses, the IRS has made a conscientious effort to guide its revenue-generating efforts towards small business owners. read...
by Karla Dennis | Oct 9, 2018 | Blog
How to Weather the Storm of the Economic Collapse In the event of an economic collapse; the first thing to do is stay current on what’s happening with the economy. You need to have a basic understanding of it all and keep up with the changes that are happening as well. Without this information, you may make decisions that could be detrimental to your financial future. It’s far too easy to panic and makes rash decisions when the future is uncertain and frightening, so don’t dwell on the latest news, just keep yourself in the loop. read...
by Karla Dennis | Oct 4, 2018 | Blog
The Role of Bookkeeping: This post was originally published on July 22, 2013, and updated on September 27, 2018. To understand the role of bookkeeping you must know whether or not the money devoted to different assets are yielding the best rate of return, and furthermore, decide whether you are effectively on your way to meeting the goals with the business or not. How does one do all this? You achieve it through detailed accounting measure to convert. Detailed accounting will convert all of the measures into monetary terms as a way to guide you on the road ahead. read...
by Karla Dennis | Oct 3, 2018 | Blog
How to Strengthen Your Money Management Skills It’s always a good idea to tweak and reevaluate your money management skills. The world of money can be a huge task to manage which can get overwhelming at times. However, with clear goals and careful calculations, you can adopt a manageable system that works well for you. Follow these tips to strengthen your money management skills: 1. Tweak your tracking system. You probably already track your spending to some degree, but it would be helpful to see what it’s like when you track all of your spending. Try doing this for at least a week. When you see all of your expenses written out, you’ll be able to clearly see what’s necessary and what’s not. You can then decide to spend your money differently based on your current spending habits. read...
by Karla Dennis | Sep 27, 2018 | Blog, Business
This post was originally published on July 17, 2013, and updated on September 27, 2018. With the recent change in the Tax Cut and Jobs Act, new business owners are asking what is the best entity set up, and current business owners are asking if they should move their C corporation switching to an S corporation. The answer really depends on what the long-term goals are for the business. What are your long-term goals for the business? The right structure doesn’t just depend on the state of your business today; it also depends on where you would like to be in three to five years, or even longer. read...
by Karla Dennis | Sep 25, 2018 | Blog
Fire Your Boss and Start Your Own Business Do you ever feel like you’re stuck in a rut and want to start your own business? You wake up each morning and go to the same job, driving on the same roads, walking on the same streets, and doing the same thing day after day – and that gets pretty boring! Do you feel unappreciated at work? You may be a hard worker but never get the true recognition you deserve from your boss and colleagues. Just once you would like your boss to pat you on the back and say, “Good job,” but unfortunately that day never seems to come. read...
