Bank credit is the amount of funds a business can borrow from a bank. It’s a subset of business credit, which is the total amount of money a business can get from all different types of creditors, such as credit card companies, credit unions, leasing companies, and suppliers (called trade or vendor credit). Your business’s […]
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Small Businesses Should Avoid These Common Startup Mistakes
Nearly every entrepreneur will make mistakes when starting a business. Some mistakes are minor and can be chalked up to learning curves and trial-and-error, but some mistakes could have a long-term effect on your business. Here are some common startup mistakes to avoid when starting your small business. Skimping on planning Without a solid foundation […]
Figuring Out the New 199A Deduction
If section 199A is entirely new to you, don’t worry! The Internal Revenue Service (IRS) released a new document earlier this month that breaks down some of the new specifics around the rules created for section 199A. In short, this complex section refers to a part of the tax code that mentions a newly created […]
It’s the Most Wonderful Time…To Review Business Expenses for Deductibility
As this year draws to a close, it’s wise to take the time to review your business expenses for deductibility in light of the changes made by the Tax Cuts and Jobs Act, which minimizes or omits many deductions. Below is an overview of these changes. While reviewing them, you may decide to revise your […]
How to Protect Your Business from Tax Identity Theft
According to the IRS, businesses are increasingly becoming targets of tax identity theft. And as reported by the U.S. Small Business Administration, identity theft costs businesses around the world approximately $221 billion annually. To make matters worse, identity thieves are becoming increasingly sophisticated, adept with filing practices, tax code, and efficient methods for obtaining valuable […]
How the Tax Cuts and Jobs Act Affects Employee Reimbursement
As a result of changes made under the Tax Cuts and Jobs Act, employee reimbursements for business-related travel expenses are more appealing than ever. No longer are these expenses deductible from an employee’s individual tax return as a miscellaneous deduction, but work-related travel expenses are still able to be reimbursed to employees. This could be […]
Tips for Business Valuation Preparation
As a business owner you should be in possession of a business valuation that is updated yearly so you have an accurate understanding of your company’s value. Updated valuations help with: taking advantage of opportunities that might arise such as planning for an expansion or taking on a new partner moving quickly when you are […]
