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Many companies I work with are strapped for cash. They look all over their operation to find where they can save money and improve their cash flow but they are missing a possible gold mine. Congress has created great cash flow tools for small business and most people are either are too short sighted to see them or are not using their tax advisors to their benefit. It is not too early to start thinking about tax planning for year end. Let’s start with the difference between

Are Non-Profit Organizations much different than For-Profit Companies? The differences between a for-profit and non-for-profit organization is the use of the resources and their mission. Let’s look and evaluate the issues. Both organize to fulfill a mission and have a vision. Both have to understand and fill a need in the market place or folks will not participate, join or shop at the business. Both have to provide solutions to problems and have to engage the customer, cl

Businesses must stay sharp and be proactive to be ahead of the game

A small business is not a big business. Big business can make mistakes and recover. Small business may never recover.

How to write a Business Plan The new entrepreneur is more educated in all areas of business than ever before. The student understands...

Neil Shnider, RPh (inactive), MBA, CPA, CVA As the year moves on, it’s not too early to start thinking about some tax tips to help reduce...

It is not uncommon for sellers to self-finance the real estate, both personal and business, that they want to sell. In many cases this may be the only way an owner can sell their property as many buyers cannot qualify for financing or the real estate will not satisfy the requirements of a lender. Also, buyers may not have the required funds for a down payment. So, how can the owner sell the property? They can carry the loan and self-finance the transaction. This means that th

Most small businesses that I work with have very little understanding of marketing. Most think that marketing is advertising and of...

As we think about the business that we are going to start or the new products/services we will be introducing into the market place, we...

The federal and state and local governments have requirements and the regulations of doing business in the U.S. Obtaining the information...

How to save tax dollars by hiring family members Child employed by parents Payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child. Refer to the “Covered services of a child” section below. Payments for the services of a child under age 21 who works for his or h

Rental property lease terms can cost tax dollars Folks renting new office space or commercial stores need to understand the tax implications of the terms of the contract or lease. In many cases the landlord will pay a broker to aid in finding a new tenant. Also, some landlords will provide the tenant with incentives to sign leases such as, free rent for a period, improvements (called leasehold improvements), lower rent in early years and increasing over time, or actually give

After consulting for many years and working with a great deal of small business owners and not-for-profit organizations from startups to...

Apply Online The Internet EIN application is the preferred method for customers to apply for and obtain an EIN. Once the application is...

Beware of misclassification of an employee Treating employees as non-employees You will be liable for social security and Medicare taxes and withheld income tax if you do not deduct and withhold them because you treat an employee as a nonemployee, including yourself if you are a corporate officer, and you may be liable for a recovery penalty. Refer to Publication 15, Circular E, Employer’s Tax Guide for details about the trust fund recovery penalty or Independent Contractor

Do you think your corporation or Limited Liability Company (LLC) will protect you from your wrongdoing? See the examples below and make...

Many companies are starting, planning, and completing their budget process for the upcoming year. Those that are not doing any of the above are simply flying by the seat of their pants and hoping for the best. Lack of planning allows the unexpected to cause reactions vs. being proactive and looking ahead. Budgeting is typically viewed at as planning. I take a different perspective and look at budgeting as managing the future. Budgeting is not a once a year process but a p

If you have been following my articles over the past few years, I hope you realize that I truly believe that one of the most important assets of a company are the human resources, which does not pop up on the balance sheet. But equally important are two other intangibles-creativity and innovation. It is very easy for companies to get into their comfort zone and forget about the world around them. It is much less work and effort to do what you have always done rather than chal

If you want to sell your business, you need to understand what is needed to get it ready for sale. The goal of a sale is to receive the most value (money) from the perspective buyer and therefore, the seller needs to make sure there is VALUE to purchase. Value is more than net income or cash flow. Value is the FUTURE. The buyer is buying the FUTURE. Listed below are the readiness issues in preparation to sell a business. Steady and predictable growth is the plan. The g

20 Factor IRS Test The IRS uses a 20-factor test to determine whether a person is an employee. In connection with this test, the IRS has stated the following: . . . 20 factors have been identified that indicate whether enough control is present to establish an employer-employee relationship. The degree of importance of each factor varies depending upon the occupation and the context in which the services are performed. It does not matter that the employer allows the employee