Business

Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states why customers should […]

If you operate a small business, or you’re starting a new one, you probably know you need to keep business records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure […]

What is a reasonable business owner salary? If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not […]

How important is marketing to your business? In business, a failure to evolve may lead to failure. One way to keep your company rolling is to regularly adjust how you market products or services to customers and prospects. A marketing strategy shouldn’t be a knee-jerk reaction to some enticing rumor or hot trend. Rather, it […]

If you’re a business owner, be aware that a recent tax law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a valuable tax credit known as the Work Opportunity Tax Credit (WOTC). The Work Opportunity Tax Credit was set to expire in 2019, but has been extended […]

If your company has more than one owner, you can manage risk with your buy-sell agreement. Most companies wouldn’t go into business without some basic types of insurance in place, such as property coverage and a liability policy.  You can manage risk with the additional protection that a buy-sell agreement provides. If your business has […]

How often do you schedule a 401(k) plan checkup? In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming […]

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]

Wondering how you can reduce tax? Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment […]

Do you have a multigenerational workforce? Many of today’s businesses employ workers from across the generational spectrum. Employees may range from Baby Boomers to members of Generation X to Millennials to the newest group, Generation Z. Managing a workforce with a wide age range requires flexibility and skill. If you’re successful, you’ll likely see higher […]