Tag Archives: business owners

The Business Expo Is Here!

The Business Expo Is Here!

The Brunswick Chamber of Commerce annual Business Expo is this evening. It will be held at the new Brunswick firehall. Our firm has been an exhibitor for the last three years and each year it has been a great experience. This is a great venue to market a small local business like ours.

For me, what I enjoy most is working at our table space. We try to assemble an informative display with brochures and information that appeals to a broad array of situations. This year we will have information on the Maryland Energy Assistance and Homeowner Tax Credit programs, information on federal income tax deductions, and information valuable to anyone starting a small business. Please stop by booth #19 and say hello.

I look forward to seeing you Thursday evening, November 8th at the expo!

Jim

[Photo credit: https://www.facebook.com/gbaccmd/]
The Balance Sheet: The Unappreciated Statement

The Balance Sheet: The Unappreciated Statement

I have prepared financial statements for business owners throughout my entire career. A standard set of financial statements can be a wealth of information when it comes to operating a successful business. Too often the value of these tools is unappreciated by the business owner. Many times, their attention goes straight to the bottom line… Continue Reading

Don’t be Afraid to Raise your Prices!

Don’t be Afraid to Raise your Prices!

This morning I met with a small contractor to review his year to date results of operations and compute the income tax he should submit by Sept. 15th. During the meeting he mentioned how busy he has been and that he is turning down offers to look at more work because he is already scheduled… Continue Reading

IRS to Audit More Small Businesses!

IRS to Audit More Small Businesses!

The 2018 IRS Forum was a valuable source of information regarding the upcoming tax filing season. Among the many tidbits I gleaned were issues of IRS concern relating to small businesses. The IRS has announced they are going to scrutinize such things as: personal use of the business assets such as cell phones and laptops,… Continue Reading

Sometimes not working can make us more productive!

Sometimes not working can make us more productive!

Unless you work in this industry or are married to someone who works in this industry, you probably don’t fully appreciate the demands of a “tax season.” The average CPA makes about 67 percent of their annual income during the months of January to April. It is a lot of work during a relatively short… Continue Reading

Good Employees Make a Big Difference!

Good Employees Make a Big Difference!

Most small businesses don’t have employees. The owners perform all the duties of the business. However, that type of business model restricts growth. If you want a business to grow, the owner must be willing to delegate most non-essential functions to an employee. A good employee who competently handles the clerical and administrative functions can… Continue Reading

Due Date for Payroll Reporting

Due Date for Payroll Reporting

The due date for filing your form W2’s with the Social Security Administration is January 31, 2018.  Extensions to file these forms are much more difficult to get this year.  The IRS is only granting extensions in cases of extreme hardship or uncontrollable circumstances.  The penalties for failure to file the forms on time have… Continue Reading

Biggest Audit Risks for Business Owners

Biggest Audit Risks for Business Owners

The Schedule C for an unincorporated business and the Schedule F for farming activities are the forms MOST AUDITED by the IRS! The IRS has published the following list of issues they scrutinize when auditing the Schedule C and the Schedule F: Lack of record keeping for automobile use – no mileage logs. Personal phone… Continue Reading

Should You Use Technology for Record Keeping?

Should You Use Technology for Record Keeping?

Technology can be helpful when it comes to bookkeeping! There are many new gadgets and applications on the market that assist with tracking business expenses. While these “apps” eliminate paper, they do not eliminate the need to provide your tax preparer with the records they deem necessary to prepare your income tax returns. For example,… Continue Reading

What Software Do I Use For My Small Business

QUESTION: Dear Taxman – I am starting a small business. What software should I use to keep track of my business transactions? ANSWER: Dear Reader – If you are only selling one product or service, Excel is good for tracking incoming and outgoing money in a list format that you can sort and search. If your business is much larger,… Continue Reading

What Is The Due Date for Filing W-2’s?

QUESTION:  Dear Taxman – What is the due date for filing my W-2’s with the Social Security Administration? ANSWER: Dear Reader – You’re probably aware that W-2 forms must be provided to your employees by January 31st. The IRS has set the due date for filing your W-2’s with the Social Security Administration to January… Continue Reading

Do I Give my Employees 1099’s or W-2’s?

QUESTION: Dear Taxman – I have a small business and I am not sure if I should give my workers 1099’s or W-2’s. Can you tell me how to determine which way to go? ANSWER: Dear Reader – It’s not uncommon for small business owners to be confused about the right way to handle their… Continue Reading