The Pitfalls of Being a New Business Owner
Starting a new business is both exciting and challenging. You’re eager to start your journey but your worried to the mistakes that cause 1 in 5 businesses fail in the first year. The good thing is, you’re not alone in those feelings. While there is no fool proof plan in starting a business, there are certainly things that you can avoid, increasing the likelihood of your success. Here is a list of the most common mistakes that entrepreneurs make.
How to Avoid IRS Penalties
Business income and payroll tax will be one of your biggest business expenses as an owner. This guide
will show you what the most common IRS Penalties there are and how to avoid them.
What is Generational Wealth?
Generational wealth is money or assets that you accumulate and pass down to future generations. There are different ways to create and pass down generational wealth while you're alive, and you can also set up your estate to continue your legacy after you pass.
How to Price Your Services? – A Guide to Charging your Worth
Don’t let that small but important fact get beyond you. Beauty industry professionals are something like medical professionals in that they go to school and acquire the necessary training to provide a service. Like doctors, most states require beauticians to have a license to work in a shop and provide certain services. Not only that, but cosmetology school, training, and certifications can be quite costly. It’s always important to re-invest into yourself and your skillset. Because you re-invest in yourself, you should charge accordingly for your services. Keeping tough competition in mind, it's important to know how to price your services. In this blog, I will not only provide you with some things to consider as well as provide sound advice on how to price your services. Read On.
5 Ways Your Tax Preparer Can Help You Year-Round
Did you know that most tax-preparers offer more than just tax services? Yep, that guy that does your taxes also works in finance and can help your business year-round. Shameless plug aside, it's true. Tax filing season isn’t the only time you should be thinking about taxes, in fact, many tax-preparers double as accountants and can be helpful to you all year. Tax season has come to an end. Most are glad it's over, saying sayonara to their tax preparer, but it may be a good idea to keep them around. Many tax preparers work in crossover roles as an accountant, bookkeeper, or both. Having taxes prepared by a cousin who does the family’s taxes every year is great, but for business owners and high-income earners, it’s smart to work with someone year-round.
10 Ways to Boost Productivity at Work
Being more productive at work isn't rocket science, but it does require being more intentional about how you manage your time. This post will walk you through 10 simple but effective strategies for increasing your productivity at work.
Cash Businesses - How To Protect Your Dollars from the IRS
Businesses should make every effort to protect their money from the IRS. Business owners are required to track and account for every dollar earned and spent on necessary expenses. While having a cash business can be beneficial, there are some things to consider when filing taxes. For businesses, cash transactions can save a considerable amount of money. By only accepting cash, one can avoid having to pay per transaction, and avoid things like fraud. While operating in cash does guarantee quick and easy payments, cash-only businesses have a 55% probability of being audited by the IRS, while multi-payment businesses only have a 5% probability of being audited.
Tax Deductions For Beauty Professionals
There is a common saying that you have to spend money to make money, and while that is true, some of that money can be earned back if the items purchased are tax-deductible. There are certain expenses deemed ordinary and necessary for one to practice business by the IRS. Most deductible expenses fall under the category of things needed to conduct business. This article will list applicable write-offs for beauticians, barbers, nail technicians, tattoo artists, and other beauty professionals
The Six Keys To Profitability
What makes a business profitable? Is it advertising and marketing? Cutting costs? Beating out the competition? Or just plain old hard work? What if we told you seeing a profit in your business is actually easier than one might think. It just takes the right combination of skill and consistently using the right tools. Turning a profit can be narrowed down to six easy steps or categories that ensure to see a return on your initial investment.
Tax Saving 101: Keeping It In The Family – How hiring your children can save you thousands in taxes.
Now is a better time than ever to hire your children. We know, they’re lazy, they barely work, they have smart mouths, but hire them. We’ve all heard of keeping wealth in the family. By hiring your children to do actual work for your company, their income may be a deductible expense for your business. There are some limits and stipulations, but yes you can pay your children to work for you, tax-free!
LLC vs. Sole Proprietorship
When owning a business, it is important to take the necessary precautions to protect yourself as well as your assets. Registering your business and making it a recognized entity with the state is one of the easiest methods of protection.
It can be overwhelming to determine which entity is best for you. Though there are many types of entities, the best two for small and new businesses are LLC and Sole Proprietorship. Both are inexpensive and relatively easy to obtain. Read the guide below as you decide which entity is best for your business structure.
Why No One Should Start A Sole Proprietorship.
Forming a sole proprietorship for your business is probably not the best idea. Registering with the state is the first official step for many up and coming business owners. While some businesses file right away, others wait until they’ve seen a certain amount of return, warranting the action.
Knowing what type of entity to file can be confusing, but we can almost guarantee a sole proprietorship is never the answer. For most businesses, a sole proprietorship carries more disadvantages than perks. With that in mind, MATS is here to explain why it’s rarely a good idea to file as a sole proprietorship.
Expert Business Coaching $1500/m
Feeling stuck? Feeling like you’re making money but still broke? Let a Madison’s Business COACH lead on a path that: Organizes your business, increases monthly revenue, and to sustain a growth pattern.
Self-Employment Tax: What is it, And How is it Calculated? 2020
Self-Employment Tax - What is it & How it is Calculated