As a business owner, getting extra help is a crucial step towards growth. Here’s what you need to do when hiring your first employee. Key takeaways: Decide between a regular employee vs. contractor Get tax ID numbers Register with the labor department Gather the right forms Set up a payroll system Create a benefits strategy […]
Working in more than one state? You might need to file multiple tax returns. Key takeaways: You need to file multiple state tax returns if you live in one state and work in another, moved states and employers, or received income property from a place you own in another state. A non-resident is someone who […]
It’s challenging to keep strong emotions and conflict out of family businesses. These tips will help ensure operations stay on track. Key takeaways: 8 tips when running a family business: Consider the domino effect Let go of grudges Improve communication Create clear work boundaries Stay objective Set clear roles and responsibilities Focus on the benefits […]
More people are becoming digital nomads, living and working in other countries. Here’s what you should know about US tax obligations if you work abroad. Key takeaways: You still must file a tax return and pay any applicable taxes in the US when living and working abroad. You may qualify for the foreign earned income […]
A spousal IRA allows a working spouse to contribute to a non-working spouse’s IRA under specific conditions Key takeaways IRAs can create tax savings while providing future retirement income A non-working spouse might not be eligible for a regular IRA But the working spouse can make contributions to a spousal IRA This arrangement benefits the […]
Business problem-solving is not always straightforward, and it requires collaboration, creativity, and a deep dive to uncover the root cause. Key takeaways: Identify and address the root cause Know when to delegate Take time to outline your thoughts Ask for new perspectives Use the EOS Toolbox™ and the Issue Solving Track™ Solving problems is a […]
Are you keeping your business tax records organized? Here are 6 tips for doing it right. Key takeaways: Six tips for better records management: Keep tax documents together Go digital Get ahead of deadlines Use one account or card for expenses Put a weekly plan in place Know which documents to keep and for how […]
Are you keeping accurate tabs on your business’s performance? These 7 financial KPIs will help! Key takeaways: Financial KPIs help you understand how the business is performing and what to focus on now and in the future 7 important financial KPIs: Net profit Net profit margin Average customer acquisition cost Working capital and current ratio […]
The American Rescue Plan, passed in March 2021, includes several provisions and extensions that target small business owners Key takeaways: The American Rescue Plan included the following: More PPP funds allocated Other small business loan programs continued New grants targeting specific businesses, including restaurants and venues Tax credits extended to support employers The Biden Administration’s […]
What is forecasting, how can small business owners do it right, and why should they? Key takeaways: Small business forecasting is making future predictions based on actionable business data 4 tips for forecasting: Understand qualitative vs. quantitative forecasting Start with expense forecasts Create multiple forecasts Master cash-flow forecasting Stay flexible Small business owners just starting […]