Entries by David Auer

How and When to Do a Business Competitive Analysis

Regularly conducting a competitive analysis helps keep up with trends and technologies while identifying gaps in your business. Key takeaways: You may want to conduct a competitive analysis every quarter or once per year, or when releasing a new product or trying to grow a business quickly. Steps to conduct a competitive analysis: Identify key […]

Frequently Asked Questions about Self-Employment and Taxes

Self-employment offers many benefits, but taxes can seem like a bigger burden. Here are some FAQs with detailed answers. Key takeaways: Eight self-employment tax FAQs: Am I considered self-employed by the IRS? What is self-employment tax? Do I have to pay quarterly taxes? How do I figure out how much to pay quarterly? How do […]

What Business Startup Costs Can I Deduct?

New business owners have a lot of startup costs to worry about, from rent and payroll to advertising and research. Here’s what to know about deducting these expenses from your taxes. Key takeaways: Understand fixed versus variable startup costs, like rent and utilities versus designing a logo or a down payment. Startup costs that qualify […]

Managing Risk vs. Reward in Business: A Careful Balancing Act

New business owners need to have the perfect balance between taking big risks that will pay off and being strategically cautious. Key takeaways: Understand the major risk categories for businesses: Strategic Reputational Financial Growth Market Come to terms with some inevitable failures. Don’t underestimate the power of research! Taking on any business venture involves some […]

Should I Copyright My Business Name and Website?

Original works are automatically protected by copyright, but when would you need to copyright or trademark something explicitly? Here are some common FAQs! Key takeaways: FAQs about copyrights: Can you copyright a business name and mottos? Brand names and logos would fall under the trademark umbrella. Can you copyright your website? Generally, you can’t explicitly […]

5 Crucial EOS Tools That Drive Business Systematization and Success

The Entrepreneurial Operating System® (EOS®) is used by over 100,000 organizations to help them align around common goals and improve the business. These are some of the most important tools that make it work. Key takeaways: EOS is a model built for busy entrepreneurs and centers around six key components:  Vision People Data Issues Process […]

A Guide to IRS Form 8829: Expenses for Business Use of Your Home

IRS Form 8829 is where you can claim the regular home office deduction and calculate other expenses related to using a home for business. Key takeaways: Form 8829, Expenses for Business Use of Your Home, allows you to calculate the percentage of your home used for business and other allowable related expenses. Taking the simplified […]

What Are Your Business’s Core Processes?

A business is driven by a set of workflows and actions that help define who you are, what you do, and how you do it.  Key takeaways: A core process is a detailed business function that keeps the business moving and aligns teams through shared steps and well-defined accountabilities. Identify and strengthen your core processes […]

Business Owner vs Self-Employed: What’s the Difference?

Self-employed individuals own their businesses, but not all business owners are self-employed. Here are the essential differences. Key takeaways: Business ownership can look a few different ways. For instance, business owners can hire other people to work for them or be sole proprietors. Self-employed individuals work for themselves and include independent contractors, partners, sole proprietors, […]

What’s Going on with the Employee Retention Credit?

The Infrastructure Investment and Jobs Act ended the employee retention credit three months early. Key takeaways: The ERC is a tax incentive created so that employers would retain more employees during the pandemic. The credit was extended until the end of 2021, but the Infrastructure Investment and Jobs Act signed on November 15, 2021, ended […]