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At the very least, update the financials in your business plan

Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your…

Do You Owe The “Nanny Tax”?

2019 – 10/16 Do you employ someone in your home to care for family members or do other household tasks? If so, you may owe what’s commonly called the “nanny tax.” The Social Security Administration has announced that for 2020, the nanny tax will be due on a household worker’s wages when the wages exceed…

Federal Tax Lien vs. Installment Agreement

2019- 10/18 A taxpayer, a swimming pool builder, failed to pay its employment taxes for several quarters. The IRS filed a Notice of Federal Tax Lien against it. At a Collection Due Process hearing, the taxpayer requested an installment agreement as a collection alternative. The IRS Appeals Officer (AO) asked for proof that the company…

IRS & Identity Theft Protection

2019 – 10/21 Identity theft protection when filing federal tax returns is improving. To enhance security, the IRS has expanded its Identity Protection Personal Identification Number (IP PIN) program to more states. An IP PIN is a six-digit number that taxpayers can use to help shield their Social Security Numbers from use on fraudulent tax…

Deciding whether a merger or acquisition is the right move

Merging with, or acquiring, another company is one of the best ways to grow rapidly. You might be able to significantly boost revenue, literally overnight, by acquiring another business. In contrast, achieving a comparable rate of growth organically — by increasing sales of existing products and services or adding new product and service lines —…

October 15th Deadline

Heads up! Oct. 15 is an important deadline for taxpayers who live and work abroad, or have certain foreign financial accounts. Taxpayers abroad had until June 17 to file a 2018 individual tax return or request an automatic extension to file by Oct. 15. Requests must have been filed by June 17. Also, taxpayers with…

Setting up a Health Savings Account for your small business

2019 – 10/14 Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are…

6 ways to ensure your marketing plan drives sales

2019 – 10/14 Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales staffs will struggle if not supported by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan is likely…

Laptop battery safety is no laughing matter

2019 – 10/02 You’d be hard pressed to find a business today that doesn’t have laptop computers listed among its assets. Large companies have hundreds of them; midsize ones issue them to managers to facilitate mobility; and many small businesses rely on them as primary computing devices. Now, in and of itself, a laptop may…

Per-diem Travel Rates

2019 – 09/26 The IRS has issued a new notice listing the “high-low” simplified per-diem rates for post-Sept. 30, 2019 travel. The high-cost area per-diem increases $10, and the low-cost area per-diem increases $5, from the prior simplified per-diems. In addition, the following have been added to the list of high-cost localities: Mill Valley /…

October 15th Deadline

Did you request an automatic six-month extension to file your 2018 tax return? If so, time’s running out. For most extended filers, the deadline is Tuesday, Oct. 15. Special rules apply to members of the military and those serving in a combat zone. Military members typically have until at least 180 days after leaving a…

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