When you think of a startup business and a small business, you may assume they are one and the same. However, once you learn more about these two types of businesses, you'll discover important differences. If you’re considering going into business for yourself, here are some facts to keep in mind regarding a startup and a small business.
What is a Startup Business?
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If you are trying to buy a home, obtain a car loan, rent an apartment, or even apply for a job, the information contained in your credit report will be a big factor in determining your success or failure. While in most cases your credit report will be accurate, many people find negative items on their reports that they didn't even know existed. While there are plenty of companies that offer to help remove these items, they don't do anything you can't do yourself.
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Embarking on the journey to financial success can be overwhelming, particularly when faced with multiple goals and competing priorities. But taking the time to prioritize financial goals and then following through with them can reap tremendous and long-lasting benefits. CPAs see firsthand the benefits of establishing a clear and well-organized financial plan. Here is a step-by-step process to prioritize your financial goals and create a roadmap to achieve them. By the end of the journey, you'll be better equipped to tackle your financial aspirations head-on.
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Despite the best of intentions, many people find themselves living paycheck to paycheck, unable to put away any significant savings. This lifestyle can lead to financial stress and prevent individuals from achieving their long-term financial goals. In this article, we will explore some of the most common reasons why people struggle to save money and provide practical advice for overcoming these obstacles.
Lack of Budgeting and Financial Planning
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Managing personal finances can be challenging, but reigning in family spending often proves to be a more significant challenge. When different family members have diverse spending habits, it becomes essential to find ways to bring harmony to the household's financial situation. This article will explore various methods that can help families take control of their spending, ensuring everyone works together to achieve financial stability and peace of mind.
Leverage Communication and Transparency
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In the world of finance and business, there are a few people who stand out for their incredible wealth and success. These individuals have built multi-billion dollar companies, made smart investments, and have mastered the art of accumulating wealth. While there are many strategies and philosophies when it comes to managing money, we can learn a lot from these experts. Here is what some of the world’s most successful people have to say about wealth.
Warren Buffet: “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.”
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Whether or not we’re in a recession or a recession is on the horizon is a debate for pundits and economists. But you don’t have to be a fortune teller to know that a future recession will eventually come. The economy undulates like waves in the sea; sometimes it’s up and sometimes it’s down. Given this, it’s always a good idea to be prepared for the worst and to learn from the past.
Here are some lessons to be learned from past recessions for both individuals and business owners.
Build a Strong Financial Foundation
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We live in a time when starting and running a home-based business is easier than ever. With a little bit of ingenuity, some seed money and a good internet connection, you can start and run all kinds of home-based businesses. From drop shipping to freelance graphic design to making and selling crafts, it’s all possible.
But there are risks involved with home-based businesses that a lot of people are blithely unaware of. Running even a simple home-based business can endanger your assets unless you take steps to protect yourself.
Common Home-Based Businesses
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Being notified that you’re going to be audited is never good news. But it doesn’t have to keep you up at night. Although it can be a stressful and challenging process for you or your business, there are things you can do to prepare mentally, emotionally and in a practical way. Just go through the steps below to get through an audit successfully.
Realize That It’s Not Personal
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The first step in budgeting for the perfect vacation is to be realistic about yourself, your finances and the experience you’re about to have. The budget should be based on your financial resources and your savings goals. But it also needs to take into account that life is for living. Let’s face it. Economizing at home is one thing. These days, most people can’t afford not to trim costs here and there. But economizing on a vacation can be less than ideal.
Be Realistic With Your Budget
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Diversifying your business's revenue streams is essential for the long-term success and sustainability of any organization. Having multiple streams of income means that if one source dries up, the business can still survive on the strength of its other revenue streams. Here are some reasons you might want to consider diversification for your business and some ideas on how to do so bring in different revenue streams.
Risk Mitigation
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In years past, small business owners found themselves entering facts and figures into ledgers by hand, which took hours and hours to complete. Fortunately, financial software for accounting and bookkeeping has changed things dramatically. Now, what once took hours can take mere minutes, making it easier for you to focus your attention on other important areas of your business.
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Whether you have owned your small business for many years or are an entrepreneur who has just gotten started in the business world, you know today's business environment is more competitive than at any point in history. Because of this, it is vital that you make ongoing financial education for yourself a top priority. This can include reading books, taking a class or two, and of course relying on the advice of a CPA you know and trust. As to why it is so important that you learn as much as you can about the financial side of business, here are some key reasons to keep in mind.
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When the nation's economy starts to slow down, you as a small business owner cannot help but worry about what lies ahead. As the COVID-19 pandemic demonstrated, uncertain economic times can emerge from nowhere in a hurry. When this occurs, having a plan in place can mean the difference between your business staying afloat after the crisis is over, or instead closing the doors to a business you worked so hard at for years to make a success. To help navigate the rough economic waters, here is how a CPA can help your small business.
Emphasizing Your Balance Sheet
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Regardless of whether you’re traveling on business or to a vacation spot, there are some smart money moves you can make while on the go. Those moves include pre-authorized transactions, automating payments, and exchanging U.S. dollars for foreign currency. In addition, you can also avoid overdraft charges and hire an accountant.
Be Familiar With Pre-authorized Transactions
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When it comes to your parents, you’ve probably always been able to talk to them about anything. Yet, as you find yourself wanting to have a conversation about estate planning, you may be finding it to be harder than you anticipated. A topic often put off far too long, estate planning is a critical component of any family's financial strategy. If you need some tips on how to talk to your parents about estate planning, here are some details to keep in mind.
Don't Put Off the Conversation
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As you say goodbye to December and hello to January, one thing you can take advantage of is seasonal discounts. Each and every new year, retailers put various things on sale in January that you can get for very low prices. If you're ready to be a smart shopper and pick up certain products and services to get your year off to a great start, here are just a few of the best things to buy in January.
Christmas Decorations
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Most people make New Year's resolutions centered around self-improvement. While you may decide you want to lose a few pounds or perhaps take up a new hobby, you might want to also make some resolutions regarding your finances. If you're ready to make 2023 your best year ever from a financial standpoint, here are some ideas you should consider adding to your list of resolutions.
1. Create an Emergency Fund
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Now that 2023 is right around the corner, it’s a good time to look ahead at planning for a brighter financial future. You can review your financial moves in 2022 and consider what worked well and what didn’t. For many people, 2022 was a year to recover financially from the troubles caused by the pandemic. Hopefully, your household was able to make some strides toward getting back on track. The following ideas may help you make even more progress in 2023.
Create a Budget
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Working from home offers tremendous benefits. If you’re a person who has longed to work from home, it may be possible to make this scenario a reality. Before approaching your boss with the idea, take some steps to see if this would actually be practical for you.
List Your Responsibilities
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Whether you're trying to reclaim your credit score, or simply looking for a way to reduce your credit utilization, a balance transfer credit card can be a great solution. Depending on the terms of your balance transfer, you can potentially enjoy low interest rates, as well as a long promotional period that will allow you to pay off your debts in a shorter amount of time.
Beware of High Variable APR After Introductory Period
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Investing in pet insurance can be a great way to protect the quality of life of your pet. It could save you money on pet medical bills. It would also give you the assurance that you would be able to pay for pet medical emergencies down the line. However, if your pet ends up being healthy and strong, you could end up paying those monthly premiums for no reason.
However, there are a few factors to keep in mind before you make a decision.
Consider the Age and Breed of your Pet
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If you’ve ever wondered why they don’t teach teens about money in school, you’re not alone. Chances are, either you or your friends have asked this same question. Until the school curriculum changes, teaching teens about money in the real world remains in the domain of parenting. And this isn’t something that should be left up to “life’s lessons.” If your young adult goes off not understanding how to handle money, their financial missteps will eventually come back to haunt you.
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How many times in the past have you been strapped for cash during the holidays? Do holidays always seem to come at the worst times, when you have a month of unexpected expenses or cash emergencies? Have you repeatedly wished that you could turn back the clock and plan ahead for the extra costs related to gifts and holidays? Managing the extra expenses is totally achievable. Here are some ideas to consider for smart ways to budget for gifts and holidays.
Be Aware of Developing Situations
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As a small business owner, you realize just how important your employees have been to your company's success. Since the holiday season is fast approaching, this is a perfect time to show your appreciation for their hard work. But like many business owners, you may be unsure as to the best ways to express your appreciation. If so, here are some great ideas you could implement during the holiday season to say thanks for another year of hard work.
Throw a Party
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As an employee who has been loyal to your company, shows up on time day after day, and puts your heart and soul into your job, you know when the time has come to ask for a much-deserved raise in pay. Yet while most employees have this idea in their heads at some point during their careers, surveys have shown that less than 40 percent actually follow through with this request. If you've decided your hard work and dedication merit an increase in your paycheck, here are some useful strategies for how to ask for a raise and actually get it.
Pick the Best Time to Ask
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If you have been fortunate enough to receive a cash windfall, you may be tempted to do something frivolous with your new riches, such as take an exotic vacation or splurge on new clothes. While these things are great, the fact is you will not be putting your money to excellent use by choosing these options. If you want to make the most of your cash windfall, here are some possibilities you should be discussing with your CPA.
Start Your Own Business
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Most people keep a copy of their tax returns after they file. And, if they don’t retain a copy themselves, they may rely on their CPA to keep a copy. But sometimes, you may need a tax return from many years ago and a copy isn’t immediately available. Another situation might arise where the third party that’s requesting your old tax return won’t accept it directly from you. The reasoning behind that is that they need verification that the document has not passed through your hands into theirs. This helps to ensure that the return is authentic and hasn’t been tampered with.
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The IRS grants tax exempt status to certain types of organizations in order to give relief of some financial burden. This status must be applied for. Once granted, your organization will be able to have business income that is free from federal taxes. This can greatly improve an organization’s chances of success, thereby enabling it to do the most public good possible. It’s easier to get and maintain tax exempt status than to lose it and try to get it back.
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In today's world, you need to work smarter, not necessarily harder. To accomplish this, you should take a closer look at generating passive income. Rather than always struggling to earn a few dollars here and there, it pays to find ways that will have your money working for you, rather than the other way around. If you're ready to be anything but passive about earning more income, here are nine ways to generate passive income.
1. Invest in Rental Properties
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