Negative items on your credit report can stay there up to seven years. That’s a long time to pay for a financial mistake, especially if you’ve since improved your financial habits. Your credit report directly impacts your credit score. This helps creditors to determine if you are a good risk. But negative items could keep you from getting the best interest rates on loans and credit cards. They can even count against you when you’re trying to rent a house or get a job. Sometimes it’s possible to remove negative items from your credit report before the seven years have elapsed.
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When you own a small business, every dollar counts. Unfortunately, many business owners don't take this philosophy to heart, leading them to make various budgeting mistakes. While some mistakes are relatively small and can be easily corrected, others can have a devastating impact on a business. If you want to make sure you don't make budgeting mistakes with your business, listen to your CPA and work hard to not make the following budgeting mistakes that could hurt your bottom line.
Not Having a Budget at All
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When you own a small business, every dollar counts. Unfortunately, many business owners don't take this philosophy to heart, leading them to make various budgeting mistakes. While some mistakes are relatively small and can be easily corrected, others can have a devastating impact on a business. If you want to make sure you don't make budgeting mistakes with your business, listen to your CPA and work hard to not make the following budgeting mistakes that could hurt your bottom line.
Not Having a Budget at All
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As a business owner, you know it's important to not only bring in revenue, but also limit your company's expenses. Yet, since there are so many expenses associated with your business, you know it can sometimes be hard to keep track of everything. Should tracking expenses fall by the wayside, you and your CPA know this can take you from having a very profitable business to one that is barely surviving. To keep your business moving forward, here are some of the best strategies you can use to keep track of your business expenses.
Open a Business Bank Account
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Owning your own business has significant tax advantages. Ask anyone who has gone from being an employee to being their own boss and they’ll tell you the deductions alone make it all worthwhile. Still, many business owners are missing out on a fair number of deductions. This may be for a combination of reasons. Maybe they don’t use a CPA, they don’t completely understand how to track expenses, or something else. The IRS is happy to let you take as many legitimate business deductions as you qualify for. But you need to be aware so you keep track of those expenses.
1. Research
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In the wake of the pandemic, more employees are returning to the workplace. Although we may be in for more as far as new virus variants, it’s looking like the swell of returning to the office environment isn’t going to withdraw any time soon. Making the workplace safer for returning employees isn’t just a courtesy; it’s the best way of doing business. A safer workplace offers numerous benefits to both employers and employees, such as:
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Firing an employee is never a pleasant task. No matter what the history is, it’s challenging to make sure you’re firing the employee the right way. Doing so will help to ensure that there is no aftermath to the firing beyond the need to replace that employee. The U.S. Chamber of Commerce has established guidelines as to the legal way to fire an employee, but there are also personal concerns about letting an employee go that need to be considered. Firing an employee the right way will address all the different aspects.
Aspects of Firing an Employee
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Gas prices across the nation have surged almost 50% this year. The “award” for highest price for gas in the nation goes to Mendocino, California, where it hit a record-setting $9.60 per gallon. State averages for regular gas prices are $5.26 in Alaska, $5.55 in Hawaii and $5.18 in Nevada.
Recently, gas prices have cooled down a bit, partially because the White House administration requested a gas tax holiday for three months. So far, six states (and counting) have suspended state gas taxes. After that three months is up, you can reasonably expect gas prices to go back up, too.
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Bankruptcy is not only financially embarrassing; it can make a person feel like there is no future, at least in the money sense. Those who file for bankruptcy are often required to face their debtors in open court. Their whole finances are on display for others to critique. Unlike some online bankruptcy articles may insinuate, filing for bankruptcy does not bring on a feeling of relief; instead, it can make you feel as though you are a failure. But there is life after bankruptcy, and you can recover - emotionally and financially.
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If you were a small business owner years ago, the only methods of payments you were likely accepting from customers were cash, checks, and credit cards. However, today's business world includes cryptocurrency such as Bitcoin and many others, and crypto is quickly becoming popular with many consumers. In fact, statistics show that as of 2022, 30% of small businesses in the U.S. accept crypto as payment. Should your business be one of them? Here's what you need to know when speaking with your CPA and making your decision.
Your Sales May Increase
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Whether you are starting a new business or have a business that is already established and in need of additional financing for new equipment or something else, obtaining a business loan can be the perfect solution. However, wanting a business loan and actually getting the loan can be two different things entirely. If you are considering a business loan and want to increase your chances of success in obtaining one, here is what you should talk over with your CPA as you begin your journey.
Ask Yourself Some Questions
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Like many people, you may be facing credit card bills that have overwhelmed you, medical bills that are simply too high to pay, or other debt that continues to accumulate. Unfortunately, when unpaid debt accumulates long enough, creditors may take the step of suing you in an attempt to collect their money. When this occurs, don't panic. Instead, consult with your CPA and keep the following things in mind.
Lawsuits are Common
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Unfortunately, identity theft has become far too common, especially at tax time. Once an identity thief has your social security number, chances are they will waste no time in filing a fraudulent return in hopes of getting a large tax refund. However, you probably won't be aware of this until you try filing your own tax return, only to have the IRS kick it back on the basis of being a duplicate return with the same social security number. If you ever find yourself to be a victim of tax return fraud, here are some critical steps you should take immediately.
Contact the IRS and FTC
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If you are like many people in recent years, you may have chosen to toss aside the 9-5 job and become a gig worker. Whether you are driving for Uber, writing freelance articles or performing other services as your own boss, being a gig worker offers you flexibility and personal satisfaction. Unfortunately, it can also be harder for you to obtain a mortgage. Since gig workers are not usually issued W-2 forms, you may have little idea how to organize your finances so that you gain loan approval from a lender. If so, here's what you need to know.
Qualifying Criteria
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If you own a business, you often find the summer months are the busiest. Thus, you need as many employees as possible to help shoulder the workload. If your children are looking for summer work and the chance to earn extra money, this can present a win-win situation for everyone. However, if you have never before hired your kids to work at your business, you probably have questions about taxes and other related areas. To make sure you take the right steps along the way, here's what you need to know about hiring minor children for a summer job.
Issue Your Kids a W-2 Form
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In today's world, it sometimes seems as if everyone is in debt to some degree. Between car payments, mortgage payments, credit cards, student loans, and other types of debt, it's easy to see why the average person is nearly $90,000 in debt. If you are determined to put debt behind you in 2022, the good news is that you've got plenty of viable options at your fingertips. As you begin discussions with your CPA as to the best ways to tackle your debt, keep the following tips in mind.
Pay More than the Minimum
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If there is one thing you as a business owner don't want to deal with, it is a cash flow crisis. Occurring when your business has more money going out than it does coming in, it can result in not being able to cover your company's payroll or pay for other operating expenses. In fact, over 80% of small businesses fail due to cash flow problems. If you want your business to continue thriving, speak to your CPA about implementing the following strategies to survive a cash flow crisis.
Figure Out Why it Happened
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If you've been busy rolling the dice at a crap table in Vegas, playing the lottery now and then, or betting on your favorite team to win a few games, you may have accumulated some gambling winnings. While this is certainly putting a smile on your face, realizing you may need to report your gambling income at tax time may turn your smile into a frown. Are you in or are you out? Here's what you need to know about reporting your gambling income.
All Gambling Winnings are Taxable
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While it's easy to plan out your day or week, doing your estate planning can be far more complicated. Unfortunately, many people put it off as long as possible, or even fail to create any plan whatsoever. If you are beginning your estate planning journey, it is important to avoid common mistakes along the way. Failing to do so can have tremendous consequences, especially regarding the distribution of your assets, the tax impact on your estate, and much more. To ensure everything goes smoothly when the time comes, avoid these estate planning mistakes.
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When you invest in something, be it stocks, a business, or anything else, you of course want to make money, or have a return on your investment. To know if your investment has been successful, you will need to rely on the financial metric known as ROI, or Return on Investment. Excellent to use whether you are examining the return on only one investment or multiple investments, the ROI is a ratio that compares your investment's gain or loss to the cost of the investment itself.
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Your credit score impacts everything from how much money you can borrow, to what interest rate you’ll pay, to whether or not your application for a home or apartment rental will be accepted. Without proactive steps, your credit score can easily fall into a range where it makes it hard to succeed financially. If your credit score is less than ideal, here are some ways to raise it.
Check For Misinformation
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If you feel like you’re working as hard as you can and you still aren’t saving money, it’s likely that a household budget will help. Household budgets force you to take a hard look at how much you’re bringing in each month and how much you’re spending. You can use a variety of means to create a household budget, such as budgeting software, spreadsheet software or just a reliable pen and piece of paper. In other words, there are no obstacles to creating a household budget.
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For both private individuals and small business owners, the threat of financial scams is all too real. Every year, billions of dollars are lost to criminals who have perfected various scams. In many cases, once your money is gone, recovering it is almost impossible. Along with the embarrassment that comes with being conned, you or your business may face extreme financial hardship. To avoid becoming the next victim of a financial scam, remember these important tips.
Only Give to Verifiable Charities
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When choosing a CPA, you have many choices. Ideally, you want to find a CPA with whom you can establish a long-term relationship with. This way, you both get to understand one another’s work styles and processes, the CPA will get to understand your business in depth, and you will have a trusted partner in your personal and/or business success.
Understanding the Difference Between a “Tax Preparer” and a CPA
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Before the pandemic, many workers often fantasized about what it would be like to work from their homes. When the pandemic struck, many of them got to find out. Thanks to employers shutting down offices, employees were suddenly working remotely from home. If you are included in this group of workers, you may now be concerned about how this may impact your taxes. Since numerous factors come into play on this matter, you won't be able to decipher the rules and regulations on your own, which is why you will need to rely on the advice of a CPA you know and trust.
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When you take a close look at people who are successful in their careers and other areas of life, you may think they do not seem that much different from yourself, and you would be right. In fact, what makes some people more successful than others is a very thin line. In most cases, it comes down to the mindset you have regarding situations you face on a daily basis. While there is no substitute for hard work and perseverance, knowing how to cultivate a growth mindset can help you achieve more than you ever imagined.
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As a business owner who handles many aspects of your company's finances on a regular basis, you already have a reasonable idea as to just how much your business is worth. However, there may be times when you will need to know the worth of your business down to the last penny. When you do, this means you will need what is known as a business valuation. Though there is no one standard formula used for doing business valuations, your CPA will know of numerous measures used to give you an accurate assessment of your company's worth.
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Under ordinary circumstances, you would spend several months closing down a business. Unfortunately, the COVID-19 pandemic has made sure these are not ordinary times. As a result, circumstances may have dictated you close your business much faster than normal. While many business owners have done so and let the chips fall where they may, doing so could lead to a number of unexpected financial and legal problems that could last many years, making an already bad situation that much worse.
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When you are facing various types of financial difficulties or are in the midst of undergoing a major financial change in your life, consulting with a CPA you know and trust can make any situation easier. Whether you are facing an IRS audit, have questions regarding your business or investments, or are dealing with the death of a loved one, it is vital you get expert financial advice as quickly as possible. To make sure all goes well, here are 10 reasons to contact your CPA immediately.
Tax Law Changes
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As the COVID-19 pandemic stretches into 2022, companies and employees are facing unprecedented challenges. While some workers, especially those in health care and education, have expressed concerns and filed complaints or lawsuits pertaining to mask and vaccine mandates and other measures, the fact is most employers are trying to put measures in place to keep employees safe. As to how this can be accomplished, here are some methods that have proven to be effective.
Offer Working from Home
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