This article discusses the importance of having a succession plan. According to the Dayton Daily News, about 3 out of 4 small businesses currently do not have a succession plan. Succession plans should not be a birthright, but instead, should go to the most qualified...
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This article discusses how marketing is essential for any successful business, especially startups. However, sometimes the best marketing practices can be extremely expensive with little return on investment. However, using simple tips such as getting a social cost, having a referral program, and sending emails...
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This article discusses the best methods to practice before selling your business to someone who values it as much as you do. Firstly, it is important to determine your business value. In order to successfully do that it is necessary to follow the asset method,...
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This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage...
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Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the...
Read MoreIf you are an employer looking for an attractive employee benefit that lets you plan contributions around your revenues, consider a 401(K) profit-sharing plan. These plans allow you to make pre-tax deposits to your employees’ eligible retirement accounts after the end of each calendar year,...
Read MoreAs part of the emergency disaster declaration made by President Trump on March 13, 2020, it became possible for employees to donate their unused paid vacation time, sick leave, and personal time off to qualified charities that provided COVID-19 relief in 2020. The IRS recently extended...
Read MoreThe U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these...
Read MoreWith the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep...
Read MoreAs more employers bring employees back to the workplace and navigate new CDC guidance on mask-wearing, they may have questions about whether they can ask about an employee or applicant's COVID-19 vaccination status. Here are answers to frequently asked questions about vaccination inquiries. Q: Would asking...
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