Small Business

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Small business is the backbone of the United States Economy. Small businesses comprise 99.7% of U.S. Employer firms, responsible for almost two-thirds of new private sector jobs, and half of the private sector employment, payroll, and output.

Small business owner opens business

At the core of the American Dream was coming to America, starting your own business, buying a home, and raising a family. If the “chief business of the American people is business” as President Calvin Coolidge said, than the chief growth of business is the entrepreneur.

While not as flashy as the venture-capital backed startup, owner operated businesses employ many people, and create income and wealth for their owners. Whether an attorney with a small law firm, a doctor in private practice, or a restaurant owner, business owners need help with managing areas of bookkeeping, financial planning, and payroll.

Most of our clients are business owners, and we manage all of their financial affairs related to the compliance and tax obligations. This is important because most of these companies are organized as LLCs or S-Corporations, which are forms of pass through entities. It is impossible to engage in tax planning or strategy without seeing a holistic picture of your income and net worth.

Payroll often presents a huge problem for owner-operated companies. If taxed as a partnership, you often are not permitted to run payroll for the owners. If taxed as an S-Corporation, it is often required that you run payroll. These areas of taxation are straightforward, but the penalties for non-compliance are unreasonable, so it is important that you work with a CPA that understands you and your situation.

Business Bank Account: Why You Need One

By |2023-05-19T13:29:23-04:00May 19th, 2023|Categories: #FinanceFriday|Tags: , |

Once you begin using your personal checking account or credit card for business expenses, it becomes difficult to disentangle the two. It’s recommended all businesses should maintain a separation between business and personal expenses by opening a dedicated business bank account.

Owner’s Draw vs. Salary

By |2023-03-30T09:31:55-04:00March 27th, 2023|Categories: Quickies with Bette|Tags: , , , |

If you’ve just started your own business, you must consider how your profits translate into official income. How you pay yourself as an entrepreneur depends on the type of small business you’ve created and how you’d want to handle those tax implications of your income.

Fractional CFO Benefits

By |2023-03-31T11:32:15-04:00March 23rd, 2023|Categories: Quickies with Bette|Tags: , , , , , |

A Fractional CFO provides high-level financial guidance and support to help a business achieve its financial goals and improve financial performance. The great thing about them is that they are a cost-effective solution for businesses that don't require a full-time CFO but still need financial expertise and guidance. 

Self-Employed Mortgages

By |2023-03-24T11:19:03-04:00March 20th, 2023|Categories: #FinanceFriday|Tags: , , |

Self-employed mortgages are designed for individuals who work for themselves and may not have the traditional proof of income required to qualify for a standard mortgage. When applying for a self-employed mortgage, borrowers will need to provide documentation of their income and expenses.

How to Bootstrap Your Business

By |2022-08-10T19:54:51-04:00August 10th, 2022|Categories: #FinanceFriday|Tags: , , , , , , , |

On today's #FinanceFriday, we have the fabulous Diana Moss from Mini Melanie joining us. Diana is going to teach us all about bootstrapping a business.

Accounts Receivable – Video

By |2022-12-16T13:35:10-05:00October 20th, 2021|Categories: Quickies with Bette|Tags: , , , , |

Hi, I'm Bette Hochberger, CPA, CGMA, and today we're going to do a little bit of a laser focus on a helpful report in QuickBooks called the accounts receivable aging report. So watch the video below to see a walk-through. we're going to look at an "accounts receivable aging report."

Tax Deadline is Tomorrow | 9/15 – Video

By |2021-10-01T14:54:10-04:00September 14th, 2021|Categories: #TaxTipTuesday|Tags: , , , |

Hi, I'm Bette Hochberger, CPA, CGMA, and you're concise tax tip Tuesday today is that tomorrow is September 15th is the S-corporation, the partnership, LLCs that are taxed as a partnership. It is your deadline. If you are still working on your stuff, your CPA is very mad at you.

Employees VS Contractors | Labor Day

By |2022-12-16T13:42:31-05:00September 6th, 2021|Categories: Quickies with Bette|Tags: , , , , , , , |

It’s #BusinessQuickie, and I want to come on here and tailor this go-live to our small business owners who want to know the difference between contractors (1099) and employees (W-2) so that you can find which employee fits best with your business. I figured this would be a great topic since labor day is coming up on Monday! Let’s get started.

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