Retirement is a milestone many business owners dream about—but selling or transitioning your business isn’t just about handing over the keys. To ensure a profitable exit, it’s essential to increase your business’s value before you step away. Whether you’re planning to sell to a third party, transition to family, or install a management team, enhancing […]
How to Report Rental Income on Your Taxes
Owning rental property can be a great source of income, but it also comes with tax obligations. Whether you’re renting out a single-family home, an apartment, or even a room in your house, the IRS requires you to report rental income and related expenses accurately. Here’s a straightforward guide to help you navigate the process. […]
Summer’s Coming: How Might That Affect Your Taxes?
Plus, 5 smart tax habits you should take on year round Depending on where you live, summer weather is either something you dread or something to celebrate. Either way, your calendar is probably filling up with more enjoyable activities than you experienced over the winter. Vacations, summer camp, outdoor parties – it’s hard to fit […]
7 Effective Ways to Evaluate a Market
Before launching a new product or service, expanding into a new geographical area, or making significant business decisions, it’s crucial to thoroughly evaluate the target market. Market evaluation helps businesses understand customer needs, competition, and the potential for success. In this article, we will explore seven effective ways to evaluate a market. 1. Conduct Market […]
Unpaid Payroll Taxes: A Common Small Business Mistake
Managing a small business involves juggling many responsibilities, and payroll taxes often get overlooked. Unfortunately, failing to handle payroll taxes properly is a common mistake that can lead to significant financial and legal issues. What Are Payroll Taxes? Payroll taxes include federal income tax withholding, Social Security and Medicare taxes (FICA), unemployment taxes, and state […]
What to Do if Your Business Owes Back Taxes
If you missed a tax deadline or simply couldn’t afford your small business tax bill and got behind, you could face penalties and other issues. This article provides vital information to help you get your financials back on track. What can happen to your small business if you owe back taxes? Depending on your business […]