Even the savviest of small- and medium-sized business (SMB) owners and operators have some common and seemingly insignificant business habits that creep into day-to-day work. All told, these bad habits can seriously impact a business’ longer-term profitability and viability. Maybe you’re dealing with tangible, finance-related issues....
Understanding the difference between assets and cash flow is critical to business survival. Cash Is Life The value of a company is not necessarily a measure of how financially strong it is. Strong cash flow allows a company to operate. It allows the organization to not only pay...
An act of kindness or a token of appreciation can really make someone’s day. Your employees work hard with you to attain your business goals and acknowledgment from management goes a long way. Recognition adds to everyone’s happy quotient. Here are some samples of popular employee...
A couple weeks ago was the beginning of every American’s favorite time of the year … to hate: tax season. Starting January 28th, the IRS started accepting tax returns for the 2018 tax year. Here are three of the most common tax season mistakes you...
Owning a small business is the dream for many Americans. When it comes to tax time, the nuances can cause somewhat of a headache if you're unsure of the unique challenges and liabilities. This is true for all industries but a multi-generational company has special...
Budgeting and forecasting allow a business to plan accurately for its fiscal year. Below are 10 ways to improve these processes to create a strategic plan that meets your business's financial goals. 1. Keep Budgeting and Forecasting Flexible Rigid forecasts and budgets aren't very useful. Things change...
There are lots of good reasons to choose a Roth 401(k) -- especially if you're worried about taxes in retirement. Though Social Security provides critical benefits to millions of seniors, those payments alone aren't enough to sustain older Americans in retirement. These days, the average earner...
As the calendar ticks over to a new year, here are several ways HR can help promote a healthy tax outlook for 2019 and beyond. When we say “tax season,” most people’s minds jump immediately to April—and to, hopefully, a refund check. But if people wait...
A Qualified HSA Funding Distribution allows investors to transfer funds from an IRA to an HSA tax-free and penalty free (no 10% early withdrawal penalty). The amount transferred cannot total more than what the investor would be allowed to contribute to an HSA for that...
Now is the time to begin planning to take full advantage of your employer’s health flexible spending arrangement (FSA) during 2019. Employees have four opportunities to enroll in the company FSA plan: within 30 days of hire date or a qualifying life event (QLE), during the...