Thrive!
“Nuggets for 6 Figure Small Businesses and More”
The Risks Business Owners Face for Neglecting Payroll Taxes
As a business owner, it is crucial to stay on top of your financial responsibilities, particularly when it comes to payroll taxes. Failing to file and pay these taxes can lead to severe consequences, both from the IRS (Internal Revenue Service) and state tax authorities. We will explore the...
The Benefits of Estimated Tax Payments for Small Business Owners
Running a small business comes with its own set of challenges, and one of the most important aspects to consider is managing your taxes effectively. As a small business owner, you may have heard about estimated tax payments, and you might wonder if they are worth the effort. Let's explore the...
The Most Common Business Financial Fraud Schemes
According to the Association of Certified Fraud Examiners (ACFE), businesses lose around 5% of financial revenue due to fraudulent behavior. While this may not sound like a lot in the grand scheme of things, experts also estimate total annual loss worldwide at a whopping $3.7 trillion. Several...
How To Develop And Improve Accounting Systems For Your Business
A sound accounting system is a must for businesses of any size. It doesn’t matter how big or small your business is; it is vital to know what is coming in and going out of your business account, especially when it comes to business expenses. A company that fails to keep an accurate record of its...
The Importance Of Having An Up-To-Date Business Balance Sheet
When asked how your business is doing, a balance sheet is the best way to show success. Also called a statement of financial position, a balance sheet is usually one of several vital items you might be asked to produce when applying for a small business loan. The balance sheet provides a picture...
How To Protect Yourself From Occupational Fraud
When a staff member of an organization steals from the company, it is occupational fraud. Even though it may be unlikely that a worker will be involved in theft, just one situation will lead to disastrous results. The Association of Certified Fraud Examiners (ACFE) defines occupational fraud as...
Tips For Tax Reduction For Businesses
We’re always looking for ways to reduce the amount of tax we pay. Businesses were hit so hard during the COVID-19 pandemic, and many had to pivot and make changes that wouldn’t have initially been on the horizon for them. You likely wear many hats, and the last thing you want to do is give more of...
Medical Tax Deductions – What you can and can’t claim
If you or your dependents have been in the hospital or had other costly medical or dental expenses, keep those receipts — they could help cut your tax bill. Here’s a look at how the medical expense deduction works and how you can make the most of it. What is the medical expense deduction? For tax...
New 1099 Form Rules
It’s important to keep up to date with new tax rules when they are brought in by the IRS. One of these is the 1099-MISC form. Traditionally this has been used to report contractor income. But now businesses will have to use the 1099-NEC form (it is short for “non-employee compensation”). This is...
Tax Planning Is a Wise Investment
Taxes are such a normal part of life that at some point you may overlook them until it’s time to file your return. That’s particularly true this year with the Covid-19 pandemic still affecting many of us and it may not be high on our priority list. During this busy tax season, most business owners...
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