Business. Money. Life.
What is the Purpose of Form W-9 When your business uses the services of a vendor hired as an independent contractor or freelancer and the individual is paid more than $600 in labor and services or $5,000 in direct sales in a year, the Internal Revenue Service (IRS) requires you to report these payments. The […]
A common question among S-Corp shareholders is “how much does my business pay me?” In order to figure reasonable compensation there are multiple factors to take into consideration. Some of them are: What is your experience and training What are your duties and responsibilities How much time and effort do you put in What are […]
If you use a personal vehicle for work purposes, you may be able to deduct some of the expenses on your tax return. There are two general methods of deducting your vehicle expenses. Standard Mileage rate Actual expenses and Depreciation You may not use the standard mileage rate for a vehicle after claiming accelerated depreciation […]
Track, Save and Organize Receipts Saving receipts and tracking expenses is critical for all of us to give peace of mind and the ability to quickly reference purchases and budgets. This is especially important for those with a small business. You can maximize your tax savings by properly keeping track of expenses. By developing an […]
You just hired a new employee! Finding the right person to join your team can be a challenging process. As we explored in our previous article, Investing in the right people, taking the extra time to find an employee who will fit your team culture and ethos is critical to any business and even more important […]
As a shareholder in a corporation you have duties to complete on an annual basis. One item the IRS requires is that you hold a corporate meeting of the shareholders. This can frighten businesses who have never done one or can make you feel overwhelmed with the addition of day to day functions. It is actually very […]
Your System for Proper Record Storage When contemplating storing files, some common questions we receive are: How long do I have to keep this stuff? What do I keep? How far back can “they” go? Storing records, having a proper system for storing tax and financial records can feel like a daunting task. We are […]
Action plans are critical to the effectiveness of you business. Action plans are how you put concepts to work, accomplish tasks, and get into good leadership habits. Example: Mow the lawn Remove toys from the yard Put up down spouts Remove mower from storage Check mower oil Check gas Start mower Mow yard in parallel […]
Master Packard’s Law in Your Business In his best-selling book, How the Mighty Fall, Jim Collins tells the story of how Bill Hewlett and David Packard started their business with the core driving principle of finding the right people to join their company. Their focus on having the right people so grounded their business that […]