Determining Which Products or Services are Most Profitable

Determining Which Products or Services are Most Profitable Your most profitable products are the tickets to success Most companies deal with more than one product or service. Inevitably, some products/services are more profitable than others—and you can’t make sound business decisions without knowing which is which. Understanding which products or services are most profitable, gives…

The Importance of Having a Budget

Give your business a solid foundation, starting with your budget Getting a business on its feet is both exciting and exhausting. While the excitement wears off over time, it can still be exhausting if you don’t have the right tools in place to keep your business on track—and that’s where a budget comes in. “A…

Year-End Tax Planning for Businesses

Year-End Tax Planning for Businesses There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices, so payment is not…

Small Employer Health Reimbursement Arrangements

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses–including the cost of buying health insurance. Here’s what you need to know about QSEHRAs. Background Included in the 21st Century Cures Act enacted by Congress…

Employer Responsibilities under the ACA

The health care law contains tax provisions that affect employers. The size and structure of a workforce–small or large–helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. Two parts of…

What Income is Taxable?

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,…