The IRS Business Tax Account provides information to sole proprietors, partners of partnerships, and shareholders of S corporations and C corporations. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel future payments, and access other tools. They can also view their current balances, payment history, other business tax records, and digital copies of select IRS notices.
Choosing the Best Sales Compensation Model for Your Business
A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople.
But what motivates these valued employees? First and foremost, equitable and enticing compensation. And therein lies a challenge for many companies: Choosing the right sales compensation model isn’t easy and may call for regular reevaluation. Let’s review some of the most popular models and note a recent trend.
How to Evaluate and Undertake a Business Transformation
Many industries have undergone monumental changes over the last decade or so. Broadly, there are two ways to adapt to the associated challenges: slowly or quickly.
Although there’s much to be said about small, measured responses to economic change, some companies might want to undertake a more urgent, large-scale revision of their operations. This is called a “business transformation,” and under the right circumstances, it can be a prudent move.
Business Owners Must Get Comfortable With Financial Statements
Financial statements can fascinate accountants, investors, and lenders. However, they may not be real page-turners for business owners.
The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s essential to get comfortable with their respective purposes.
The Qualified Small Business Stock Exclusion
As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about this often-overlooked tax break.
How a Business Owner’s Home Office Can Result in Tax Deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here are answers to frequently asked questions about the tax break.
Next-Level Growth: Unlocking Your Business’s Full Potential
After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level.
Embrace the Future: Sales Forecasting for Businesses
So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance.
Cut Business Taxes with Local Transportation Deductions
Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications.
Growing the Business Means Supporting Your Managers
Many different shortcomings can hold back the growth of a company. Some are obvious, such as poor cash flow management or flawed strategic plans. Others aren’t so easy to see.