Small Business

Russo CPA Applying for a Commercial Loan with Confidence

Applying for a Commercial Loan With Confidence

Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes in the form of a commercial loan from a bank or some other type of lender.

If you and your company’s leadership team believe a loan will soon be necessary, it’s important to approach the endeavor with confidence. That starts with having valid, well-considered strategic reasons for borrowing. From there, you need to engage your bank or a prospective lender with a strong air of professionalism and certainty.

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Advantages of Hiring Your Minor Children for Summer Jobs

The Advantages of Hiring Your Minor Children for Summer Jobs

If you’re a small business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college, and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you.

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3 Ways Your Business Can Uncover Cost Cuts

3 Ways Your Business Can Uncover Cost Cuts

Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability.

Obvious places to slash costs (such as wages, benefits and overhead) often aren’t viable options because the very stability of your operation may depend on them. But there might be other ways to lower expenses if you dig deeply enough. Here are three possibilities.

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B2B Businesses: Assess Customer Credit Carefully

B2B Businesses: Assess Customer Credit Carefully

Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is customer credit.

On the one hand, it’s common practice. Most customers likely expect to be offered a credit option when engaging in B2B transactions. On the other, credit arrangements inevitably come with risk of late payments or nonpayment, which can lead to cash flow problems for you.

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Empower Your Sellers With Sales Enablement

Empower Your Sellers With Sales Enablement

Sales are the driving revenue force of just about every business. But all too often, once a sales team is up and running, it’s left to its own devices to maintain its strengths, develop new skills, and upgrade its technology. This can produce mixed results—some sales departments are remarkably self-sufficient, while others could really use more organizational support.

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Is Your Business Closing? Here Are Your Final Tax Responsibilities

Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts, and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process, including handling various tax obligations.

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Retirement Saving Options for Your Small Business

Consider some options if you’re looking for a retirement plan for yourself and your employees but are worried about the financial commitment and administrative burdens involved. One possibility is a Simplified Employee Pension (SEP).

This plan, which comes with relative ease of administration and the discretion to make or not make annual contributions, is especially attractive for small businesses.

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Russo CPA Use the Tax Code to Make-Business Losses Less Painful 2023

Make Business Losses Less Painful Through Tax Code

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.

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