Category: Running a Business

7 Ways to Make Your 2024 Taxes Easier

7 Ways to Make Your 2024 Taxes Easier

As a small business owner, taxes are probably one of those tasks you try not to think too much about until you have to. There are steps you can take throughout the year to make tax filing easier, and the sooner you get started, the more smoothly your filing season will go.  1. Determine How Frequently You Need To Pay Taxes If you’re a small business owner or are self-employed, there is a good possibility you need to pay quarterly… Read More
Bank of America vs Chase — Which Is Better for You?

Bank of America vs Chase — Which Is Better for You?

Having a business checking account seems like a given for any small business owner. Part of separating your personal and business finances simply has to involve a business checking account, along with applying for and using new sources of credit. While a business checking account can’t usually offer the rewards of business credit cards, it is vitally important. Unfortunately, not having a business checking account isn't just inconvenient, it could also spell bad news for your business.  In a survey… Read More
Sole Proprietorship vs. LLC: Which Is Right for Your Small Business?

Sole Proprietorship vs. LLC: Which Is Right for Your Small Business?

Decisions, decisions. When you launch a new business, you get to dream about business ideas and then choose what type of business to start. You will select a business model: how will your business make money? And you also must to decide how to operate your business; in other words, what type of business entity will you choose? While most businesses operate as sole proprietorship, a formal business structure such as an LLC or corporation offers a number of benefits,… Read More
Everything You Need to Know About the New Overtime Law for 2020

Everything You Need to Know About the New Overtime Law for 2020

Cash is king for business owners, plenty of it can make your dreams come true, and a lapse in cash flow can sink everything. One of your most important expenses as a business owner is payroll, and things could get a lot pricier starting Jan. 1, 2020, thanks to a change in overtime rules. New Overtime Rule In 2004, the US Department of Labor (DOL) established $455 per week as the earning level at which employees would become exempt from… Read More
Balance Sheet vs. Income Statement: What’s the Difference?

Balance Sheet vs. Income Statement: What’s the Difference?

A balance sheet details your company’s assets, liabilities, and shareholder equity at a specific time. An income statement shows what income is going in and what spending is going out, detailing a net profit or loss for a company. Balance Sheet Template Income Statement Template What is a balance sheet? A balance sheet is a financial statement of what a company owns, what it owes, and how much shareholders invest.  The balance sheet formula is: Shareholders’ equity + Liabilities =… Read More
Protecting Your Personal Assets As a Business Owner

Protecting Your Personal Assets As a Business Owner

Over a million lawsuits are filed in state courts every year. And, according to one source, all of us have a 10% chance of getting sued in any given year and a 33% chance of getting sued during our lifetimes! This is scary information given that being on the losing end of a lawsuit can be financially devastating.  As a business owner, you have special cause for concern. That’s because if your business is sued and ordered to pay a… Read More