uBlog

Seven Commonly Overlooked Small Business Tax Deductions

Tax season is an important time of the year for small businesses. Limiting how much you pay in tax plays an important role in creating flexibility in your business, freeing up capital, and having the resources to grow and expand, which is why having good small business tax accounting is a huge asset for your business.

 

 

One of the most effective ways to limit how much you pay in tax is by taking advantage of the various small business tax deductions.

 

Failing to claim all the small business tax deductions you’re entitled to is like flushing money down the toilet. As small-business owners prepare their taxes this year, it’s important they don’t miss any of these most commonly overlooked tax deductions, to avoid paying more money than necessary,” says Steve Nicastro on nerdwallet.com

5 Scary Mistakes Made by Small Businesses (Halloween Theme)

People make mistakes. Small business owners are no exception. There is no doubt that you will make a few errors in judgement and strategic mistakes as you grow your business. It’s part of the process. The key is to keep the big mistakes to a minimum and learn from them.

3 Viable Options to Fund Your Small Business

One of the most difficult aspects of launching a start-up and running a small business is finding enough capital to sustain things through the lean years. One of the many reasons why small businesses fail in the first few years is that they can’t find enough money to keep things afloat. After all, a business is only an idea if you don’t have the money or resources to get it off the ground, right?

Whether you are about to open shop or working your way through the first few years of operations, it’s important to reflect on the following questions related to funding your small business:

• How much money do I need to make my business idea a reality?

• How much money am I willing to invest? How long will this last?

• Do I have friends,

Advice Small Business Owners Need to Prepare for Tax Season

It’s that time of year again – tax season!

It’s that time of the year where you pull out your shoebox of receipts and try to recall all your business expenses for the year, hoping you didn’t overspend. But, in all seriousness, it’s an important time of the year for small businesses. It can also be a stressful time, anticipating whether or not you will receive a tax rebate or have to hand over some of your hard-earned money to the government.

To help you get ready for tax season this year and for years to come, here are some useful tax preparation tips:

Choose Your Tax Preparation Method Wisely

Preparing effectively for your taxes can have a big impact on the success of your business, and it starts with the method you choose to prepare your taxes. Do you attempt to do your taxes yourself?

15 Tips for Managing Cash Flow Like a Pro

Cash is king in business. It provides you with the flexibility you need to operate your business effectively. Many small businesses fail or grow more slowly than anticipated because they fail to properly manage their cash flow. Cash is the life blood of your business, and managing it the right way will help you succeed, even during the lean times.

Why is cash flow so important? Entrepreneur.com sheds some light on the importance of effectively managing cash flow and how it works:

“The lag between the time you have to pay your suppliers and employees and the time you collect from your customers is the problem, and the solution is cash flow management. At its simplest, cash flow management means delaying outlays of cash as long as possible while encouraging anyone who owes you money to pay it as rapidly as possible.”

15 Tips for Managing Cash Flow
Increasing the speed at which you get paid and extending the time between incoming and outgoing cash are two techniques that can help small businesses build a cash buffer that is vital for short term and long term growth.