Profit or Loss From Business: Pro’s and Cons

From the perspective of your tax return, a business loss is a good thing. A business loss reduces your overall income, and thereby reduces your income taxes. For many small businesses, properly planning your tax strategy for the year means identifying whether you have a net profit or loss from business.

Of course, there comes some risk with having a net loss; the IRS can take an active interest in businesses with a loss, especially those that have a loss year after year.

Here are some smart strategies for handling profit or loss from business, as well as some information you need to know:

•If you’re going to have a profit or … Read more →

Benefits of Implementing a Medical Expense Reimbursement Plan (MERP)

Heath care costs have risen at an alarming rate over the past several years. There is perhaps no one that’s been hit harder in this regard than small businesses. It’s difficult for a small business owner to cover their own health care costs, yet alone those of their employees.

Fortunately, there are some ways you can help contain your costs, and help out your employees as well: a Medical Expense Reimbursement Plan (also known as a “MERP”). While it doesn’t take all of the sting out of rising costs, it does provide you with a tax-free way to pay for medical expenses.

Here are some of the basics about the medical … Read more →

Owning a business means putting in long hours and lots of hard work. It means putting your business first, even when you’d rather be doing other things. It means learning to wear several hats, and it means putting your own financial well-being on the line. In short, business ownership isn’t for the feint of heart.

Small Business Tax Benefits

There are perks to owning a business, too. In many cases, you have flexibility that you wouldn’t otherwise have in terms of your schedule. You don’t answer to anyone else; you’re captain of your own ship. On top of all of that, there are some small business tax benefits that go along with business ownership, as well.

Here are some of Read more →

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