Tax Resources

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 →

Tax strategies are an important part of any business’ operations. If you’re smart about it, you’ll consider your tax situation throughout the year, rather than just at tax time. There are a number of concerns you can and should address during the course of the year, such as quarterly tax payments, purchase decisions, and more.

One of the best ways to keep on top of your tax strategies and to increase your tax savings is to meet with your tax professional during the year.

Here are some reasons why you should consider checking in with your tax adviser to discuss tax strategies at least quarterly:

•Mid-year tax strategies checkups let you know whether you may be looking at a net … Read more →

Updating Your Small Business Plan

A solid, focused, well-written business plan is about more than simply securing funding when you’re first starting a business. With the right small business plan, you have a map of the future. You have in-depth directions on how to get your business from where it is today to where you want it to be.

Yet, as any small business owner can tell you, things change. The market might experience some upheaval, and so you adjust your business strategy on the fly. After a couple of years, your small business plan might be rather irrelevant to what you’re actually doing on a day-to-day basis.

To take advantage of the benefits a small business plan offers, you … Read more →

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