As we discussed in our previous post, there are only eight things in your business you can manage to increase cash flow.  Five of them are “permanent” increases to cash flow, while three of them are one time fixes.  One of them is inventory. Many businesses in our modern economy don’t carry inventory, but for… Read More

Cash Flow Versus Profit | Tulsa Financial Services | Oklahoma City Accounting

Cash flow for small business is the fuel that drives the engine.  Strategy, execution, and the best people in the business don’t make any difference if there isn’t cash to make it go.  Virtually every small business owner has struggled with a cash shortage in their business lives.  So how do you solve the problem?… Read More

Business Owners Leave Thousands | Tulsa Tax Services | Oklahoma City Tax Services

Do you wish you could pay less to the IRS in taxes and more to yourself for retirement?  Are you unsure about the retirement account options available to you as a business owner or entrepreneur? When you were first starting your career it was easy, right?  You put money into your employer’s 401(k) Plan, they… Read More

Retirement Account | Oklahoma City Accounting | Tulsa Business Services

Have you ever gotten to the end of the year and felt frustrated with the total tax you had to pay to the IRS?  As a fellow entrepreneur and business owner, believe me, I know this feeling all too well.  But what can you do?  You just owe what you owe, right?  But is there… Read More

Many small business employers are rethinking their employee’s compensation in light of the recent tax reform.  Certain industries, like transportation, will be hit harder than others.  Be proactive and review your policies so that your employees don’t suffer a shock come tax time. What Changed There were many significant changes with the recent tax reform… Read More

2018 brings many tax changes for Small Businesses in Oklahoma and Texas.  Although not a radical change, you now have even more flexibility on how to expense capital purchases (depreciation) in your small business. Bonus Depreciation Beginning in 2018, small businesses can write off 100% of eligible assets acquired whether it is new OR used. … Read More

Oklahoma is an “at-will” employment state.  So firing employees is simple, right?  WRONG! Several instances can result in legal problems.  Read More.     Have tipped employees?  The US Department of Labor has just issued new regulations regarding tip pooling and the tip credit.  Read More.     Department of Labor recently issued new standards for… Read More

One of the small changes in the new tax law could impact small business owners in a big way.  If you’re like many businesses you pay for some business expenses personally.  Nothing wrong with that, but you need to be careful how you handle the accounting or you could lose the business deduction entirely. The… Read More

With the new tax law, many small business owners are revisiting the question of S-Corporation election.  For years, most small businesses have elected to be taxed as an S-corporation, but tax rate changes have many asking if that is still the right choice.  So let’s review the big picture of options available. Sole Proprietor This… Read More