The Planner Blog
Retirement Account Options for S Corp Business Owners
All businesses should plan for their retirement, no matter the stage of their journey. As an S corporation, you’re in an uncommon situation where you draw a salary from your own company. Being both an employer and an employee unlocks retirement account options that you can benefit from greatly.
The CPA, the accountant, the tax guy, whatever you call them...
The CPA, The Man, The Business Guy, The Accountant, The tax guy… whatever you call them is your thing… But, does your small business need a CPA? Read for more!
Why your Accountant (REALLY) Doesn’t Call You Back
Seriously? For Real? Why is my accountant not talking to me?!? Does this sound familiar? Take a read! Here are 7.5 reasons really why they are not…
Alphabet Soup of Accountants
ABC - Easy as 1-2 3 … Definition of Accountants. What you should know when looking at someone to handle your business.
It's Tax Time ... Are you ready?
It’s Tax Time - Are you ready? Or are you stressing? Core Is here to guide you. Let’s get started with some CORE Dates. Take a read… like what you see? Scroll down - Free E-Book & book a call with us! Let’s take the next step in growing your business!
6 Keys to Hire an Accountant 🗝
Do you know the key take away in hiring an accountant? We do! 6 of them to be exact… Take a read & then book a call with us. We can help guide you in your business and work towards growing profitably within your strategy, your taxes and planning.
Who Qualifies for Work From Home Tax Deductions?
The COVID-19 pandemic has forced many employees to work from home for safety and health reasons. Fortunately, things have started to go back to regular programming in recent months. However, as the tax season comes around, you may be wondering if you qualify for any work-from-home tax deductions. The short answer is: Possibly
Disadvantages of Using Turbo Tax for Your Small Business
If you’re trying to do all your taxes on your own, chances are that you’ve heard of TurboTax. This tax preparation software is used to electronically file your tax returns once you complete them.
While this is one way to file your taxes every year, working with a Certified Public Accountant (CPA) is another option. In this blog post, we discuss the disadvantages of using the former option and why it’s best to work with certified professionals, aka Core Group.
What Are Quarterly Taxes?
There are many benefits to being self-employed — like never having to spend time getting a report done for your boss and setting your own work hours. However, it also comes with additional requirements like having to pay your income taxes quarterly rather than with each paycheck as with employment taxes.
When to Hire an Employee
There are many reasons and different situations that require you to hire an employee. From needing an assistant, hiring a manager, or simply additional staff. When the time is right for your business based on capacity, you should know the costs associated with hiring an employee to make sure your financial situation can handle them. I will also cover the Labor Efficiency Ratio to help guide you when a new employee may be needed.
The Impact of Growth, Cash Flow and Delegation.
Small businesses start in many fashions, but most of my clients’ businesses started from a passion—a hobby—that exploded into a business. This is awesome because the owner was doing something they loved and found a way to make money doing it, thus it turned into a full-blown business. Most times, it’s a one-man show…or maybe it’s a partnership and there is someone else helping out as well, but for the most part, all the work is done by only a few people.
Funding Growth
Unplanned growth can be devastating to a business. When I was a commercial banker back in the Dark Ages, that was a legitimate concern in lending money to a business. For most entrepreneurs, unexpected growth sounds like manna from heaven. Who wouldn’t want that?!
The reality is that unplanned growth can literally bankrupt a company, but many entrepreneurs don’t count the cost of growth. Let’s break this down into two issues. The first, is the capital to grow, and the second is structure for growth.
How to Determine Reasonable Compensation for an S Corporation
Ah, the term Reasonable Compensation. This topic has literally brought down Presidential Candidates (John Edwards, Google it). For those small businesses that elect to be taxed as an S Corporation, owners must take a “reasonable” wage for the work they provide in the business. Why?
What is an HSA and What are the Tax Benefits?
Health Savings Accounts are a great tool for small business owners to save taxes and build savings. First, the requirements to set one up. Any bank or financial entity CAN hold the funds, but only a select few do.
Safe Harbor 401k: Guide for Business Owners
Safe Harbor 401k’s are an increasingly popular option for small businesses. 401k plans in general offer the most flexibility to provide both a critical benefit for employee retention and significant tax savings to the owners.
2021 Tax Deadlines
2021 threw a lot of curveballs, and trying to figure out what is “normal” is a challenge. Tax deadlines are no different.
403(b) vs. 401(k): What is the Difference?
Although understanding the difference between a 403(b) and 401(k) may seem complicated at first, it’s important to know your options.
Tax Considerations of Selling a Business
Sales of business generally are structured as either a stock sale or asset sale. There are pros and cons to each, both from a legal perspective and tax impact.
Benefits of Hiring a Bookkeeper
If you are unsure whether you need a bookkeeper for your business, consider these benefits and the potential positive impact they can have on your workdays and business success.