Tax Smart Advisors Blog
Accounting and tax tips, updates and the latest news for small business owners and individuals.
Should You Incorporate Your Small Business?
As a sole proprietor, you may have wondered if it would be better for you to incorporate your business. Here are some things to consider... Incorporating a business limits the owner's liability. However, many small corporation stockholders are required to personally...
What You Need to Consider When Buying a Business
Thinking about buying an existing business? Make sure to take the time to investigate the business thoroughly before jumping in. Investigate possible issues. It can be tempting to get into the business first and then worry about any problems once they've developed....
A Retirement Plan Option for One-Person Businesses
401(k) plans have long been thought of as retirement plans for large companies. While there is no minimum number of employees required to establish one, the high costs associated with setting up a 401(k) and administering it have made them unappealing to small...
Common Tax Increase Surprises
You've received a nice (but small) tax refund for the last few years. Imagine your surprise when you actually owe money this year... How could this be? Here are some situations that may increase your tax liability: New tax laws. The assistance you may have received...
7 Areas of Your Business That Need Internal Controls
When was the last time you gave your business an internal checkup? For any business, having internal accounting controls in place are vital and should be a part of everyday procedures. They should help prevent fraud and employee theft or detect it early. Here's a...
Eight Tips to Make Filing Tax Returns Easier for Small Businesses
Preparing for tax filing season can be time consuming and even a bit overwhelming if you've waited until the last minute to organize everything. Here are eight tips to help you get ready for tax season... Make your estimated tax payments. Your fourth quarter payment...
Prepare Your Business for Unexpected Bills
As a small business owner, getting a bill for an unexpected expense can have a significant effect on your business's cash flow. Here are some tips you can use to deal with a surprise bill... Establish a consistent reconciliation schedule. Knowing how much cash your...
Key Business Numbers That are Vital to Your Business Success
The numbers on your financial statements aren't the only numbers that are vital to your business success. In order to monitor the vital signs of your business, you'll need to look beyond your financial statements. Most successful business owners have a set of key...
Give Your Business a Check-Up
It's a good idea to review your financial statements on a regular basis so you have an ongoing understanding of your business's health. As we begin the fourth quarter, now is a great time to check in prior to year end. Here are four items you should review to get a...
Protect Your Business Against Employee Theft
No matter the size of your company, every business owner should be alert to the problem of employee theft. Before you decide to hand your record keeping over to a qualified employee, make sure you have the proper controls in place. How to Spot Employee Theft Employee...