How Do I Prepare For A Recession?
Small businesses can be vulnerable to economic recession and disaster. If there is anything the Covid pandemic taught us, it’s that business owners need to be prepared to mitigate financial hardships. Sadly, we are now in a period of record-breaking inflation and the likelihood of recession is on the horizon according to some US economist. While you can’t control whether a recession will occur or not, there are some things you can do to increase the chance of your business surviving and possibly thriving.
Four Financial Mistakes New Flower Farmers Make in Their Business
There has never been a better time to start growing flowers on a commercial basis in the US. While 80% of flowers sold in the U.S. come from Africa and South America, local flowers are in greater demand due to continuing supply chain disruptions that are still happening in this post-pandemic world. Flower farming is not a low-risk endeavor, nor is it for the faint of heart. Your very livelihood can be affected by weather, pests, and disease. A lot is at stake for the flower farmer and this blog serves to help you navigate some of the financial mistakes that can be made by new flower farmers.
How to Calculate Estimated Taxes and Reduce Your Risk of Non-Compliance
Keep the IRS away. If you're self-employed, an entrepreneur or a small business owner, then it's important for you to understand how estimated taxes work and make sure you are compliant with the tax code. Even though none of us likes paying them, estimated taxes are a good way to cover your tax liability quarter-to-quarter.
The New ERC: A Smart Tax Option to Consider
Small businesses have been struggling in this economy. One of the reasons is that they don't have as much money to spend on their employees, but now that the Consolidated Appropriations Act of 2021 has passed, small business owners like you may be eligible for an employee retention credit (ERC).
Summary of American Rescue Plan
The $1.9 trillion relief bill, known as the American Rescue Plan Act (ARPA), was signed by President Biden last week. Here is an executive summary of items that pertain to small business owners and tax filers in ARPA.
Mileage Log Best Practices
Don’t let an IRS audit go longer than it needs to because of your mileage logs. If you are a business owner, then there is no doubt that you must deal with tax compliance at some point in time. But what if we told you that the one thing that could cause an IRS audit of your company to continue longer than it has to is not how much money it makes but rather its mileage log?