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Archive for Small Business

A Practical Guide To The Enhanced R&D Tax Credit Program For Eligible Small Businesses And Eligible Start-Ups

Peter Scalise

The Federal-Level Research and Development Tax Credit Program (hereinafter “RTCP” or “RTC”) was originally enacted into the Internal Revenue Code (hereinafter “the Code”) through the Economic Recovery Tax Act of 1981 as a temporary provision of the Code at a time when research and development jobs were significantly declining throughout the United States. Notably, the RTCP was introduced into the Code to encourage businesses to invest in significant research and development efforts with the high expectations that such an advantageous tax incentive program would facilitate in stimulating economic growth and investment throughout the United States and prevent further jobs from being outsourced to other countries.

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Exit Planning: Two Baby Steps

Ron Oddo

In previous blogs, we attempted to dismantle the most common objections owners make to undertaking the planning necessary to exit their companies successfully. Those excuses to avoid exit planning are:

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Home Office Tax Deduction And Business Miles Deduction-Plus Free MILEIQ App

mile-iq

Many tax professionals like the ability to transfer their home into their office, since it allows for greater flexibility of time. There are also tax benefits when somebody sets apart a place in their home to create a home office. This post from MileIQ www.mileiq.com/taxpros) gives us the tax benefits and requirements for establishing a home office in order to apply for the tax deduction on business miles from the IRS.

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Why Tax Deductions Are Important For Small Business – Free MileIQ App

MileIQ

Are you a business professional who has to gather all your miles to expense for your job? Do you actually have the time to record all the mileage you traveled with your busy schedule?

MileIQ was created in order to alleviate the problems associated with tracking business travel. 55 million U.S. workers have the ability to expense the miles they drive. Using MileIQ comes with features that make it extreme user friendly. At TaxConnections, we offer this app free of charge to all Tax Professionals.

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Small Business Expense Management, Tracking 101

mile-iq

One of the largest issues small business owners face is keeping track of their expenses. Not only does this make keeping the books difficult, it could potentially have major tax implications. In this post, we’ll dive into some of the key things to be aware of when it comes to small business expense management and tracking.

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Exit Planning Excuses: Part II

r-o-8-12-13

Previously, we attempted to take the air out of the most common argument owners make for ignoring the planning necessary to successfully exit their companies: They believe that their businesses aren’t worth enough to meet their financial needs. “When it is,” they claim, “that’s when I’ll think about leaving.”

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How To Create A Balance Sheet

mile-iq

What is the net worth of your business? One way that you, your investors or creditors can tell is by looking at your balance sheet. This financial statement offers a snapshot of the health of your business. It shows your assets versus liabilities and equity. If you’re not sure how to document these financials, read on to learn how to create a balance sheet.

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Exit Planning Excuses: Part I

Ron Oddo

Like every owner, you will one day exit your business—voluntarily or involuntarily. On that day you will want to attain certain business and personal objectives: the first (and usually prerequisite to all others) is financial security.

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Small Business Organizations You Should Know

MileIQ

Small business organizations and associations can be beneficial for many reasons. These can offer a wealth of knowledge and practical tips for growing your business. The networking opportunities can also help you and your company. Let’s look at at a few small business organizations you should know about.

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Having A System In Place For Your Business

Salim Omar

Recently, the soccer coach of my con’s soccer team passed away. On top of being the coach of my son, he was the owner of a sportswear manufacturing and distributing business for 15 years.

From meeting with his family members, he and the business were synonymous. There were other no systems in place. With no other systems in place, then it is not a sell-able business.

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Guide to Small Business Ideas

MileIQ

You know you want to start a business and give yourself the best shot at success, but perhaps you’re still considering the kind of business you want to pursue. After all, you probably have a number of small-business ideas.

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What Happens When Your Business Loses Money?

MileIQ

Unfortunately, businesses don’t always earn a profit. This is especially true as you’re just starting your business or if economic conditions are bad. Let’s walk through what to do if your business loses money, as well as how you may get tax relief from it.

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