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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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.”
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.
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.
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.
If you own your own business, your tax obligations likely do not end with the IRS. There are other tax agencies looking to put the bite on you as well. Small business owners can cut their taxes by taking various tax deductions. Be sure you don’t pay more taxes than you need to by being aware of the overlooked tax considerations for small business.
For many owners, the answer to one question determines their ability to leave their companies: “How much money will I get when I sell?” This question is indeed critical. Realistically, you can’t exit your business unless you achieve financial independence, and the primary source of that independence is likely to be the funds you receive for your business when you leave.
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