Management
3 Business Management Tips That Will Reduce Your Stress
GET IN TOUCH GET IN TOUCH Are you feeling overwhelmed by the pressures of managing your business? You’re not alone. Business management is not easy, regardless of whether you’re an experienced owner or a new entrepreneur. In fact, in some ways, managing a small business can be just as challenging as running a Fortune 500…
Read MoreThe New Jersey Business Alternative Income Tax (NJ BAIT): What You Need to Know
GET IN TOUCH GET IN TOUCH The New Jersey Business Alternative Income Tax, or NJ BAIT, allows pass-through businesses to pay income taxes at the entity level instead of the personal level. This law, which took effect January 1st, 2020, mitigates the impact of the federal $10,000 state and local tax (SALT) deduction cap imposed…
Read MoreWhat Does New York State’s Pass-Through Entity Tax Mean ForYou?
GET IN TOUCH GET IN TOUCH New York recently passed the Pass-Through Entity Tax, which allows some business owners to pay tax at the business level. If you own a business, this may enable you to avoid the $10,000 limit on state and local tax deduction on Form 1040, Schedule A, that was imposed by…
Read MoreTaking Money Out of Your Business: What Owners Need to Know
GET IN TOUCH GET IN TOUCH Building and growing a successful business is hard work. It can take years before you begin to see a profit. As your success increases, however, you will want to withdraw money from the company. That is, after all, the idea. There are many common reasons business owners choose to…
Read More9 Questions to Clarify Whether You Operate a Business or Hobby
GET IN TOUCH GET IN TOUCH You’re making some income selling your handmade jewelry… Your cover band keeps booking paid gigs… People are hiring you to photograph weddings or refinish antique furniture… Are your business activities a hobby or a business? There is a difference at tax time, and you want to ensure you present…
Read MoreIs Your Company Ready for Due Diligence?
GET IN TOUCH GET IN TOUCH Due diligence is a critical step in the investment/acquisition process. It is the process by which the investor gets to know the business they are investing in. So in this post, I go through what you need to do to get your company ready for due diligence. It may…
Read More5 Ways a Profitable Business Can Run Out of Cash
As I discuss in a different post, income (or profit) is not the same as cash flow. In this post, I talk about how profitable businesses can run out of cash even when doing the right things. That a profitable business can run out of cash is counterintuitive. It is also critically important for a…
Read MoreA Huge Tax Loophole for Cryptocurrency Traders
Buying and selling cryptocurrencies such as Bitcoin, Dogecoin and Ethereum is not for the faint-hearted. They are volatile, there is no justification for their valuation, and regulations have been slow to keep up. This creates a risky environment but also a huge tax loophole for cryptocurrency traders that is worth investigating. The currencies fluctuate wildly in…
Read MoreThe Dangers of Intermingling Company and Personal Funds
When you own your own business or run a small business, it is easy to intermingle funds. Intermingling happens when you don’t separate your business and personal accounts or when you do not keep proper records documenting transactions between personal and business accounts. The simple act of using your personal checking account to receive business…
Read MoreVirtual Currencies and Cryptocurrencies, What They Are and How to Account for Them
GET IN TOUCH GET IN TOUCH Investing in Bitcoin is becoming increasingly common. As a result, we see more people wrestle with the tax consequences of using a virtual currency. The run-up in the value of Bitcoin last year led to several large tax bills (And the subsequent decrease in value could lead to hefty tax losses).…
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