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Questions to Ask Before Signing a Business Loan

Mon, Nov 6th 2017
Are you thinking of taking out a loan to buy new machinery or additional inventory for your business? Before you sign that loan document or credit application, consider the following questions. What's the true cost of borrowing? The interest rate on your business loan may be variable, fluctuating over the life of your loan. Calculate the impact of potentially higher future payments on your ability to pay other debt, such as amounts you owe your vendors. Include fees in your assessment. Your... Read More »

Gifts to Charity: Six Facts About Written Acknowledgements

Mon, Oct 30th 2017
Have you contributed money or made gifts to charitable organizations this year? Make sure you have your records in order to claim a charitable deduction on your tax return if you will be itemizing your deductions. You’ll need two things: A bank record or written communication from a charity for any monetary contributions. A written acknowledgment from the charity for any single donation of $250 or more. Here are six things from the IRS website for you to remember about these donations and... Read More »

Payroll Is More Than Just Writing Checks

Mon, Oct 23rd 2017
As an employee, you may not have thought much about the procedures behind the issuance of your paycheck. But as a business owner, you need to understand how federal employment taxes work because you have to withhold these payroll taxes from your employees' paychecks. Here's an overview of four types of payroll tax. Social Security. Social security taxes are part of the Federal Insurance Contributions Act, also known as FICA. You're required to withhold this tax from an employee's wages each... Read More »

Reduce Fraud in Your Business with Prevention Strategies

Mon, Oct 16th 2017
When it comes to fraud, the old adage about a small amount of prevention being worth a large amount of cure is spot on. Investing in fraud prevention methods can be more cost-effective than spending time and money on clean-up after a fraud has been detected. Here are suggestions to help prevent fraud in two key areas. Payroll. If your company uses payroll software, set up the internal control features to keep master hourly rates, hours worked, and bank direct deposit information safe. Pull... Read More »

How to Pay Yourself as a Business Owner

Mon, Oct 9th 2017
Are you a new business owner? You may be wondering how to pay yourself from your business. The answer depends on the way your business is set up. Here are common methods for making payments to business owners. Corporations. If you own a traditional C corporation, your salary is subject to income and payroll taxes. Both are withheld from your paychecks, and your business must "match" the social security and Medicare portions and pay the taxes to the IRS. In addition, you might also choose to pay... Read More »