Tax Considerations of Selling Your Business

Whether you’re selling your business to start a new venture or you’re looking to convert your equity in the business into cash, selling your business is often a viable idea. But there are a few key aspects that come along with the sale of a business, which can have tax implications. Here are some essential tax considerations to take into …

Starting a Business vs Buying a Business

If you’re thinking about owning your own business, you may have never thought about anything other than starting from scratch. Or you may feel like buying an existing business is cheating or out of reach. But the reality is that either option could be right depending on your needs. Cash Outlay For a small cash outlay, starting from scratch almost …

What You Need to Know About Crowdfunding and Taxes

Crowdfunding continues to be a popular way of raising money, but you need to stop and think before you jump on the bandwagon. As with other transactions, the IRS wants its piece of the pie, and you need to make sure you understand the tax rules to avoid an April surprise. Three Types of Crowdfunding There are three general categories …

Learning From Your Mistakes

In business as in life, mistakes can and do happen to everyone, even the most cautious and well-intentioned individuals and companies. But contrary to popular convention, some of the most successful leaders and entrepreneurs understand that not only are mistakes an essential part of the growth process, but they also represent opportunities to learn and improve. Mistakes Are Bad! (Or …

The Power of Proactive Management

Every small business owner knows the feeling of having their day thrown off course by a crisis. For many, the situation can get so severe that nearly every day is wasted reacting to emergencies instead of pursuing a strategic plan. While you can’t ignore urgent issues, it is critical to minimize their impact on your time. Otherwise, you can’t accomplish …

Don’t Undercut Yourself

When you’re starting a new business or wanting to offer new products or services, it’s easy to think that pricing your products or services low will help you attract customers. The strategy of lowering your prices to attract more customers or clients is called penetration pricing, and it’s frequently used by small business owners to get their first customers or …

Do You Want to Be an Independent Contractor or Employee?

If you have a choice to take a job as an employee or independent contractor, which one is better? It depends on a few factors. First, Do You Have a Real Choice? The IRS has a strict set of guidelines for determining whether someone is an independent contractor. Neither employers nor employees can choose one or the other just because …

Could Sales Tax Rules be Changing for Online Businesses?

The Supreme Court ruled in the case of South Dakota v. Wayfair?that states can force online retailers to collect sales tax even if they have no physical presence in that state. This overturns the previous rule that an online retailer only has to collect sales tax for states where it has a physical presence. Here’s what you need to know …