Small Businesses

payroll systemWhether you run a two-person operation or your business has 50 employees, setting up a payroll system is very important for entrepreneurs. Not only will it streamline your ability to stay on top of your legal responsibilities as an employer; it can also save time during tax season and prevent costly penalties from the Internal Revenue Service (IRS).

tax deductionsAs a small business owner, you probably fall into one of two camps: either you enjoy the process of tax preparation or you loathe the very thought of it. Surprisingly, some of the least financially-oriented business owners have no problem grasping the complexities of tax season; while the market-savvy numbers whiz would prefer to abolish the IRS. Like everything in life, successful tax preparation is all about your attitude. This means if you go into it expecting the worst that is exactly what you'll get.

business tax deductionIt's quite simple; the more tax deductions your business can legally take, the less tax you will have to pay. That's because the amount of your profit will be lower. In addition to avoiding large tax bills at the end of the year, some of the available tax code provisions will also improve your quality of life. For example, you could have a nicer car to drive at a very small cost, or the ability to combine a business trip with a vacation. But like anything tax-related, you will need to pay close attention to the IRS rule about what is – and what is not – tax deductible.

business creditIt may seem simple enough at first: write a business plan, find some investors, get a business loan and hang a shingle. While that may seem like the path to success, trying to navigate the world of credit and lending might feel like a vicious circle. As many new business owners soon find out, traditional lenders are often reluctant to loosen their purse strings until a business has a strong, proven credit history. But how can your business develop a record when no one will help you get started?

small business obamacareAs we approach the beginning of the last year before full implementation of Obamacare, it's obvious that small business owners are getting nervous. They're hearing about large restaurant franchises like Applebee's and Papa John's Pizza who expect to lay off workers because of fines. Perhaps their own group health plan has changed its coverage and raised premiums already. Never before has there been this much uncertainty about a single topic that affects small business, but is all this worry really necessary? The reality is that the Affordable Care Act is actually a lot less complicated than you think.

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