Self-employed people such as sole proprietors have until June 15^th to file income taxes.  However, note that the payment due date for any balances owing on your tax return was April 30^th.  The following are a few things self-employed taxpayers should be aware of…

First of all, when starting up your own business it is important that you determine the structure of your business. There are 3 types of business structures to consider…

TAXATION Develop a strategy for distributing earnings and reducing corporate income taxes. For most owner-managers, their goal is to create personal wealth through the operation of a successful business. Unfortunately, corporate and personal tax liabilities (among other things) stand in the way. Owner-managed businesses must struggle with tax on two fronts: making a profit while […]

MONEYSAVER Start planning now for interest rate increases. Historically low rates have encouraged borrowing for equipment, real estate, operating lines of credit and everyday purchases. How much longer interest rates will remain at these levels is an open question but now is a good time to start thinking about the potential impact of higher rates […]

MANAGEMENT The more things change, the more they stay the same. No matter what the economic conditions, some business worries never go away. Here are a few tips on how to handle some of these eternal problems. Cash Flow Customers will continue to extend payments over 90 days. Understand your cash flow. At the end […]

TECHNOLOGY Password manager software is an inexpensive way to secure all your passwords. Our need for passwords to access everything in our life has become pervasive. Every agency, every computer, every credit card, every smartphone requires an exponential explosion of letters, numbers, and symbols to secure all information from hackers, whether it is personal data […]

Taxation Be aware of changes to the income tax rules that will affect your 2017 filing. For those already thinking about their 2017 income taxes, the following summarizes some of the changes from 2016. Tax Credits The child tax credit for arts and fitness is gone. Since this tax credit was capped at a maximum […]

MANAGEMENT Even when interest rates are at historic lows, interest costs can be significant for businesses and owner-managers. The Business The significant rise in the cost of equipment, vehicles, real estate, and inventory has prompted many businesses to increase business debt. Low interest rates, combined with the ability to obtain larger loans with extended payment […]

MANAGEMENT Correct pricing can mean the difference between business success and failure. Setting the price point for your product or service is not simply the process of determining the cost of production then adding a mark-up. It is more a matter of understanding the price the consumer will accept as the value of your product […]

TECHNOLOGY A review of your HVAC system may show you how to improve your bottom line by saving on the cost of energy. Because lighting, heating and cooling represent 19%-25% of the cost of operating a commercial business, control of energy costs is essential to improving profit margins. A reduction of even 10% in these […]