All Posts in "Financial"

Business Financial Statements

A business financial statement is a report of the company’s financial performance and condition. These statements are prepared from information contained in the books of account and consolidated with other information that has been gathered from sources external to the company.

Income Statement

The Income Statement is a financial statement that shows the revenues, expenses and profits of a business over a given period of time. It’s important to understand how to read an income statement because it will help you make better decisions as a manager or investor in a company.

The following sections will explain what each line item on an income statement means and how you can use this information to assess whether or not a company is performing well financially:

  • Gross profit (or gross margin): This is calculated by subtracting cost of goods sold from total revenue
  • Operating income/net operating profit after taxes (NOPAT): This represents
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Harvey Olsen by — February 2, 2023 in Company Business
Everyday Tax-Hack For Small Business

There are many ways to save money and many ways to make money, but there’s one thing that all businesses have in common: taxes. Whether you’re a small business owner or an employee of a larger company, the IRS is always looking out for its cut—and it’s not the only cost of doing business. Whether you have employees or not, your expenses can add up quickly depending on what kind of business you’re running. Fortunately, there are some easy-to-implement tax strategies that can help keep things under control when it comes to both employee payroll taxes as well as deductions for capital equipment purchases and other costs associated with running your own business.

Don’t Pay Too Much on Your Mortgage Interest

Mortgage interest is tax deductible, but the mortgage interest deduction is capped at $750,000. The deduction is phased out for high earners and not available for second homes. If … More >>>

Harvey Olsen by — January 28, 2023 in Company Business
Corporate Tax Planning Advice

As a business owner, you know that your day-to-day responsibilities include making sure your employees are up to date on their training, scheduling and organizing payroll and other essential tasks. But do you know how to plan for taxes? It’s important to think about the tax implications of your business decisions because every year, businesses pay a combined $100 billion in corporate income taxes. Those dollars would go a long way toward funding infrastructure, education and programs for all Americans if they were not diverted into government coffers.

Talk to your accountant or tax advisor.

A good accountant or tax advisor can help you identify deductions and other tax planning opportunities. They may also be able to assist you with business finances, personal finances, and other areas of your business.

Make a list of your business expenses and income.

  • Keep a record of all business expenses.
  • Keep a record of
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Harvey Olsen by — January 15, 2023 in Company Business
Tax Planning For Small Businesses

Planning your taxes is a year-round activity, but it becomes particularly important at the end of the year. As you prepare to file your small business tax return, here are some tips for maximizing your deductions and minimizing your tax liability:

Filing Your Business Tax Return

The importance of filing your business tax return

The first step in tax planning is to file your business tax return on time. If you don’t, the government may impose penalties and interest charges. This can add up to thousands of dollars over time, depending on how late you are in filing your return. In addition, if you don’t file a complete and accurate return (or even if you do), there could be additional costs associated with having to amend or correct it later on down the line when it’s too late for them not to catch any mistakes!

Keep records for future reference… More >>>

Harvey Olsen by — January 10, 2023 in Company Business
Tax Planning For Business Owners

Taxes are a major part of doing business, but it’s important to keep in mind that taxes are not one-size-fits-all. There are many different types of businesses, each with its own unique tax situation. Each year, there are also changes to personal tax rates and adjustments to business tax credits and deductions. In this article, we’ll discuss some general strategies for planning ahead when it comes to your business’ tax obligations.

Business tax planning is a year-round process.

Tax planning is a year-round process. You should be thinking about tax issues from the time you start your business, through its growth and maturity, to its eventual sale or liquidation.

Tax planning can be especially important for new businesses because of the so-called “momentum concept”–that is, if you are in a higher tax bracket when you start your business than when it becomes profitable (or vice versa), the difference in rates … More >>>

Harvey Olsen by — January 4, 2023 in Company Business