For the love of your business

Articles to LIFT Your Life and Business

The New Tax Law Makes Hiring Your Kids Smarter Than Ever

One of the biggest advantages of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and allow them to save for their future. In turn, you get workers who have a […]

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What are the penalties for misclassifying employees?

Q: What are the penalties for misclassifying employees? -Concerned CEO A: Dear Concerned: Hiring independent contractors (ICs) can be a great way to save on labor costs and avoid the HR hassles that come with traditional employees. But misclassifying workers, even unintentionally, can lead to serious consequences, which could potentially destroy your business. In today’s “gig” […]

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5 Best Practices For Complying With Your LLC’s Administrative Formalities

Limited Liability Companies (LLCs) are a popular business entity with many entrepreneurs. Like corporations, LLCs offer valuable personal liability protection for their owners. Unlike corporations, however, LLCs aren’t required to adhere to the same burdensome record-keeping requirements and other corporate formalities corporations must follow. That said, while the administrative requirements for an LLC are far […]

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4 Ways To Significantly Reduce Your 2019 Tax Bill

As we approach the end of 2019, you should be working with your bookkeeper and tax advisor to project your company’s year-end tax liability and implement strategies for saving as much money as possible. Most tax-saving strategies need to be in place before the end of the year, so make sure you get this process […]

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What You Should Expect From An Effective Bookkeeper—Part 2

In the first part of this series, we discussed what effective bookkeeping looks like, and here we’ll provide a handful of bookkeeping best practices you can implement with your bookkeeper. It can be easy to overlook the vital role your bookkeeper plays in your business. In the not-so distant past, bookkeepers were often viewed as […]

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What You Should Expect From An Effective Bookkeeper—Part 1

Money is the lifeblood of your business, and arguably no member of your team does more to support you with the management of your cash flow than your bookkeeper. In fact, the very first team member you hire should be a bookkeeper—and that person should not be you. If you’re serious about your business, you […]

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What tax breaks does Trump’s new tax law offer small businesses in 2019?

Q: What tax breaks does Trump’s new tax law offer small businesses in 2019? -Penny Pincher A: Dear Pincher: The biggest break offered by the Tax Cuts and Jobs Act (TCJA) was lowering the tax rate for C corporations from 35% down to 21%. But very few small businesses are structured as C corporations, so […]

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5 Reasons You Need Standard Operating Procedures

Standard operating procedures (SOPs) are detailed instructions describing the procedures for carrying out recurring business tasks. At first, creating SOPs for your company’s processes might not seem very important. After all, if it’s just you and a couple other people doing all the work, creating step-by-step instructions for each key task might seem like a […]

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Cutting Corners With Contracts Can Cost You

Running a company is a massive responsibility, so putting a lot of thought and effort into your contracts might be pretty low on your list of priorities. But giving short shrift to your legal agreements can cost you big time—and in more ways than one. In order to save time and money, you may be […]

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Save Big Money On Your 2019 Taxes—Part 2

In the first part of this series, we discussed the initial steps for saving big on your 2019 taxes. Here, we describe the next steps in the process.   Taxes are a thorn in just about every entrepreneur’s side. Indeed, taxes are your single biggest business expense. That said, it’s fairly easy to reduce the amount […]

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Save Big Money On Your 2019 Taxes—Part 1

When you first realize that your biggest personal and business expense—bar none—is taxes, it can come as quite a shock. Seeing so much of your hard-earned money wind up in the government’s hands can feel like a shakedown. Yet focusing a relatively small amount of time and effort into strategically reducing your taxes can pay […]

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