ACTUAL COSTS OF HIRING EMPLOYEES

Looking at your budget and now ready to hire? Every new business owner struggles with when to hire employees, hiring the right employees, and whether or not they can afford it.  A common question that tends to come up is “How much does this employee actually cost?” This is important to know when doing your budget.  The…

WRITING OFF BAD DEBT (CASH VS ACCRUAL)

Every year during year-end-tax planning meetings I get asked “This particular customer owes me money, can I write this off?”  To which my usual response is, it depends on whether or not your company is reporting on the cash or accrual accounting method.  Bad Debt is what is being referred to when someone asks if they can…

TRUST FUND RECOVERY PENALTY

Many employers these days are trying to run their businesses on limited cash flows.  With cash flows tight, sometimes payroll withholding gets overlooked and set aside to pay at a later date. When it comes to what is termed “Trust Fund  Recovery Penalty”, let me tell you this is the last thing you want to put…

YEAR-END TAX PLANNING

We are now into the fourth quarter of 2011.  Now is the time to be thinking about year-end tax planning.  This is the time of year where both individuals and businesses can both benefit from a little bit of planning.  A client can take the necessary steps to minimize those taxes or set the money aside that they…