Business owners know their business like no one else—except for their accountant! Your accountant, whether inhouse or an outside firm, knows the ins and outs of your business from the financial point of view. While you know your business's expertise in regards to the unique service or goods you provide for your customers, your accountant's expertise also factors into the success of your business. Their work, however, does not exist in a vacuum. It requires a consistent dialogue between you, the business owner, and your accountant.
Whether you're a business owner or an individual, it's completely normal to request more time to file your federal income tax return. In fact, over 10 million taxpayers request tax extensions each year. Let's take a closer look at tax extensions, what's involved in the filing process, as well as a couple of FAQs. And if you would like more personalized or tailored guidance based on your unique situation, don't hesitate to reach out to the team at the MB Group today.
The hustle, the fear, and the anxiety — it must be tax season. And if you experience any or all of these symptoms, you may be suffering from tax phobia or IRS phobia. While cynics may smirk at the notion, this issue has been documented as far back as 1984 when the Washington Post penned an article entitled "Fear of Filing". What's one of the outcomes of IRS phobia? Procrastination.
While filing taxes as early as possible is generally the right thing to do, this year may be the time to wait. Tax season in 2020 was chaotic to say the least, and while 2021 seems to be back on track, we're still seeing the effects of COVID-19.
We get it: as a business owner, you have a lot on your plate. From managing the day-to-day operations, to marketing, to tax planning, to a litany of other tasks—business owners are often stretched paper-thin. One way savvy business owners save time while gaining insight into the operation of the business is through financial reports. Let's take a closer look at our top financial reports every small business should have and understand.
At the core of every successful small business is a great product, hard work, and accurate bookkeeping. While it may not be the most glamorous aspect of entrepreneurship, proper bookkeeping is key to evaluating profitability, creating a budget, and complying with legal and tax requirements. Every small business owner needs to practice good bookkeeping if they want to maximize their profits and avoid costly mistakes and legal consequences.
If you're a contractor, freelancer, or business owner, you've more than likely heard of the 1099 form as a part of your tax planning. However, 1099 form definition can take on a unique meaning based on your perspective and the role you play in the business relationship. Let's take a closer look at the 1099 form definition as well as what it can mean from a contractor's, freelancer's, and small business's tax planning perspective. Read on to learn more and don't hesitate to reach out to the team at the MB Group for tailored small business accounting and tax planning solutions.
Although the recent news about the coronavirus vaccine is more than welcome, we are far from done with the COVID-19 pandemic. Because of this, it's important for business owners to continue to strategically manage cash flow during the pandemic. At the MB Group, we've outlined a few key strategic steps you can take to improve the management of your cash flow during COVID-19. Continue reading to learn more and don't hesitate to reach out to our team for assistance in managing cash flow during COVID-19.
As a franchisee, choosing the best legal structure is critical. However, when it comes to the typical ownership structure of franchises, the number of options can make the process confusing. Even so, the legal structure of your business can have monumental implications for taxes, legal obligations, as well as profitability. Because of the weight levied on the ownership structure of franchises, it's imperative you get it right.
If you're a franchisee, it makes dollars and sense to partner with the MB Group for strategic tax planning for franchises and franchisees. We will work closely with you to help save you time and money through personalized strategies, so you can grow, build wealth, and set up the type of retirement future you've always envisioned. Let's take a closer look at a few key considerations for tax planning for franchises. Don't hesitate to reach out to our team today for tailored tax planning solutions.