Unlock Your Business’s Potential With QuickBooks

As a small business owner you probably like what you do and are good at it. Bookkeeping is most likely not your favorite thing to do. You may see it as a necessary evil and put record keeping off as long as possible, perhaps even until year end when it’s time prepare your tax return! Unfortunately that is … Continued

Getting the Most Bang For Your Buck

If you’re an Ohio business owner, or if you’re thinking about becoming an Ohio business owner someday, the reality is that you deal with decisions every day. And many of these decisions deal with pricing matters. Pricing isn’t always easy to manage, but there are specific steps you can take to ensure that you have a solid … Continued

The Value of Your Business

According to Tim McDaniel, CPA/ABV, ASA, CBA, shareholder, Columbus, you should really treat your business as an investment. “A business interest usually accounts for more than 50 percent of a person’s net worth, and many owners do not know what it is worth, let alone have a detailed succession plan,” McDaniel said. He recommends having … Continued

Independent Contractors vs. Employees

Most companies employ part-time or temporary workers at some point, and these types of workers are often assumed to be independent contractors. Companies classify them as such to help save costs. By doing this, employers do not have to match welfare taxes, including Social Security, Medicare and Federal Unemployment Taxes, which are almost eight percent … Continued

Independent Contractors or Employees?

Generally, the IRS uses a common law test of control to determine whether a worker is an employee or an independent contractor. Under this test, a worker is an employee if the user of his or her services has the right to direct and control the manner and details of the worker’s performance. This is … Continued

Internal Controls: What They Are And Why They Are Important

Internal controls are essential for every business. Internal controls are the operations and procedures that help to prevent or detect errors and misstatements in the financial records of a business, and consist of five components. Risk Assessment Identify and assess risks that may prevent your business from achieving desired financial reporting objectives. Examples of such … Continued

Not-for-Profit 990 Filing Requirements

Volunteers run many small not-for-profit organizations. They get involved because they believe in the cause or they want to contribute something back to the community. Unfortunately, since the Internal Revenue Code is complex, many of these volunteers are not aware of the filing requirements for Form 990, an informational return for organizations exempt from income … Continued

Stay Organized Year-Round To Make Tax Prep Easier

The best advice to get ready to prepare your taxes is “don’t wait!” Stay organized year-round in accumulating information that will be needed for tax filing. If you are a business owner, you should check the profit or loss for your business each quarter. This will help to give you an idea of whether you’ll … Continued