For the love of your business
For the love of your business
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 […]
Read MoreOne of the most frustrating things for an entrepreneur is coming up with a great business idea, but being unable to get the concept off the ground due to a lack of financing. With banks often unwilling to loan money to startups that have yet to make at least two years of income, unless you […]
Read MoreAs an entrepreneur, you’ve probably put lots of thought into the best ways to start and grow your business. But you likely haven’t put nearly as much effort into thinking about how you’ll sell it or exit it, in general. And if you decide that selling is the way to go, you’ll want to start […]
Read MoreGetting your business off the ground can be challenging in many ways: long hours, tough decisions, and ruthless competition, to name just a few. But perhaps the most challenging aspect of launching a startup involves financing. Indeed, getting the cash flowing and keeping it flowing is the lifeblood of your operation. Without proper financing, sometimes […]
Read MoreIf you’ve ever had clients who were more trouble than they were worth, you know how distressing such toxic relationships can be. It can be difficult to drop a client, especially if finances are tight, but sometimes the best thing you can do is to break off the relationship. It’s important to remember that not […]
Read MoreOne of the smartest moves you can make as an entrepreneur is to structure your business as a limited liability company (LLC) or an S Corporation. You’re probably aware that both LLCs and corporations can protect your personal assets from debts and lawsuits incurred by your business, but they also offer other key benefits that […]
Read MoreWith the rise of the “gig economy” and so many people now working as independent contractors (ICs), as opposed to full-time employees, you should be well-familiar with the rules and requirements for the tax form known as a 1099. A 1099 is designed to document and track payments you make to ICs for services they […]
Read MoreAs you’ve undoubtedly heard by now, the 2017 Tax Cuts and Jobs Act (TCJA) is the most sweeping change to the U.S. Tax Code in more than 30 years. And while the legislation provides many of the biggest breaks to large corporations, it offers numerous benefits to smaller businesses as well. Due to the immense […]
Read MoreLast week, we discussed three potential scenarios in which poor estate planning can cripple your business. However, the damage described in those three hypotheticals pales in comparison to what recently happened in real life to the owner of one of Canada’s hottest new startups. Gerald Cotten launched the cryptocurrency exchange QuardigaCX a little more than […]
Read MoreHiring your minor children to work in the family business is a great way to help them develop a solid work ethic, teach them money-management skills, and fund their savings for the future. But employing your children also comes with a number of valuable tax benefits that you might not be aware of. And following […]
Read MoreIn the first part of this series, we discussed the initial steps to take to save big on your 2018 taxes. Here, we continue with the next steps in this process. Taxes are a thorn in just about every entrepreneur’s side. Indeed, taxes are your single biggest business expense. Fortunately, it’s fairly easy to reduce […]
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