Small Business

RUSSO CPA Blog tax tips

Tips for Getting Paid on Time

For many business owners, collecting on your accounts receivables can be challenging especially as more people switch from established collection procedures to online payment methods. The good news is that you can take positive action to improve collection rates, shorten the aging days of your accounts receivable, help your business improve its cash flow and tighten up its credit and collections policies. While some of the tips discussed here may not be suitable for every business most can serve as general guidelines to give your company more financial stability.

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image: Several young men and women gather around a laptop computer with nervous excitement to view the results of their crowdsource campaign

The Tax Consequences of Crowdfunding

With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it’s often possible to raise the cash you need; the downside is that the IRS considers that money taxable income. Let’s take a closer look at how crowdfunding works and how it could affect your tax situation.

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Cash Management Tips for Your Small Business

Cash flow is the lifeblood of every small business, but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.

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Small Business Financing: Securing a Small Business Loan

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach them properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.

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Three Tips for Getting an Accurate Business Valuation

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as:

  • Certain transactions: Are you selling your business? Planning an IPO? Need financing?
  • Tax purposes: This includes estate planning, stock option distribution, and S Corporation conversions.
  • Litigation: Often needed in cases like bankruptcy, divorce, and damage determinations.

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Should my business be an S corp

Ask Bob: Should My Business Be an S Corporation? 6 Myths and Facts

CPA Robert Russo Breaks Down the Question: Should My Business Be an S Corp?

Will it help or hurt me? The team at Robert P. Russo, CPA has been getting questions about which business entity will allow them to best take advantage of the law. One question that keeps coming up is: should my business be an S corp? We get this question from LLCs and sole proprietorships – even employees wondering if now’s the time to launch that startup.

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RUSSO CPA Blog: Keeping good tax records

Per Diem Rates Updated for FY 2021-22

Per diem rates have been updated for FY 2021-22 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incidental expenses, as well as meal and incidental expenses only.

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Small Businessman in Coffee Shop learning tips for financial success

Small Business: Tips for Ensuring Financial Success

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not.

While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results. Every business owner knows you need to make numerous adjustments along the way. So, how do you handle the array of questions facing you? One way is through cost accounting.

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RUSSO CPA Tax Tips

Closing Your Business: A Tax Checklist

Many small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors — you must also take certain actions as required by the IRS to fulfill your tax obligations.

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