Finance

The American Institute of Certified Public Accountants and the U.S. Department of Labor have teamed together to produce an online video that helps small business owners understand the differences in the variety of retirement plans available. The video is titled "Choosing a Retirement...

An estate plan consists of a series of legal documents and legal and financial arrangements that are assembled in a particular way. This arrangement is designed to accomplish your objectives with regard to the use and distribution of your assets, including your business, for yourself, in the...

Help for Schedule C Filers On May 21, 2008 the Internal Revenue Service (IRS) Stakeholder Liaison section is offering a free National Phone Forum for schedule C filers titled "Calling All First Time Schedule C Filers." The seminar is designed for individuals, small business owners,...

Special situations deserve special trust solutions A Special Needs Trust can help you put the financial pieces of your loved one's future together. With a Special Needs Trust, you can provide for the lifetime needs of a disabled family member without jeopardizing his or her eligibility...

Many have being asking this question. While most all accept the notion that we are in a global market place, and to play, we must think and act globally, trying to understand what the impact of international competition for small biz has been somewhat challenging to understand as it relates...

The next line on a P&L is gross profit. Subtract COGS from net sales and you have gross profit. This number is frequently referred to as gross margin and is expressed as a percentage. This is the profit you made from doing what you do. If you manufacture, this is what you made...

With last weekend's news on the Bear Stearn's meltdown, many small businesses are rightly concerned about how to best protect their business and personal assets. Added to this, elections, other market corrections, the US dollar getting beat up by the Euro and you may be reaching for an...

The following article was written by Chuck Bennett who is a Director with Tax Projects Group, LLP, a national tax consulting firm that specializes in performing R&D Tax Credit Studies. Unclaimed Research & Development Tax Credits Manufacturing companies often qualify, but don't...

What does your company do? Some companies manufacture, some provide a service, others distribute. The second line on a P&L is entitled Cost of Goods Sold (COGS). It tells you how much money you spent doing whatever it is you do. If you manufacture, it includes your labor and material...

On February 21, 2008 the Internal Revenue Service released IR-2008-22 which details the benefits for businesses included in the 2008 Economic Stimulus Act. The two main provisions included in the stimulus package for businesses are fifty percent special depreciation allowance and an increase in...

One of the three reports found in a standard set of financial statements is a profit and loss statement (P&L). This statement is also known as an income statement or statement of income. It tells you what the sales and expenses of the business were in a particular time period, usually a...

A great business makes a profit and generates cash from those profits. It accumulates cash over time and can do so without much in the way of debt. It makes regular investments in R&D. Such a business pays its expenses and taxes and perhaps makes distributions to stockholders along the...

The late decision to include seniors as part of the 2008 Economic Stimulus Plan is causing many seniors to consider filing a 2007 return. That is because only those individuals who file a 2007 return will be eligible to receive the rebate checks from the government. It has been estimated that...

The Internal Revenue Service has now included over 800 hyperlinks within Publication 17. This allows users of Publication 17 to access information more quickly. The hyperlinks are in both the pdf and HTML version. The HTML version is also accessible to the visually impaired. You can find both...

On February 20, 2008 the Internal Revenue Service (IRS) Stakeholder Liaison section is offering a free National Phone Forum on "Choosing a Tax Preparer." The seminar is designed for individuals, small business owners, industry associations and tax professionals. The following topics...

IRS provides guidance on the highly debated issue of Independent Contractor vs Employee The Internal Revenue Service recently issued a fact sheet titled "Employment Taxes and Classifying Workers" (FS-2007-27). This fact sheet provides guidance on whether a worker should be...

December 11, 2007 IRS Announces 2008 Cost-of-Living Adjustments The following is a list of items affected by the IRS cost-of-living adjustments for 2008 which can be found in IRS Rev. Proc 2007-66 (http://www.irs.gov/irb/2007-45_IRB/ar19.html): .01 Tax Rate Tables .02 Unearned Income...

December 7, 2007 IRS Sets New Guidelines for Contingent Fees In the past, the IRS has taken a strong stance against all forms of contingent fees. The recently released circular 230 revisions issued by the Treasury Department allow tax professionals to charge based on contingent fees...

November 29, 2007 Under Revenue Procedure 2007-70, the Internal Revenue Service has issued the standard mileage rates for 2008. The standard mileage rate for cars, vans, pickup trucks or panel trucks will be increasing to 50.5 cents per mile starting January 1, 2008. The standard mileage rate...

November 16, 2007 Ohio employers are required to report newly hired or rehired employees and contractors to the State of Ohio New Hire Reporting Center. The information collected is matched with state and national data to help collect child support and reduce fraudulent unemployment and...

With the push underway to create new industries in Ohio, the bar has been lowered for smaller businesses and eager entrepreneurs with a great innovative idea to get into the venture capital game. Historically this more sophisticated form of financing was primarily reserved for companies with...

You're in the market to finance construction, land and building acquisition, facility improvements or maybe major capital equipment. You'd like to look at funding sources other than just your bank. Consider talking with the Cleveland-Cuyahoga County Port Authority's...

Small businesses interested in opening or further developing new markets overseas for their products and services, while reducing their risk, have many options available. Ohio has deep expertise in global trade and is the sixth largest exporting state in the United States. The state of...

It is vital that your business is able to access capital funding whenever it needs it. If you have a good track record and have been paying your loans back on time, but now find yourself jumping through hoops for your lender, it may be time to start shopping around - before you really need the...

The best approach to take advantage of the available funds if you are requesting a significant increase in credit is to prepare a complete loan package, prior to meeting with a lender and submitting your credit request. Consult with your financial advisors and take control of the credit...

Annually many banks assess how profitable their individual client relationships are to the bank, their shareholders and their ratings on Wall Street. In many cases, these audit reviews are conducted by your relationship manager when your company's line of credit is up for renewal or when...

Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, managed by the National Institutes of Health (NIH), are federal financial grants targeted for small business. NIH's mission is to improve human health through biomedical and behavioral...

Below is an Excerpt from: How to Change the World" from Guy Kawasaki's Feed Blitz "How To Change The World." This is a very realistic overiew of what really happens with many start ups. Great advise. Great reading! Marsha Powers Financial Models for...

Commencing October 1st, the up-front Small Business Administration (SBA) Guarantee fee, ranging to up to 1/2% of the loan is being eliminated. This one-time engagement fee historically has been paid by the borrower. Fees the particpating bank normally charges, paid on the first mortgage...

SEPTEMBER 12, 2007 CORDRAY REVIVING TREASURY'S ECONOMIC DEVELOPMENT PROGRAM In hope of growing the state's economy, Ohio Treasurer Richard Cordray...