Estimated Tax Payments; Do I Need to Make Them, When and How? The Perfect Storm Business owners that are not aware of the estimated tax payment requirements can find themselves in a deep hole at tax time. Here’s a “the perfect storm” scenario: April 15th is the due date for the balance of the prior…
Every business has expenses. And with the growing popularity of small business credit cards and low interest rates, many business owners are using them to make purchases. Tracking and recording expenditures is a process many owners don’t like to deal with: accounting for your expenses, keeping track of all of your receipts, making sure they…
Help Me Save on Taxes www.ewhsba.com We sat down with a team of professional CPA’s with well over 180 years of combined experience asking them questions all small business owner would want answers to in regards to saving money on taxes. These questions were aimed specifically to small businesses, however, whether you own a business…
This visually friendly view of the Schedule A will help you understand the changes the new tax law made to the itemized deductions. For questions contact EWH Small Business Accounting at 262-796-1040, or email us at info@ewhsba.com or for more information on taxes register for our FREE Tax Essentials workshop by visiting www.ewhsba.com or by contacting…
Are you stressing out at tax time trying to find all the necessary documents to file your tax returns? Do you wonder what records are important to save and what’s not? And how long should you save them; 3 years or 7 years? Your financial and tax records can consist of piles of expense receipts,…
Very few new small businesses put together a business plan before they open, but they should. Most small business fail in the first few years and that could be avoided if they had created a business plan prior to opening the business. Too many business owners think they have a good idea or have a…
All business owners face an interesting challenge: how to take profits out of the company and pay the least amount of taxes in the process. If you have an S corporation, there are basically two ways you can get money out of the company: by paying yourself a reasonable salary and by paying yourself distributions.…
Businesses start and fail at a staggering rate. Every year over a million people start a business of some sort and by the end of their first year at least 40% of them will be out of business. Within five years, more than 80% of them will close. In 10 years, 96% of them will…
Did your business receive a Tax Audit Notification letter in the mail? What should you do and how should you resolve this? Panic is usually your first reaction. Then after a few minutes you realize you’ve been working with a professional accountant who supports you in situations like this. Avoiding some of the most common…
Avoid the Common Pitfalls Business Owners Face When Managing Their Finances When it comes to managing a business, your accounting is critical. But there’s hope: most accounting mistakes made by small businesses stem from a misunderstanding of the fundamentals. Businesses fail, lose money, or struggle not because of the big stuff, but because the fundamental…
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