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Paying Less Taxes Can be Like Totally Bonus

Posted by Celene Robert to Taxes, Business Advice, Startup Tips


Was your business profitable in 2020? Do you expect a large income tax bill? If so, this blog is for you!


We’ve got two things you can do—before the blessed end of 2020—which could save you some serious cash on current year business income taxes! While these are two different actions, they both happen to include the word bonus. And who doesn’t like a bonus? Especially during pandemic times like these.


7 Practical Questions to Ask Before You Exit Your Business

Posted by Celene Robert to Business Advice, Mergers & Acquisitions, Startup Tips


The decision to exit your business is one of the most important and emotionally charged decisions you’ll ever make. Indeed, it’s a life-altering decision—both for your life and the lives of the people who work for you. It means stepping away from the company you’ve built, thought about, and toiled over for years. And it can change not just your day-to-day routine, but your entire conception of self.


Most importantly, exiting your business can leave you rich. I’m talking rich-rich. The filthy, stinking kind.


But in order to walk away with the wealth you deserve, you’ll have to strategize carefully and deliberately. Exit planning isn’t something you can put off and hope to figure out when the time comes. To maximize your exit, you need to anticipate and solve potential problems in advance.


Whether you intend to leave your company in a few months, years, or decades, here are a few practical exit planning questions to consider right now:


Secrets of a Home Office Tax Deduction Revealed

Posted by Celene Robert to Taxes, Business Advice, Startup Tips, Coronavirus

If you’re anything like us, you’re already thinking about what deductions you'll take come tax season. Sadly, one you might miss out on is a home office tax deduction in 2020, since the Tax Cuts and Jobs Act eliminated unreimbursed employee expenses for almost all W-2 workers in 2017. That means, from 2018 to 2026, employees cannot deduct home office expenses unless they are a member of four protected groups. Which is a bummer with so many of us setting up our new home offices thanks to COVID, right?


We're all pretty disappointed by this change. Deducting home office expenses and other business-related expenses was beloved. In 2015, those who itemize deductions did so to the tune of $96 billion in unreimbursed employee expenses.

Accounting Technology Trends You Need to Know About

Posted by Celene Robert to Business Advice, Industry News, Startup Tips


The global accounting software market is anticipated to reach USD $20,408 million by 2026 according to a recent Fortune Business Insights report.


What does the growth of the accounting technology market mean for your business? What trends in accounting tech should you be watching?


I got curious about what is trending in accounting tech, and, as always, I had to share what I found with you.

Exit Planning: The Art and Science of Valuations

Posted by Celene Robert to Business Advice, Mergers & Acquisitions, Startup Tips


It probably won’t happen today or tomorrow, but at some point, you’ll leave your company. Ideally, you’ll walk away wealthy—or at least wealthier than you are right now—ready to dive into retirement, the launch of your next business, the beginning of your career as an investor, or whatever the next stage of your life holds.


But exits don’t always happen the way we hope and dream they will. There are unavoidable crises, downturns, and other economic realities to contend with. Companies fail; in fact, fewer than half of small businesses in the US survive beyond a decade.

What You Gain and Lose by Using SAFE Notes

Posted by Celene Robert to Investment, Business Advice, Funding, Startup Tips


It sounds like an easy win. You take $200,000 from an investor right when you need it, with minimal back-and-forth negotiation and no debt obligations or loss of equity in the present.


Sure, there are some strings attached. In exchange for their financing, the investor has agreed to some percentage of ownership in your company at an unspecified future date. But you don’t need to worry about that now—you just secured seed funding without giving up any control in your company or borrowing money you may not be able to pay back.

5 Doubts About Payroll Tax Holiday You Need to Clarify

Posted by Celene Robert to Taxes, Business Advice, Startup Tips, Coronavirus


There are things to love or hate about the latest executive order of a payroll tax holiday, such as:


  • Eligible employees love the extra cash in their pockets that would ordinarily go to the government to spend or to save. Though as it stands now, that extra cash would need to be repaid at the end of the period...
  • Employers hate the headache of implementing a new operation to their payroll process and accounting.

What the Great Recession Can Teach Us About What’s to Come in 2021

Posted by Celene Robert to Business Advice, Startup Tips, Coronavirus


Believe it or not, 2020 is more than halfway over. It feels like we’ve lived through a decade since 2019.


Can you remember what you were doing around this time last year? What were your major priorities and projects back then?


Around this time last year, I was helping one of our clients prepare for conversations with investors. We were working diligently to get the company’s financial statements in order, ensure the books were accurate and up to date, develop the fundraising pitch, and create projections for the next 18 months. Everyone was feeling optimistic. The business had momentum, a strong value proposition, and the attention of several potential sources of capital.

Funding Opportunities Beyond the PPP: What Business Owners Should Know

Posted by Celene Robert to Business Advice, Startup Tips, Coronavirus


Like so much of life these days, the Paycheck Protection Program (PPP) is unprecedented. Never before has so much money been loaned out to so many businesses so quickly. Equally astonishing is the fact that the government has agreed to forgive the loans for qualifying borrowers.


However, unprecedented also means untested, uncertain—and perhaps unfeasible. It’s no surprise that a program this big and this hastily rolled out has had numerous issues, limitations, and controversies.

Rundown of Government Relief for Businesses Affected by COVID-19

Posted by Celene Robert to Business Advice, Startup Tips, Coronavirus

 

Do not miss out on ways to improve your business’s liquidity


As COVID-19 continues to spread around the world, U.S. businesses have received historic government relief in exchange for its participation in the life-saving emergency shelter-in-place and social distancing orders of state governors.


As those same governors are lifting emergency stay-at-home orders, enabling non-essential workers to return to the shop floor or office, the need for government relief of business activity has remained a necessity.