For many years, tax planning was something business owners only thought about a few weeks before filing deadlines. That approach no longer works. Changes in tax law, increased IRS enforcement, rising operating costs, and real-time financial reporting have made year-round tax planning essential for small businesses. Those who plan proactively throughout the year are better [...]
In today’s fast-moving business environment, staying competitive means more than growing revenue — it means making your financial operations smarter, faster, and more efficient. For small and medium-sized businesses, embracing cloud accounting and automation is one of the best strategic moves you can make. At ORT Consulting, with over 30 years of experience guiding businesses [...]
Getting an audit notice from the IRS is one of the most stressful situations a taxpayer can face. Whether you’re an individual or a business owner, an IRS audit can feel overwhelming and intrusive. Unfortunately, many people make the mistake of trying to handle the audit themselves — often leading to larger tax bills and [...]
Owing back taxes to the IRS is a stressful situation that can quickly spiral out of control. Many individuals and business owners think they can simply pay their overdue taxes when they have the money, but the IRS does not operate on a flexible timeline. Instead, penalties and interest accumulate, turning a manageable debt into [...]
The tax laws passed in 2017 could save you plenty of money if you know what to do now. There’s a way for everyone to save, so read on for some of the best ideas for lowering your 2018 tax bill. Tax-deferred Savings You can’t take it with you! Contribute the maximum to your 401k [...]
Are you an entrepreneur? A small, mid-size or large business owner? No matter where you settle on the continuum of conducting business, you are likely going to need a certified public accountant. There are only so many hours in a day and tracking your company’s finances without the expertise and rigorous training of a professional [...]
The number of businesses who hire freelancers is growing every year. Generally speaking, it’s a win-win for both parties. Employers reduce the cost of benefits, pay for services only when needed, and can select from a larger pool of workers. Freelancers have flexible work hours, can work from anywhere, and work at any hour. However, [...]
As tax time rolls around, many people look forward to getting a tax refund. Their first thought is often, “how can we spend it?” This year consider saving your refund instead of spending it. Over 30 percent of Americans have no savings at all and another 30 percent have less than $1,000 in a savings [...]
The cash flow is the lifeblood of any business; it gives business owners the means to buy the goods they sell and pay their employees. For many small businesses, uncertain cash flow can hold them back from reaching their full growth potential. One of the most common culprits of poor cash flow is late-paying customers. [...]
Business owners and managers need to be efficient to make the most of every opportunity that comes their way. Here are some hacks that small business owners should consider to boost their productivity: Take Advantage Of Technology Gone are the days when businesses have to manually get things done. Apps and tools can now help [...]
