Depreciation is an annual tax deduction that allows small businesses to recover the costs of certain property that decreases in value over its lifetime. It’s an allowance for the wear and tear, deterioration or obsolescence of the property. As a small-business...
How do you measure how robust your business is? One of the key ways is by looking at financial ratios, which can be grouped into four categories. Liquidity — Your business’s ability to remain liquid so you can meet your short-term liabilities. How much of a cash...
The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security (formally known as the Old-Age, Survivors and Disability Insurance, or OASDI) and Medicare taxes. The current tax...
You have lots of expenses when running a business. Are any of them deductible? To begin with, a deductible business expense must be both ordinary and necessary. An ordinary business expense is one that is common and accepted in your trade or business. A necessary...
From riding in an elevator to buying lunch at the cafeteria (when eating spaces can even open!), there are lots of interactions and scenarios both management and staff need to consider when physical locations gradually reopen. Here are some ways everyone can work...
Many small businesses have been forced to reimagine their business models to keep doors open and continue serving customers. Switching to online sales and using social media platforms to offer merchandise for sale locally have served retail firms. Gyms and fitness...
