Tax is a necessary part of doing business, but it is also a drag on your activities. The more tax you pay, the less money you have leftover in the pot for wages, investment, and other things that are crucial to your long-term success.
Many firms and individuals, therefore, focus on paying a fair amount of tax – the sum set out in the tax code. They want to make sure that they’re not putting their business at a disadvantage by allowing extra funds to drain out.(more…)
When you first start out setting up your business, it can be easy to feel like a fish out of water. It can seem like everyone around you doing the same thing is sailing through the process, which can leave you feeling a little intimidated. The important thing to remember is that you never see the struggles and the lows behind anyone else’s business; only the achievements and the highs. In real life, there are plenty of common mistakes made by fledgling business owners in those first few months. So, it makes sense that to get your business off to the best start possible, you find out what these mistakes are so you can avoid them should they ever head your way. More often than not, a lot of them relate to finances. After all, money makes the world go round, and it certainly rules almost every aspect of your business. If you’ve been pretty lax with your personal finances in the past, don’t think for a second that you will be able to take the same approach with your company. Here are a few common slips first-time business owners make with their finances, so you know exactly what to avoid. (more…)