As a small business owner, looking ahead and planning for the future can feel overwhelming, especially when there are so many day-to-day challenges. But with the right forecasting tools, predicting what’s next for your business doesn’t have to be complicated. Forecasting can help you plan for growth, manage expenses, and make smarter decisions based on …
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Choosing the right business structure is one of the most important decisions a business owner can make, especially regarding taxes. The entity you choose will determine how you pay taxes, how much you’ll owe, and how your personal assets are protected. Whether you’re starting a new business or considering a change in your business structure, …
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Running a construction business comes with a unique set of financial challenges and opportunities. One of the most significant opportunities lies in the tax deductions and incentives available to the construction industry. Understanding and leveraging these tax benefits can help you minimize tax liability, improve cash flow, and reinvest in your business for future growth. …
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Leveraging financial incentives is essential for business owners seeking sustainable growth and enhanced profitability during expansion. Local or state governments offer programs designed to spur economic development and encourage investments within their jurisdictions. By leveraging such incentives, businesses can significantly reduce their tax liabilities, enhance cash flow, and optimize their financial strategy. What Are …
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Sandusky, Ohio – July 30, 2024 – Payne Nickles & Company, a leading advisory services firm, is excited to announce that it has been named, for the second year in a row, an IPA 500 firm in the 2024 INSIDE Public Accounting Practice Management Survey. This recognition highlights Payne Nickles’ dedication to excellence and its …
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Starting in 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people …
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Planning for retirement is a crucial aspect of managing a small business. Unlike traditional employees who may have access to employer-sponsored benefits, business owners must proactively manage their retirement savings. This involves navigating fluctuating incomes and variable cash flows while balancing the demands of running a business. Tax-deferred retirement plans offer a valuable solution, providing …
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Navigating a financial audit can be daunting, but with the right preparation and understanding, it can become a manageable and beneficial process. Financial audits help ensure the accuracy of your financial records and compliance with regulations and can reveal areas for improvement within your business operations. Understanding the Audit Process A financial audit is a …
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The construction industry has seen significant technological advancements and substantial financial benefits. Key technologies such as project management software, Building Information Modeling (BIM), and other digital tools enhance efficiency and drive cost savings. Here’s a detailed look at how these innovations transform the financial landscape of construction project management. Project Management Software: Streamlining Operations …
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In the construction industry, managing financial risk is crucial for ensuring project success and maintaining profitability. Financial risks can arise from various sources, including contract disputes, unforeseen expenses, and cash flow issues. This article will explore strategies for managing financial risk from a CPA’s perspective, helping construction business owners mitigate potential pitfalls and enhance their …
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