COVID-19 has shaken things up for 2020. However, there are very feasible ways to recover next year. Let us take a very close look at business after COVID-19 and five ways to jumpstart your COVID comeback.
Transitioning from a brick and mortar to an online business is not an easy task. It’s more than having a smartphone device and an internet connection. It involves various steps to set up a profitable online store. Below are the seven steps to follow in moving your business online.
With the current COVID economy leaving so many Americans out of work, many people are turning to freelancing as a means of supporting themselves. If this includes you, you are to be commended for taking the initiative. If this is your first time working as a freelancer, you might not be aware of the nuances of reporting and paying your taxes under this scenario. We hope the following information will point you in the right direction.
We all know what it’s like to be cruising along on financial autopilot when BAM! Out of “nowhere” a major “unexpected” hit comes and knocks us into a scrambling tailspin. Whether it’s medical expenses, taxes, that credit card bill we lost track of, car repairs or anything outside the norm, those extraordinary “hits” can set our vacations plans back years. But let’s face it. Those types of hits aren’t all that unexpected, are they? We know we’re going to have to pay taxes and the credit card bill...
Thoughts truly do become things no matter what it is you’ve got on your mind. If you’re always thinking about lack and debt, all you’ll be able to see and focus on is lack and debt. If you begin to notice and speak about prosperity and happiness, you’ll attract more of that to you as well. Positive self-talk is imperative to every aspect of life – especially your financial health. It’s not hard to trace your current situation back to its roots through your thoughts, which created your habits whi...
In our busy lives, it’s sometimes tough to corral our financial records. Bills, paycheck stubs, tax returns, and bank statements can disappear into dusty attic corners and bulging desk drawers. Important insurance policies can hide out beneath bins of holiday ornaments and electrical supplies. Mortgage documents can sneak into old books or hide themselves in nooks and crannies throughout the house. Take the time now to get those papers out of hiding. Here are four suggestions for getting organiz...
Many small business owners pay too little attention to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement.
Your business can’t be profitable if you don’t get paid. Regular accounting tasks may not be the most exciting aspect of running a business but they are necessary. Although important, it can be all too easy to procrastinate and not get these critical tasks done regularly. Here are some ways you can stop procrastinating and complete your bookkeeping tasks regularly
One of the questions I’ve been getting a lot lately is, “Is it better to lease a car for business purposes and can I claim the lease payments on my taxes?” The short answer is: Yes to both. The more detailed answer is: …but there are caveats to how you can claim the deductions. Leasing a new automobile is a great idea if you put a lot of miles and wear and tear on your vehicle for business travel, but as with most tax issues there’s a lot of “mental wear and tear” that go along with how to list ...
When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks.
In just a couple of months, the COVID-19 pandemic has changed the everyday lives of individuals globally. Businesses must explore the financial and operational difficulties brought about by the COVID -19 pandemic while quickly addressing their employees, clients, and suppliers’ requirements. Here are the top 6 most common points:...
In our virtual and paperless generation, it’s easy to keep tabs on your checking account balance without really taking the time to review each monthly transaction. You know about how much you’ve spent, so at first glance it all seems “about right.” What you may be missing, though, are some changes to your bank’s policies where they now charge fees for some of the things you do…or do not.
If you’re living beyond your means, you could be courting financial disaster. Here are some indicators that you need to get your credit card usage under control.
Are you a business owner who’s tried doing your own taxes and gotten so frustrated you ended up not claiming anything because the tax laws on what’s deductible or not are…clear as mud? Let’s dig in and sift through some of the muck to pull out some IRS terminology for clarity.
The Economy Injury Disaster Loan (EIDL) is a financial relief program for small business owners. The EIDL is a low-interest loan of up to two million dollars with principal and interest delay at the discretion of the administrator. It is used to cater for operational costs that could have been met had their not been a disaster.
The goal of every business person is to succeed and become as profitable as possible. You may have started your business a few years ago and may have failed to reach that place you wanted. Or maybe you are employed somewhere and your progress is coming along slower than you would wish. Could there be something holding you back? Maybe you are being held back by commonly held beliefs. These business money myths are taught to us from a young age. But are they true?
The goal of every business person is to succeed and become as profitable as possible. You may have started your business a few years ago and may have failed to reach that place you wanted. Or maybe you are employed somewhere and your progress is coming along slower than you would wish. Could there be something holding you back? Maybe you are being held back by commonly held beliefs. These business money myths are taught to us from a young age. But are they true?
The goal of every business person is to succeed and become as profitable as possible. You may have started your business a few years ago and may have failed to reach that place you wanted. Or maybe you are employed somewhere and your progress is coming along slower than you would wish. Could there be something holding you back? Maybe you are being held back by commonly held beliefs. These business money myths are taught to us from a young age. But are they true?
One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade-off is that there is a cost to incorporate and, in some cases, tax consequences....
Owning a business can keep your schedule filled with necessary duties. Sometimes, it can be difficult to keep up and accomplish everything on your to-do list. This can cause some things to be put off for another day. In many instances, the thing that is continuing to be put off day after day is your business finances. Bookkeeping should be updated regularly to ensure accurate financial decisions are being made. Not doing so could lead to your business suffering from expensive costs and penalties...
Do you find that your business is “staying afloat"? Is your business always covering its expenses but with little to no profit left over? You’re not alone. A US-based survey found that 30% of small businesses break even. Another 30% are running a loss. Perhaps your business is stuck in a rut. Or, perhaps you have trouble growing the company since there are hardly any earnings to reinvest. No matter the case, a little innovation is often all that’s needed to go from staying afloat to becoming pro...
A trait a great President possesses is passion. If you love what you’re doing, it makes the little potholes along the road to success a whole lot easier to handle. There’s no such thing as an easy and stress-free road to success, so truly enjoying your life’s work and having a passion for the quality and service you provide is key.
Many small start-up businesses are off and running before any record system has been set up. There is money deposited into the new business checking account, some from invested funds and some from sales. Money has been paid out for equipment and supplies, some by check and some by cash out of pocket or from sales receipts. This informal method of cash receipts and disbursements needs to be formalized. The bookkeeping system does not need to be complicated. In most cases, you can continue to oper...
As the summer season approaches, you might be considering a few home improvement projects. Maybe you want to create a new deck for your home or get a pool in the backyard. However, if you want to do this, then you need to save up some money: here are some tips to turn your summer season ideas into a reality.
As the summer season approaches, you might be considering a few home improvement projects. Maybe you want to create a new deck for your home or get a pool in the backyard. However, if you want to do this, then you need to save up some money: here are some tips to turn your summer season ideas into a reality.
You’re more than likely already aware of your financial situation being less than ideal or you wouldn’t be listening to this, right? You’re struggling to pay off credit cards, car loans, student loans, medical bills and your mortgage all at the same time you still need to eat, put gas in your car, buy your kids shoes that fit…you know, get your basic needs covered. Here are the top four way companies making a profit off your debt-reduction attempts will suggest you go about it.
Once you finally psych yourself up enough to actually look at your finances, are you like most people who only look at their current to not-so-distant future state of affairs? Do you look at the bills that are due and then decide which ones get paid based on the amount left over in your bank account? It’s been said that the best way to predict the future is to create it. It’s also been said you can’t solve a problem in the same environment in which it was created. With that in mind, let’s take a...
Jillian discusses the 7 habits that will change your relationship with money. It takes 21 days to create a new habit, so for the next 30 days (so it can really set in), follow the seven mind-altering habits that Jillian suggests, to think your way into a healthy relationship with money and wealth.
