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Should You Employ Your Kids?
Should you employ your kids? There’s recently been a renewed interest in this strategy on social media. People say that the rich “save money” by employing their kids - but is that true? And is it worth it for you to consider putting your kids on the payroll? Who Can Employ Their Kids? Technically speaking, anyone who owns a business CAN employ their kids. But depending on the type of business entity you own, the tax benefits can vary. Business owners running sole-proprietor businesses are the...
Setting Quarterly Goals
Setting quarterly goals is a great tool to help keep your business and your life on track. As we enter Q4, we have an excellent opportunity to review our year so far and set ourselves on-course for a successful year-end. Why Setting Quarterly Goals is Important Setting goals helps you build a framework for your year. Your yearly goals are your “big” goals. Quarterly goals help you focus on what steps you need to take over the next three months to get closer to accomplishing your yearly goals....
What is the PTET?
If you’re a small business owner, you’ve probably heard about passthrough entity tax - but what is it? Benefits of the PTET The PTET allows business owners to pay state taxes through their business and receive a credit for the tax paid on their individual return. It doesn’t change the amount of state tax owed by the owners, it just changes how you pay it. Since it doesn’t change the tax owed, what is the benefit for the taxpayer? Why would you do it? The IRS allows you to take state payments...
What is scalability?
Is your business scalable? As a small business owner, you’ve probably heard a question similar to this before. But what does it mean to be “scalable” and why is scalability important? What Is “Scalability” Scalability is the ability for your business to scale. It’s the question of whether or not your business, business plan, and systems are able to continue working as your business grows. Basically, if your business were to double, triple, or quadruple in market demand, would your current...
Things Your Accountant Needs To Know
What does your accountant need to know anyway? Keeping your accountant in the loop is important. Keeping your accountant in the know means they can help you save money in the long run. Let's get specific. Why should you keep your accountant updated? There are a lot of seemingly small purchases or changes you may make without thinking to tell your accountant or discussing it with your accountant ahead of time. It may not seem like a big deal in the moment, but there are very few financial...
Debt Review
A debt review could be exactly what you need to set your business and personal finances back on track. Taking a holistic look will help you set up a plan for debt management that sets your finances up for future growth. Where to Start with Debt Review Feeling overwhelmed by your debt is very common. According to Forbes, average credit card debt is at an all-time high. You’re not alone and there are ways to take control. To begin understanding and managing you debt, you have to start by taking...
What Makes Encurio Accountants Different?
What makes Encurio accountants different? Recently we shared a blog outlining what your accountants actually do and we’ve shared the eight ways to know if we’re the right accountants for you but what actually sets us apart? A Commitment To Do Things Differently Encurio CEO Tiffany has worked as an accountant for twenty-two years and has extensive knowledge about the way traditional accounting offices work. Most offices condense the majority of their work into the infamous tax season. For...
What makes a “good tax plan”?
Good tax plans are essential to everyone, but no one benefits more than business owners. But what makes a good tax plan? There are a few different factors to consider and each accountant has a different process. Here are the things we at Encurio believe are essential pieces to a good tax plan. Considerate Projections A good tax plan will have a well thought out projection for your business. Projections should be reflective of a real-world scenario. This may mean that your projection is based...
How to Simplify Your Accounts Receivable
Money is a very common stress point for businesses. Cash flow is super important to the livelihood of your business, but sometimes making sure you get money from your clients in a timely manner isn’t so easy. So how do you simplify your accounts receivable? Simplifying Your Accounts Receivable Isn’t One Size Fits All When deciding how to simplify your AR, the first thing you should do is consider your business model. Depending on how your business functions, simplifying could be accomplished...