Best Business Builders is all about financial freedom and fiscal fitness. Money makes all the difference in your personal and professional life. Without financial education, strategy, and discipline there is no long-term success. This is especially true now that we have entered the global economic recession of 2023, which will probably last for over a year. That is why we publish new finance blog posts and articles to help you find financial freedom fast. We aim to educate and enlighten you on all things money management and frugal finances for life.
Enjoy our growing number of Best Business Builders Blog Financial Articles!
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Financial Futures
The 2023 global economic recession is officially here and we must all deal with it in our own ways financially. There are so many factors that come into play when it comes to personal finance and business finances. What is the future of personal finance, inflation, the global economy, cryptocurrency, and fintech? When you look back at the previous year, do you have any regrets about your money management? When you look towards 2023 or beyond, what are you hoping to accomplish financially? Who do you need to help you achieve your financial goals? Why is money so confusing in the modern economy? Where will you turn if your personal finances and business budgeting is not working out? We are here to help answer those questions on all things finance and frugality.
In our world, the world of taxes and finance, we must look back at the prior year at what actually happened. We have to do that to prepare taxes. Whether you do your taxes yourself or hire help with them, educating yourself on the tax implications of your investments is essential. By placing your money in the best investment vehicles during the year, you can ensure tax time will be as painless as possible with the IRS. If you have a business, look into these tax strategies to save money: Home office deduction Travel expenses Meals Hiring children and grandparents Maximizing depreciation (Sec 179, bonus depreciation, bifurcation) Health care strategies Fringe benefits Accountable plans Medical reimbursement plans Disaster relief Legal entity considerations Augusta strategy. That is just a short list because there are hundreds more. If you want to delve deeper and make sure you maximize all you can, it might be more profitable to have professional tax planners like us go ahead and do your tax plan for you.
The difference between us and most financial firms is that we do not focus much on the past. We focus on tax planning for the years to come. Which looks forward and plans for the future. We don’t have surprises at tax time. Because we have already spent time with our clients during the year. We are always looking forward. We are proactive rather than reactive. Are you in for a surprise come Tax Day in April because tax planning did not happen correctly? Was your CPA proactive during the year when planning your taxes and deductions? Will the same thing happen this year? IT IS TIME TO STOP THE CYCLE OF PAYING TOO MUCH IN TAXES! Start planning for taxation professionally. The good news is that there are still things you can do to save you money now. The even better news is, there are many things we can do to save you even more in 2022 – 2023. Start right now for 2023 if needed. If you can’t do anything for your finance scenario, that is fine but at least you will know for sure by trying.
There are many tax planning strategies that can save you money But what are some of the most BASIC ones? Well, usually basic strategies are used because they are easy, which means you are likely already aware that they can save you money on taxes (e.g., retirement plans, corporate restructurings, insurance plans). One of the more popular tax planning strategies that can provide a huge impact is retirement planning. A good tax plan should confirm that your retirement plan is the most appropriate one for your situation, whether it is a 401(k), IRA, or SEP. If we analyze your situation more in-depth, we could find potential tax savings. If you have investments, for example, we want to make sure you are maximizing investment expenses and minimizing investment income tax. If you invest heavily in securities, we want to make sure you have the opportunity to take advantage of tax loss harvesting and 83(b) elections. There are also hundreds of more ADVANCED tax strategies that might fit your situation. In short, we’re afraid if we don’t do any tax planning, you might overpay the IRS this year.
Waiting up to 90 days for an invoice can be painful, especially if it is from a large client. Your cash is locked up, and it can mean you miss opportunities to invest. Our secret sauce is really providing fast and flexible marketing funding. We work with a lot of agencies to bridge money gaps and free up cash flow to give you that extra cushion you need to succeed. Fund Large Projects, Fuel Growth, Minimize Equity Dilution, and Increase Valuation with our finance and funding solutions. We provide working capital to ALL types of businesses. It does not matter the size of your business, we are here to help financially you when you need it. We have great customer reviews ensuring that you get the best possible service and products for your business. I know you and your team are passionate about helping these businesses succeed as well, and I would love to discuss with you over email to hear where you are and how we can help with your business finance.
Yes you can find funding for your business fast! Applying for funding shouldn’t be difficult for small businesses and lean startups. We have simplified our application form to a 5 minute application with funding happening in 24 hours or less! We treat every client like it is our first one. you will never be a number or call our line just to hear a robot! On top of that, we offer many product features for our funding options. Some examples are: • Customized Rates and Terms • Early Payment Discounts • Build Business Credit • Dedicated Funding Advisor Ready to get started with financing? For over 25 years as a direct private lender, We have provided secured and unsecured loans to CRE investors with viable projects who are experiencing difficulty in obtaining financing via conventional channels. If your business is organized and needs capital, we can provide a business or personal loan for your projects. I would love to discuss your current goals and see if we can help you get your desired funding needs. Contact Us Today for financed funds that help fit your frugal budget!
What arecCollateral-based loans? Collateral – that sounds like a complex term doesn’t it? We agree with some of these financial terms and buzzwords. However, much like anything else in life, it becomes significantly less scary the moment you learn more about it. In this context, collateral is something that is used to secure a loan. For example, you can put collateral up when securing a loan, so if you cannot afford to pay back the lender, they can sell the equipment and get their money back. Now, let’s get into a little more detail. Collateral will be required when the lender wants some assurance that they will not lose all their money. If you pledge an asset as collateral, your lender has the right to take action (if you stop making loan payments) and take possession of the collateral you put up to secure the loan. They will then sell the collateral and use the sales proceeds to pay off the loan.
When you kick start a new year at your work desk, just remember that whenever you need a trusted Trade Financial help We are there with you. The services we offer include IMPORT FINANCE because Trade transactions can be complex. To structure these, one needs to have a creative and flexible approach to adapt to the volatility of global markets. We also provide EXPORT FINANCE service work. Our services ensure your export financing is executed on time so that your business runs smoothly. We work across various industries ranging from apparel, FMCG, goods, and commodities. A Bank Guarantee is a promise from a bank that the liabilities of a debtor will be met in the event that you fail to fulfill your contractual obligations.
You can also improve your business by accepting more payment types such as ACH. Do you accept checks and wait to get paid? Do you bill your customers? Does your business have a high monthly sales volume? Are you tired of paying high credit card fees? Would a convenient payment experience increase your customer loyalty? What is ACH? As an alternative to paper checks, Automated Clearing House payments are electronic payments that pull funds directly from your client’s checking account. This system enables you to capture payments 24/7. The payment page link can be sent via text or email, AND you can add a “Pay Now” button to your website! It’s a great tool to be used for capturing invoices, recurring payments, and ACH payments. NO MORE WAITING FOR CHECKS. Why provide the ACH option? Your clients prefer to use this option. And for you, faster funding means faster collections and better cash flow! ACH transactions have the lowest costs associated with any payment system. Avoid waiting on checks and improve your A/R. Avoid high credit card transaction fees. Move payments automatically. Allow for recurring payments. Accepting ACH payments will help you to build your business bigger and better.
These days you might have been telling yourself things about your business such as “I don’t have enough time” or “I don’t have the cashflow I would like” or even “I don’t have the profit margins that I should have” and “I’m paying too much in taxes to the IRS”. But when you think about your business or personal finances in 5 or 10 years, what do you see? Do you have more cashflow than ever? Are you paying as little in taxes as possible and investing those savings? What is retirement looking like? Are you making interest rather than paying it? Listen closely and things can change fast financially.
There is a famous picture of New York City in 1905, and you see a bunch of horse carriages and ONE car. By 1913, all you see are cars! The point is that you can’t even imagine yet what life might be like a decade from now. And that means your business and personal finances could be something you can’t even imagine as well! But in life and business, a journey always begins with a first step. Your first step to financial fortunes is working with us. Start saving money in tax. Stop wasting money every year and sending it to the government. Start investing those savings. START TODAY and in a few years your financial situation will be so much better that you won’t even recognize it. Our team focuses on tax planning and strategy. It is not that other accountants or CPA professionals are negligent or incompetent. They just don’t do tax planning plain and simple. They are afraid to bring it up with their clients because they never have. And if they bring it up now, the client will feel like they have missed out for years. Which is true. Or they have way too many clients and not enough time. However, in the end, who is hurting? The client is missing out. It is a vicious cycle! Let us help you get out of the cycle.
But what if you are not a Schedule C business? Are you an S-Corporation? Do you feel super left out? I bet you do. That’s why we wanted to share with you our top 10 tax strategies for S Corporations! We got your back. Here they are: Reduce the S corporation owner’s wages. Deduct the S corporation owner’s health insurance premiums. Employ your child to lower your taxable income. Sell your home to the corporation before converting it to a rental property. Establish an office in your home and reimburse yourself from the corporation for the expenses. Rent your home to the S corporation. Have the S corporation reimburse the owner for depreciation expenses related to business use of a vehicle and home office. Combine the home office and a heavy SUV, crossover vehicle, or pickup truck to grab big deductions this year. Reimburse the S corporation owner for travel expenses. Deduct your smartphone and provide smartphones to your employees as tax-free fringe benefits. WARNING! These strategies are high in savings, but not DIY. I promise if you try these on your own, you WILL do them wrong.
When you know the rules, you can play the game a lot easier. There are many creative ways to save money on taxes. The tax code actually rewards business owners in a lot of cases. The problem is that most business owners don’t know what’s in the tax code. They don’t know about these benefits. That is a darn shame! They go a long overpaying in taxes without even realizing it. We would like to put an end to that. Here are just a few tax strategies that we can use for a business owner. These are high level and I would highly recommend that you consult with us before attempting to implement any of these. Here are 14 tax reduction strategies for the Self-Employed. Eliminate the word “friend” from your vocabulary. From now on, these people are sources of business, so start talking business and asking for referrals over meals and beverages. Hire your children. This creates tax deductions for you, and it creates non-taxable or very-low-taxed income for the children. Also, wages paid by parents to children are exempt from payroll taxes. Learn how to combine business and personal trips so that the personal side of your trip becomes part of your business deduction under the travel rules (for example, traveling by cruise ship to a convention on St. Thomas). Properly classify business expansion expenses as immediate tax deductions rather than depreciable, amortizable, or (ouch!) non-deductible capital costs. Properly identify deductible start-up expenses ($5,000 upfront and the balance amortized) rather than letting them fall by the wayside (a common oversight). Correctly classify business meals that qualify for the 100 percent deduction rather than the 50 percent deduction. Know the entertainment facility rules so your vacation home can become a tax deduction. Identify the vehicle deduction method that gives you the best deductions (choosing between the IRS mileage method and the actual expense method). Correctly identify your maximum business miles, so you deduct the largest possible percentage of your vehicles. Qualify your office in your home as an administrative office. Use allocation methods that make your home-office deductions larger. If you are married with no employees, hire your spouse and install a Section 105 medical plan to move your medical deductions to Schedule C for maximum benefits. Operate as a one-person S corporation to save self-employment taxes. If you are single with no employees, operate as a C corporation and install a Section 105 medical plan so you can deduct all your medical expenses. As a business owner, you are in the tax reduction driver’s seat. There are many more strategies. But, we do not want to overwhelm you. Let’s chat about how we can help you with your taxes this year to make the most of your money.
Attention all retirement savers and planners: The 2022-2023 Appropriations Bill, also known as the Omnibus, has just been released and it includes a major overhaul called Secure 2.0. This overhaul will bring significant changes to retirement savings and planning for both individuals and small businesses. Some of the key provisions of Secure 2.0 include: Increasing the retirement age from 72 to 75 over a period of 10 years Automatic enrollment of at least 3% in 401(k) and 403(b) plans Increased credit for small businesses offering certain retirement plans, up to $1,000 per employee. Indexing the allowable catch-up contribution to inflation Increased catch-up contribution amounts for those aged 61, 62, and 63 up to $10,000 during those years. Student loan payments counted as “qualified contributions” for retirement matching. Ability to roll over unused 529 plans funds into Roth IRAs. Option to withdraw up to $1,000 per year for a qualifying emergency. Domestic abuse survivors can withdraw up to $10,000 in a year to cover certain expenses to help recover personal finances and assistance. Restrictions on charitable deductions for certain syndicated conservation easement schemes are also possible.
Some businesses and property owners need a little helping hand in the form of a loan bridged out to you. So what exactly is a Bridge Loan? A Bridge Loan is a temporary loan that bridges the gap between a wait time to obtain a larger loan. It will effectively bridge the gap for your cash flow while you are waiting for your larger term loan. Bridge Loans can generally occur within 24-48 hours and have minimal paperwork. Since they are designed to be used for short periods of time, they come with special features such as early payment discounts. On top of that, they will not require you to provide information on where you are applying the funds, you can use it as you please. What you need to qualify for a bridge loan usually includes at least 6 months in business with 10,000+ in monthly revenue and a Credit score above 500 with the major credit bureaus.
College is one of the most expensive things a person ever pays for, and prospective students rarely have the resources to pay for it all outright. Luckily, a combination of savings, grants, and loans can often come together to fund the education a student needs. It is important to plan ahead to address expenses to expect, grants and scholarships to pursue / maintain, student loans to take out, and savings to increase. Many college and university students will also need to engage in paid internships and work part time or full time jobs to pay for their degrees.
Health also means wealth. COVID-19 is having dramatic impact on employee wellness: 52% of employees have at least one co-morbidity that increases COVID risk. 94% of American workers experience stress in the workplace since COVID. 75% of employees said the Coronavirus pandemic has impacted their productivity and financial health. According to Society for Human Resource Management, about 30% of companies are increasing their investment in employee wellness in 2023.
In addition to investing in your health, you want to invest financially in your career. Wouldn’t be nice while investing in yourself to: a. Connect the dots between process and customer experience b. Add some new powerful techniques to your skillset c. Impress the organization with your insights and actionable understanding? d. And add a terrific qualification to your resume? These factors will all help with your finances and fortune. We have developed a suite of fully-integrated payments products that will provide the financial solutions for your merchant’s business to run smoother, faster, and more secure. Give us 10 minutes of your time for a personalized demo that will show you how BBB and our industry-leading technology can help you stand out and grow your business financially.
What is the difference between a controller and a CFO and Which does your company need to succeed? Do we need both roles filled? Give yourself a pat on the back if you are asking those questions. It means you have taken your company to the next level. However, it is likely that you are in some discomfort. Slow and Inaccurate Financial Reporting. It is possible that you are looking for new money. You might be in a financial bind. You may require assistance in determining which metrics are most important and how to track them. There are several reasons why small business owners might consider expanding their financial staff. Whatever your reasons, we are delighted you are thinking about it, because most owners, in our experience, wait far too long to seek assistance. You have probably encountered other companies with CFOs and controllers that have the same tasks. This can make things difficult. By the end of this piece, you should have a good grasp of what these jobs normally cover, where they occasionally overlap, and how you can plan out the structure of your finance team. A financial controller is a senior-level executive who acts as the head of accounting, and oversees the preparation of financial reports, such as balance sheets and income statements. In addition to preparing reports, the controller’s responsibilities may also include compliance audits, monitoring internal controls, participating in the budgeting process and analyzing financial data to varying degrees. At some companies, financial controllers are involved in evaluating and selecting technology for use within the finance department or other related departments within the organization. A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO’s duties include tracking cash flow and financial planning as well as analyzing the company’s financial strengths and weaknesses and proposing corrective actions. The CFO is similar to a treasurer or controller because he is responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner. These descriptions, as you can see, have a lot of overlap. As a result, as you might expect, many small organizations have either a controller or a CFO but not both. To summarize the main distinction, a CFO is frequently involved in fundraising and finance planning, whereas a controller’s obligations typically end with guaranteeing accurate reporting.
We are consistently developing new product offerings for you and your business. Double the term of your current loan and cut the cost in half to double your loan amount These are just some of the things you will get when you partner with us. Get funded today to improve your finance fast! My company as a private lending firm is currently looking forward to lending money for real estate, start-up, rehab, fix and flip, purchase, business expansion, and funding for a contract etc, at a resealable interest rate of 5%. Our loan term is for a maximum period of 25 years. We can finance and partner together by making a financial investment in Form of soft loans. Would be happy to receive an Executive summary to see if you have any viable project we can finance. There are no hidden fees, no prepayment penalties and we have different payment schedules. I will be glad to hear from you to discuss the loan process in 2023.
To learn more about same day customer financing or small business merchant cash advances, learn more about David Allen Capital and Bank Breezy here.
To learn how we can help your financial situation, contact us today.
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