March 28, 2025 / by Brett Hess / Small Business
Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes. […]
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How businesses can fund a buy-sell agreement
September 9, 2025 / by Brett Hess / Small Business
Businesses with more than one owner benefit from having multiple viewpoints and varying skill sets. However, they also face serious risks of uncertainty and conflict if one of the owners suddenly departs or undergoes a major life change. A carefully crafted buy-sell agreement can guard against these risks — if it’s securely funded. Transfer guidelines […]
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Unlocking Growth: Your Crystal Ball for Business Decisions
August 6, 2025 / by Brett Hess / Small Business
Ever stare at your P&L, wondering if now’s the time to expand your team or invest in that game-changing equipment? You’re not alone. Many business owners grapple with these big decisions, often feeling like they’re flying blind. I recently worked with a client facing this exact dilemma. They wanted to grow but weren’t sure if […]
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Are You Undercutting your Profits? One Business Owner’s Overhead Revelation!
August 6, 2025 / by Brett Hess / Small Business
Ever wonder if you’re truly pricing your jobs for maximum profit? Many business owners I meet struggle with the exact same question, unsure if their overhead calculations are accurate. I recently worked with a client who was in this exact predicament. They were estimating jobs based on assumptions, and it was keeping them up at […]
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The new law includes favorable changes for depreciating eligible assets
July 25, 2025 / by Brett Hess / Small Business, Tax
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]
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Safe harbor 401(k)s offer businesses a simpler route to a retirement plan
July 7, 2025 / by Brett Hess / Small Business
When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative requirements. As a business owner, you no doubt already have a lot on your plate. Do you really want to deal with, say, IRS-mandated testing that could cause considerable hassles and expense? Well, you […]
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Hiring independent contractors? Make sure you’re doing it right
May 23, 2025 / by Brett Hess / Small Business
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead […]
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Explore SEP and SIMPLE retirement plans for your small business
April 22, 2025 / by Brett Hess / Small Business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy […]
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How companies can spot dangers by examining concentration
April 18, 2025 / by Brett Hess / Small Business
At first glance, the word “concentration” might seem to describe a positive quality for any business owner. You need to concentrate, right? Only through laser focus on the right strategic goals can your company reach that next level of success. In a business context, however, concentration can refer to various aspects of your company’s operations. […]
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Business owners should get comfortable with their financial statements
March 28, 2025 / by Brett Hess / Small Business
Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes. […]
Read more
Weighing the pluses and minuses of HDHPs + HSAs for businesses
March 24, 2025 / by Brett Hess / Small Business
Will your company be ready to add a health insurance plan for next year, or change its current one? If so, now might be a good time to consider your options. These things take time. A popular benefits model for many small to midsize businesses is sponsoring a high-deductible health plan (HDHP) accompanied by employee […]
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