July 13, 2016 / by Brett Hess / Small Business
Do you know how much time your salespeople spend actually selling? In many cases, sales reps spend too much time doing reporting, administrative tasks and other nonsales responsibilities assigned to them. If you can streamline your sales staff’s workflow to keep them better focused on selling, your profitability may benefit. Emphasize strengths To get started, […]
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Happy Labor Day
September 2, 2016 / by Brett Hess / Small Business
All of us at BMC would like to wish everyone a happy Labor Day. Thank you to all of you who put in a hard days work and keep our economy running, its what makes our nation great. God bless everyone – have a safe and restful weekend.
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Streamline your sales staff’s workflow
July 13, 2016 / by Brett Hess / Small Business
Do you know how much time your salespeople spend actually selling? In many cases, sales reps spend too much time doing reporting, administrative tasks and other nonsales responsibilities assigned to them. If you can streamline your sales staff’s workflow to keep them better focused on selling, your profitability may benefit. Emphasize strengths To get started, […]
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Unexpected retirement plan disqualification can trigger serious tax problems
May 5, 2016 / by Brett Hess / Small Business
It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations. For example, have you identified all employees eligible for your 401(k) plan and given them the opportunity to make deferral elections? Are employee […]
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Choosing a funding method for your buy-sell agreement
May 3, 2016 / by Brett Hess / Small Business
Anyone who owns a closely held business with at least one other partner needs to take certain steps to guard against business disruption. If one partner departs suddenly, or becomes disabled or dies, serious confusion and conflicts can ensue. Among the most important steps is to create a buy-sell agreement, which stipulates precisely how ownership […]
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QSB stock offers 2 valuable tax benefits
May 3, 2016 / by Brett Hess / Small Business, Tax
By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain until you dispose of the new stock. The […]
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Entrepreneurs: What can you deduct and when?
April 9, 2016 / by Brett Hess / Small Business
Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How expenses […]
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Extension means businesses can take bonus depreciation on their 2015 returns – but should they?
March 28, 2016 / by Brett Hess / Small Business, Tax
Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give […]
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Deduct home office expenses — if you’re eligible
February 12, 2016 / by Brett Hess / Small Business, Tax
Deduct home office expenses — if you’re eligible Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just […]
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Achieving your succession and estate planning goals via recapitalization
January 25, 2016 / by Brett Hess / Small Business, Tax
Like many business owners, you probably have much of your wealth tied up in your company. And this fact may be creating a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution: Recapitalize your business into voting and nonvoting shares. From an estate […]
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A shorter cash flow cycle means a stronger business
October 15, 2015 / by Brett Hess / Small Business
A shorter cash flow cycle means a stronger business Every business owner knows that maintaining a healthy cash flow is essential to a company’s success. But there are a variety of ways to accomplish this objective. One way is to accelerate inflows and decelerate outflows, thereby shortening your cash flow cycle. Truncating this cycle by […]
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