Recently, I noticed a distinct pattern in my monthly routine as a business owner. It’s the part of the being a business owner that we don’t normally discuss because it’s not nearly as glamorous. However, I think that it’s an area that deserves recognition. Each month, there are distinct periods where I feel higher levels of stress and changes in my mood. I was still able to complete my daily task of providing the highest levels of professional service but I can definitively see a change. After experiencing these symptoms for a while, I’ve decided to formally name it, “Business Owner Disorder” (“BOD”). I’m not a “real” doctor nor have I ever played one on TV but I’m certain this is a real thing.Read More
We’ve almost reached the end of the year. Most of us are looking at our current books to ensure that we are on track to meet our goals or looking at ways that we might be able to improve performance going into next year. However, one area that you probably aren’t focused on is decreasing your payroll cost without cutting employees.Read More
Although the value of a tax credit should never be the sole reason a particular employee may be hired, it should definitely be a consideration. There are a number of successful companies who demonstrate a commitment to hiring individuals from disadvantaged backgrounds including Columbus-based Hot Chicken Takeover and Bay-Area based The Town Kitchen. Therefore, don’t be afraid to take a shot on someone from a disadvantaged background. There might just be a tax break for you.Read More
Has your small business started benefiting from the decreased tax rates enacted under the Tax Cuts and Jobs Act of 2017? If you have, did you know that there is another tax provision that can decrease your payroll-related tax expense?Read More
So you’ve started your new company and things are going fairly well. You’re meeting your sales goals, customers are happy with your services, and you’ve started hiring a few employees in order to meet all the demand. You know you don’t yet have significant cash flow to pay your employees a whole lot more than you already do but you want to show you appreciate their contributions to your success. What if there was a way to provide additional benefits to your employees without increasing compensation, breaking the bank, and potentially receive tax savings? Great news, there is a way and its called a fringe benefit.Read More
So you’ve started your new company and things are going fairly well. You know you don’t yet have significant cash flow to pay your employees a whole lot more than you already do but you want to show you appreciate their contributions to your success. What if there was a way to provide additional benefits to your employees without increasing compensation, breaking the bank, and potentially receive tax savings? Great news, there is a way and its called a fringe benefit.Read More
Most small businesses don’t understand the various options that may be available to them when choosing a business entity. Almost everyone has heard of a corporation, partnership, or limited liability company but what does that really mean for your company and why should I choose one over the other. In choosing what may be best for your family-owned business, there is another alternative available to small businesses that is a Small Business Corporation (also known as a Subchapter S Corp or S-Corp).Read More
Retirement planning is probably the last thing a small business owner is thinking about. With the focus on creating relationships with new customers, developing a great product or service, and managing the day-to-day operations, there isn’t much time to think about retirement. However, there are a number of great benefits in considering developing a retirement planning vehicle for your small business.Read More
Every day we have a choice of which "uniform" we are going to wear. Each of us has a different "uniform" selection but all of us have an opportunity to make a positive difference in the uniform we are in. Military service members have the unique opportunity of translating the skills they've learned into become successful entreprenuers and small business owners.Read More
Last year, Congress passed the new tax law. The new law changed a number of long-standing provisions that have a direct impact on families including increasing the standard deduction and eliminating the personal exemption. There were a number of provisions that will have a direct impact on divorcing couples. It is important to understand these new provisions in order to make the best decision for you and your family going forward. The advice of a tax professional can be invaluable to helping both parties reach an agreement.Read More
Ohio real estate brokerage firms have a unique opportunity to save a significant amount of money in employment-related taxes if a few important steps are taken. However, if the rules are not understood or improperly followed it can increase your overhead cost by a significant amount. Take the opportunity to learn more here....
Websites like Airbnb, Zillow, and Craigslist have created an easy way to connect people who need homes with people willing to provide them. However, there are some key considerations that new rental property owners should keep in mind when starting this new adventure.Read More
As a small business owner, the last thing that you want to deal with is legal matters. Your focus should be on creating the best product or service for your customers and growing your business. However, not understanding some of the legal issues that your organization will be face and how to mitigate the risk can cost your company time and money.Read More
When you are at the bar this weekend celebrating Saint Patrick’s Day you may want to raise a glass to your congressman. Reductions in the federal excise tax rates are having a direct benefit on local craft breweries. Learn more....
Have you started picking up a few passengers on your drive to and from work through Uber? Or maybe you’ve picked up some freelance work on Upwork? Do you understand the tax reporting obligations associated with these side gigs? Let Robinson Legal provide valuable insight to help you avoid potential surprises.Read More
So, you’ve decided to start your own business. This is so exciting! Now comes the hard part of trying to determine how you should structure your business. There are many options available, each with their own advantages and disadvantages. Let’s look at a summary of each of the entity types from the easiest to the most complex.Read More