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Accounting, Tax Strategies, and Business Advisory Insights and Guidance for Small Business

  

Small business is likely going to be the driver of the country’s economic recovery, but owners need to wear many hats and face many complicated business and personal financial issues that at times can be overwhelming.
 
Read or listen to what Bonadio's CPAs and management consultants have to say about a wide variety of these issues for small businesses throughout Upstate New York. Share your observations and insights with peers, and subscribe via the Community's RSS feed to get our latest postings via e-mail or through your reader.
 
 

Tax Tips for Small Business Owners
Gregg Genovese, CPA, CVA

It's that time of the year again and April 18th will be here before you know it.  Yes, April 18.  The tax deadline is extended three days this year due to Emancipation Day.  Many small business owners dread this time of year, having to dig through receipts and tax documents, anxiously waiting to see if if a tax refund awaits from the government. Don’t be so hard on yourself, there are many ideas you can take advantage of to make this process easier.

If you are a part of the growing trend of small business owners who operate a business from their home, there are many ways to ease this burden and ultimately save on taxes.  Before I discuss the specific tax benefits of a home based business, I offer a few tips to get you moving in the right direction.

 

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Small Business Retirement Plans
Cynthia L. Turoski, CPA/PFS, CFP®

We all know we need to save for retirement, especially as another year has passed us by. But as a small business owner, what is the best way to do so? That depends on a number of things. There are various small business retirement plans available, but picking the right one for your situation depends on how much cash you want to put into it, your tax situation, your goals for providing for your employees, the time of year, etc. Let’s look at a general overview of some options and then some things to consider when deciding on which plan would be best for your situation.

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Think Twice Before Making an ESOP Part of Your Exit Plan
Gordon Robbie, CPA

ESOPS are not for everyone, particularly construction companies - especially not now with everything the construction industry is going through in today’s economic environment.

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Taxes are only one aspect of your financial life – What about the rest?
Cynthia L. Turoski, CPA/PFS, CFP®

How about a financial checkup?

As individuals delve into gathering their tax information this time of year, they often get thinking about their finances in general. Why not take advantage of your focus in this area to do a financial checkup?

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Important Strategic Business Planning
Gordon Robbie, CPA

In today’s economy, the name of the game is survival. And in order to be a success, businesses need to develop a much more strategic approach. Here, Bonadio Partner Gordon Robbie, CPA, gives you six smart steps to secure and successful business planning.

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