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Your accountant says the business is profitable, but your bank account tells a different story. Where did the money go? Learn how receivables, inventory, equipment purchases, loan repayments, taxes, owner withdrawals and growth can leave a profitable business short on cash—and what to review before simply chasing more sales.
A customer is unhappy. They demand a refund. Then comes the sentence that gets a business owner’s attention: “I’m suing you for consumer fraud.” In New Jersey, that threat should not be ignored. The New Jersey Consumer Fraud Act can expose a business to significant liability, including potential treble damages and attorneys’ fees when the … Continued
If you are sued in New Jersey, you usually only have 35 days to answer to avoid a default judgment learn more
If you run a Limited Liability Company (LLC) in Pennsylvania, there’s an important change coming your way. Starting in 2025, the state now requires all LLCs to file an Annual Report. I know—another thing to add to your already full plate as a business owner. But don’t worry. This new requirement is simple, inexpensive, and … Continued
freedom with estate planning
Every year, the IRS and State of New Jersey relentlessly pursue back taxes, and often, small business owners find themselves under the agency’s scrutiny. But why do business owners become prime targets for IRS back tax enforcement and State of New Jersey back tax enforcement? Let’s explore the key reasons behind this prioritization. A US … Continued
As the year comes to a close, it’s the perfect time to reflect on your financial goals and the steps you’ve taken towards achieving them. Year- End can serve as a reminder to prioritize your financial well-being. . By setting clear goals, it provides you with a sense of purpose and direction. It helps you … Continued
With the pandemic, many business owners struggled to keep aloat, including paying payroll taxes to the IRS, hoping the day would come when they could catch up but they never could. Not dealing with payroll taxes can result in jail time, fines and penalties and the loss of your business. The IRS has stated this … Continued
As a business owner, protecting your personal assets should be a top priority. Running a business always involves a level of financial investment and risk. However, as a Sole Proprietor, your personal assets are directly exposed to any debts or liabilities your business incurs. This means that if your business faces financial difficulties or legal … Continued
cash sales need to be reported or you get a tax audit