Why Subway's billionaire founder believes if he had to start the successful sandwich franchise today, he wouldn't be able to do it. He Sees Tough Times Ahead For Small Business. Fred DeLuca, the billionaire entrepreneur who founded Subway, is worried about the state of the economy and the future of small business. In addition to being the founder of what is now the largest restaurant chain in the world, DeLuca has direct access to tens of thousands of store managers and franchisees that provide … [Read more...]
5 Ways to Protect Yourself From the Latest Tax Refund Scam
Billions in tax refunds are being redirected to scammers. Take these steps to protect yourself. Drug dealers and other criminals are exchanging their guns for laptops, in what is considered the safest and most profitable scam taking place today: tax refund fraud. Perpetrators steal or purchase the identities of potential victims, including social security number, date of birth and address. Using this information, they file a tax return on behalf of the victim with bogus information designed … [Read more...]
The Danger of Relying on Financial Statements
Financial statements shouldn't be your first line of defense in identifying business problems. The core financial statements—income statement, balance sheet, cash flow statement—are required for understanding the performance of your business at a specific point in time or over a period of time. But these statements by themselves aren’t enough to spot potential problems early on. Usually by the the time an underlying business problem affects your financial statements, the damage has been done. … [Read more...]
QB Tom Brady Just Agreed To A Massive Pay Cut. Is He Crazy Or Brilliant?
Did Superstar QB Tom Brady lose his mind by taking a paycut? I don't think so. Tom Brady, long-time quarterback for the New England Patriots, is considered the best quarterback of his generation and one of the best of all time. Brian Warner of CelebrityNetWorth.com writes that his multiple Super Bowl and Pro Bowl wins have allowed him to reach his career peak: he could easily command $20 million per year based on what other quarterbacks are getting paid. Yet Brady just agreed to a three-year … [Read more...]
TONIGHT – Take Control of Your Finances – Free Webinar with Mike Periu
Tax season is here, and with it might come new questions about your taxes or financial situation. One of the most common misconceptions among members of the Hispanic community is that you need to pay someone to prepare your taxes in order to get your biggest refund. This can be very costly in terms of time and money. You work hard for your money and deserve to keep every penny of it. By filing your taxes online with TurboTax, you could save an average of $100 or more over going to a tax … [Read more...]
Sequestration hits Friday: Will Your Business Take a Hit?
Sequestration hits Friday, and your small business may not be spared from the effects. Big Budget Cuts Coming Friday: Will Your Business Take a Hit? At this stage in the negotiations, it appears almost certain that a deal to avert sequestration will not be reached in time to prevent $85 billion in budget cuts from going into effect on Friday. Congress and the Executive Branch are too far apart on how to ameliorate these cuts, and each party believes the other will suffer more politically from … [Read more...]
3 Dumb Mistakes That Can Lead to a Tax Audit
Several Mistakes That Can Lead to a Tax Audit. Don't let one of these dumb mistakes be one of them. The fear of being audited keeps millions of small-business owners up at night, especially during tax season. While the number of tax returns audited each year is around 1 percent of total returns filed, that doesn’t do much to pacify the fears of tax filers. Small-business owners and self-employed people with higher incomes are at a greater risk of being audited in part because it is easier for … [Read more...]
Do Wealthy Business Owners Need Long-term Care Insurance?
Even if your filthy rich, long-term care insurance may be the best way to make sure you have a good quality of life when you're old. A long-term care insurance (LTCI) policy is an important financial planning tool. It helps cover the costs incurred by policyholders who can no longer take care of themselves due to illness, injury or old age. The policies usually protect the insured for expense that traditional health insurance, including Medicare, may not cover as well for periods of time that … [Read more...]
How to Tell if You Need to Hire a CFO
Know how to read the signs that tell you its time to hire a CFO. As small businesses grow, managing cash becomes far more complex. You have to: forecast cash needs and cash receipts, establish processes for tracking payments and dealing with late payers, produce financial statements, establish budgets, invest unused cash and much more. If you expect to keep growing your business, you can’t spend all of your time managing your money. Waiting too long to hire a full-time finance person can … [Read more...]
When is a Business Expense Not a Business Expense?
The IRS is pretty strict when it comes to deducting expenses and some of their restrictions may surprise you at tax time. When is a Business Expense Not a Business Expense? Answer: When the IRS says it isn’t. This detail can cause many headaches for small-business owners, especially those who keep track of their own accounting. When managing your company’s accounts, you should follow what are known as Generally Accepted Accounting Principles or GAAP. For many small businesses, GAAP is pretty … [Read more...]
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