Tech Trends for Small Business

The business professionals at Corporate Business Solutions are committed to bringing the positive change that your business needs to have sustainable growth and profits.  In today’s market, evolving technology is driving and transforming business every day. Businesses that want to thrive are in a race to adapt and take advantage of these technologies while they’re still relevant and useful, or otherwise these businesses eventually will fall by the wayside. 

Here are three technology trends that business owners must embrace to stay ahead:

Mobile pay - With Apple Pay, Google Pay and a litany of mobile payment solutions flooding the market, the trend is to make payments as easy as a click of a smartphone button, reversing transactions just as easy and sending automatic invoices by email. 

Safeguarding personal data - Security concerns have reached a critical mass, and one of the biggest technology trends in business right now is ensuring that those holes are closed and all systems are adequately protected. This is taking the form of encryption during both data transport and at rest, enterprise mobility management for mobile devices, containerization so hacks don’t infect entire systems and adoption of cloud solutions that take security as a fundamental priority.

The cloud envelops everything - Nearly every business uses the cloud for all or some of its business software – about 93 percent to be exact. The cloud enables connectivity with other systems and reduced maintenance and mobility among other benefits. The past few years have seen widespread adoption of cloud computing, but 2016 is the year that businesses will start to complete the process and move the remainders of their systems to hosted solutions.

To learn more and / or to schedule your complimentary appointment with the experts at Corporate Business Solutions, call us at 877-357-9366.

Prepping Your Business for Tax Season

Corporate Business Solutions provides tax planning services for businesses that are small to mid-size.  Our tax planning is based on current law and substantial authority and we refuse to utilize high-risk planning techniques. 

Before the development of a client’s strategic plan, an in-depth review of a client’s financial and tax situation is performed.  A highly qualified Project Manager and a Tax Associate team (the majority have a background in law) will conduct an onsite visit to assess your business goals and operating structure as well as examine revenue sources, current tax planning, prior years’ filings and communications from revenue agencies.

With the fall season approaching, it won’t be long until tax time is officially here. Rather than save all tax related responsibilities for December and January, we suggest getting organized now:

1. Spend money. Don’t shy away from spending money on your business to maximize deductions. From marketing tactics to incorporating new technology, you might as well buy it now if realistic.

2. Conquer organization.  By becoming organized now, you can avoid a hectic situation in the future. From gathering receipts to running reports, there are things you can do well in advance of the New Year. Once the holiday season hits, schedules seem to fill up and become more hectic.

3. Begin your deductions. Business entertainment, travel and home office expenses can be deducted on your taxes. Save receipts and know all of your options to maximize your tax deductions for your small business.

At Corporate Business Solutions, we also offer tax defense services to clients who need representation against taxing authorities such as the Internal Revenue Service and state taxing authorities. We can assist you to vanquish such issues as tax liens, delinquent payroll tax and interest and wage garnishment.  We offer numerous solutions such as offers in compromise, installment agreements, penalty abatement, payroll taxes, an innocent spouse solution, resolution to cases that have been labeled as ‘currently not collectible’ and appeals.

To learn more and / or to schedule your complimentary appointment with the tax experts at Corporate Business Solutions, call us at 877-357-9366.

Converting Your Sole Proprietorship

It is common for entrepreneurs to start their businesses as a sole proprietor. Therefore, one of the biggest issues a small business owner must face is whether to incorporate, and if so, when. 

At Corporate Business Solutions, we ensure business owners are on the right track for success. Sometimes, that includes transitioning a business to an LLC or corporation.  Ultimately, we help clients understand which legal entity is the best fit for their growing business. There is no single solution that works for every type of business. If you feel it may be advantageous to convert your sole proprietorship to a corporation or LLC, we assist you with considering all the variables and choose the entity type that will be most to your advantage.

If you’re considering launching or growing a business, here are some facts you need to know:

• What Is a Sole Proprietorship?  A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business. The owner is in direct control of all elements and is legally accountable for the finances of such business and this may include debts, loans, loss etc.
• What Is a Corporation? A corporation makes your business a distinct entity. In other words, it separates your business assets from your personal assets. In most cases, if you are considering incorporating your small business, you will want to investigate S corporations. These are corporations especially designed for small businesses. S corporations are not usually required to pay corporate taxes; instead they only pay taxes on dividend earnings.  In other words, the income of the corporation is passed on to the shareholders who are responsible for paying income taxes instead of the corporation being taxed on its profits.
• What Is an LLC? An LLC offers protection for the owners' personal assets in the event of lawsuit or debt. The owners—called members when the firm is an LLC—can collect their profits through the company without paying corporate taxes in many states. There is also greater flexibility in how profits can be distributed amongst the owners than in corporate structures.
• Advantages of Incorporating. Incorporating your business separates personal assets from your business assets. In the event of a company lawsuit or bankruptcy, your personal assets will not be at risk. LLCs offer similar protections. Therefore, if you are running a business that is at high risk for being sued or has risky finances and you have personal assets you would like to protect, it is wise to form a corporation or LLC. Corporations may also save you money in taxes. 

To learn more and / or to schedule your complimentary appointment with the strategic business experts at Corporate Business Solutions, call us at 877-357-9366.

Importance of a Business Plan

If you start a business, your expectation is that it will be successful and profitable. Writing a business plan allows you to focus on the strategies that will make your business a successful one. That is why learning how to write a plan is so important for new businesses or established businesses that might be looking at new avenues for growth.  The business consultants at Corporate Business Solutions can help business leaders create and / or update a business plan to allow for maximum success. 

Business plans are written with an audience in mind. Internal business plans are written for a company’s management team to use as an operational guide. It can also be written with a specific project in mind to allow owners and managers to evaluate the feasibility and profitability of the project. These types of plans might include projections about profitability and growth ten or more years into the future.

External plans are written for the benefit of an audience located outside of the company. Prospective investors or venture capitalists and lending institutions are examples of the types of audiences for which external business plans are created. These types of plans are created to answer a question or address a particular problem. For instance, prospective investors want a business plan that demonstrates future growth and profitability of the company to generate a return on their capital investment.

Business plans come in all shapes and sizes, so what you choose to include in your business plan will depend upon your audience, the question it seeks to answer or the problem it seeks to resolve, and your personal preferences. The most frequently included elements of a business plan are the following:

• Executive summary
• Business description
• Business environment analysis
• Industry analysis
• Competitive analysis
• Market analysis
• Marketing plan
• Operations plan
• Team and management plan
• Financial projections
• Appendix

To learn more and / or to schedule your complimentary appointment with the business experts at Corporate Business Solutions, call us at 877-357-9366.

Mandatory Business Licensing

When you're caught up in the thrill of launching a new business, the need for licenses and permits is often forgotten. However, licenses and permits are mandatory.  Before you can legally start any new business operations, you must have all necessary licenses and permits in place. If your business has employees or sells taxable goods or services, you may also be required to register with the taxing authorities for your city, county or state.

Unfortunately, governments do not offer one place where you can go and get all your licenses, permits and tax registrations. In fact, obtaining all the requirements can be a confusing and time-consuming obstacle.  Many entrepreneurs turn to the pros at Corporate Business Solutions  who partner with a tax group focused on entrepreneurs whose attorneys are licensed to practice law in all the states for their assistance in what can be a confusing process.

Who Issues Business Licenses? Business licenses, permits and tax registrations are issued and administered by all levels of federal, state and local government. You may need licenses for each governmental level. 

Why Is a Business License Mandatory? Licenses are required for three main reasons:

• To identify your business and make sure you are accountable for all business actions
• To protect the health and safety of the public
• To keep track of your finances for tax purposes

What Are the Penalties for Not Being Licensed? Not being compliant with all licenses, permits and tax registrations could leave you unprotected legally, may lead to expense penalties and can jeopardize your business, including: 

• You cannot open your new location 
• Your location may be padlocked 
• You may be hit with costly penalties and interest, or even personal liens

What are the Common Licenses, Permits and Tax Registrations? Common licenses, permits and tax registrations that a business may need include, but are not limited to:

• Business License
• Home Occupation Permit
• Zoning Permit
• Building Permit
• Health Department Permit
• Sales Tax License
• Sellers Permit
• Fire and Police Department Permit
• Withholding Tax Registration

To learn more and / or to schedule your complimentary appointment with the business experts at Corporate Business Solutions, call us at 877-357-9366.