Business Owner’s Corner

April 17th may mark the deadline for filing personal income tax returns, but for business owners, it marks the few weeks left before the first quarter employers’ federal tax return filing date. Also known as Form 941, this quarterly form must be filed by all employers subject to income tax withholding, Social Security, and Medicare [...]

In order to avoid penalties and to take advantage of a number of possible exemptions, you must register and file your Business Tax renewal by February 29th, 2012.  If you are conducting, operating or managing a business within the City of Los Angeles, you are considered to be “engaging in business” in the city and [...]

Each year business property statements are mailed by the Assessor to most commercial, industrial, and professional firms.  Companies are asked for information which provides a basis for determining property assessments for fixtures and equipment.  Businesses, including LLCs, with personal property and fixtures that cost $100,000 or more must file a business property statement each year [...]

No, we’re not talking about school lunch!  Perhaps, one of the most underrated and underused employee benefits available for small businesses today is outlined in section 125 of the U.S. tax code.  Of course, unless your hobby is studying the tax code, you may not be familiar with a “section 125 plan” or more commonly [...]

As a small business owner, you may hire people as independent contractors or as employees as your business grows.  In this economy, businesses large and small are making use of contractors in lieu of full-time (or even part-time) employees.  Aside from financial savings, contracting work also makes sense when specific skills are required for a [...]

When your business was in its infancy, you, as owner, had your hand in each and every business process.  You made the product.  You sold the product.  You collected cash for the product, and you accounted for the cash and the product.  You had to be a “jack of all trades” to get your endeavor [...]

One of the most daunting tasks you can face when setting up a new business involves the process of establishing an accounting system.  As complex as it may seem, when it comes down to it, an accounting system is just a way to track money coming into and out of your business.  Choosing your accounting [...]

Are you starting to feel bogged down by the busywork of tracking bills and payments?  Have you found yourself feeling unfocused or even worse, being a less-than-ideal provider for your clients?  Then there’s a good chance it’s time to hire someone else to take on the task of your business accounting!   As a small business [...]

Following a turbulent month of trading in September and whispers of a double-dip recession, it’s understandable if the economy has been keeping you up at night. But, talk of a recession should be a signal for small business owners to act, not retract.  This is the perfect time for a small business to ramp up [...]

Are you ready to start or expand your business in the city of Los Angeles?  Just like the county and state, the city of LA has its own rules, regulations, forms, and yes, taxes for a business.  The Los Angeles Office of Finance administers the city’s tax laws, issues tax registration certificates and permits, and [...]