It isn’t necessarily true that to increase profits a small business needs to increase sales. Extra cash could already be available. A thorough profit audit can uncover those dollars in every department of your Maine-based small business. Here are five ways to start looking for extra cash:  If you’re interested in borrowing money, you may  Continue Reading »

If you’re self-employed as a sole proprietor, partner, or LLC member, you may owe the self-employment tax. This tax serves the purpose of collecting Social Security and Medicare taxes from your net self-employment income. The tax that is owed is in addition to any Federal and State income taxes. Here are the important details about  Continue Reading »

When starting a new Maine-based small business, there are a variety of entity choices. Some will be easily ruled out based on the business’ operation. The six basic entities are: 1. A sole proprietorship This is a business owned by one person, who may be the only employee. A sole proprietorship is not a separate legal  Continue Reading »

Small business owners almost always have to ask for a loan at some point. It’s important to remember that when requesting a loan, you will have to deal with the issue of covenants. These are constraints lenders impose on your company to keep it operating within specified financial ranges, and to prevent your small business  Continue Reading »

If you use part of your home as an office for your Maine-based small business, and deduct related expenses on your tax return, you may wonder if you can claim a valuable federal tax break when you sell. This tax benefit is the home sale gain exclusion, of up to $250,000 for single taxpayers. In  Continue Reading »

If you want your Maine-based small business to grow and remain competitive, a solid financial plan and a well-conceived strategy can mean the difference between boom and bust. The most important starting point is a cash-flow analysis. Looking at your company’s cash flow statements you as a business owner to understand the cycle of inflows  Continue Reading »

Does your Maine-based small business sell products or services over the Internet? It is extremely important to understand the laws pertaining to the collection of sales taxes. Collecting sales tax is relatively straight forward if your business has a physical store. You charge your customers the sales tax required by the jurisdiction where your business  Continue Reading »

As a small business owner deciding on a major purchase, you may wonder if it is better to buy or lease business assets. The answer can be complicated, but one rule of thumb to remember is that it’s generally better to lease assets that will substantially decrease in value over time. Conversely, if the asset is expected  Continue Reading »

If you are a small business owner in Maine, you might be interested in hiring younger, seasonal workers, and you may be able to take advantage of a lower federal minimum wage. Employees under age 20 can be paid a “youth minimum wage,” for the first 90 consecutive calendar days. This lower wage can be  Continue Reading »

The regulatory and legal pressure on employers to tightly monitor their 401(k) plan costs has always been strong, but employers may soon find a little help.  At the same time, however, small employers must be aware that the federal judiciary is still paying close attention to whether or not employers are adhering to all regulations.  Continue Reading »