Small business owners will often get phone calls about former employees, regarding their work performance. The issue is more complicated than just answering questions about the job someone did. The wrong answers can lead to serious consequences, even litigation. Here are some steps for employers to consider in dealing with requests for information about former employees: Get professional  Continue Reading »

As a Maine-based small business owners know that they need to be mindful of the tax implications of any decision they make, regardless of the time of year. Here are just five of the tax-smart decisions to make during the year that could significantly reduce tax liability if handled properly: If the small business needs new vehicles,  Continue Reading »

As a Maine-based small business owner, it’s important to be aware of two things. One is the break even point for every customer or client. The second is the status of all business prospects. If these two things are unknown, it might be time to consider the following steps. Small business owners and their managers  Continue Reading »

It can be very intimidating for Maine-based small business owners to seek out a bank when they need a business loan. Bankers obviously want to minimize their risks, and usually small business owners need the loan because they are trying to do something which could be risky. Repayment Gaining an understanding of the lending process  Continue Reading »

Maine-based small business owners are all used to hearing different excuses when trying to collect money owed to their companies. For these delinquent customers, the real objective is often to delay, either until some time further down the road when they will have more cash, or in the hopes that the account will eventually be  Continue Reading »

After a recent U.S. Tax Court decision, current deductions aren’t allowed for most expenses incurred during the start-up phase of a new business. When compared with the federal treatment of start-up expenses, it can be confusing for small business owners. Here’s what the rules for deducting start-up costs actually are: Deduct Section 162 Expenses Now  Continue Reading »

It seems obvious that the best time to find out about possible culture differences between two companies considering a merger is before the deal is complete. One of the most common reasons for mergers or acquisitions to fail is concern about cultural integration. It has become a high priority for companies considering these transactions to  Continue Reading »

A simplified employee pension (SEP) is a good way to start securing a small business owner’s retirement, and the business can gain tax advantages right away. An added advantage is that setting it up and maintaining it is not very difficult. SEP Basics The SEP is mainly intended for self-employed people, including sole proprietors, partners,  Continue Reading »

After another brutal Maine winter, summer is finally here. Even though many small business owners may try to take some time off to enjoy the sun, it’s still important to remain diligent about business and personal tax planning. Here are some summer tax-planning tips to help out. Summer Tax Tip #1: Entertain Business Clients Small  Continue Reading »

Usually a professional appraiser will seek input from the current owners when he or she is valuing a business. They want to get the inside scoop on how the business works, and it is an important part of the appraisal process. Valuators need not only knowledge related to valuation principles, but also a thorough understanding  Continue Reading »