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 »

Thanks to legislation passed in 2013, the federal income tax rates for individuals remain historically low for single taxpayers with taxable income below $400,000.The rates for C corporations, however, remain at the same levels that have been in place for years. As a Maine-based business owner, you may wonder if you should switch a C  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 »

A small business owner may have several reasons for wanting to permanently close their business. In many cases it is simply because they are losing money. It could also be that the owners launched a company as friends and the relationship has soured over time. Or maybe the owners are ready to retire and have  Continue Reading »

Receivables aren’t really useful if they aren’t turned into cash. Your Maine-based small business really needs to keep tight control of its outstanding invoices so you are fully aware of the receivables situation and can take steps to improve the turnover of those accounts. Here are five steps that can help you speed up the  Continue Reading »

In today’s tough economy, the availability of business credit remains tight. Financial institutions are cautious and highly skeptical of new lending requests. In addition to increased scrutiny regarding new relationships, bankers are also increasingly turning their focus to existing customers. With little or no notice, lenders are closing business credit lines or reducing the amount of  Continue Reading »

Many small business owners would like to expand, in order to generate higher sales and increase profits. But before making moves to buy new equipment, expand your plant or implement a new business idea, you need to fully understand how the profit angle works. Many times an expansion plan boosts sales but not profits. You  Continue Reading »

Employers can see advantages from hiring independent contractors for their Maine-based small businesses. They can be hired on a per-project basis and then let go when the project is completed. Also, independent contractors tend to be more experienced workers and therefore don’t require the supervision that can be necessary with employees. And you don’t have  Continue Reading »