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Profitability Points

Welcome to Profitability Points, the blog space of Person Huff CPA group! We’ve decided to take up the challenge of making the boring topics of accounting and small business interesting enough that you read our posts and learn something you can apply in your daily operations. Our goal is to help you make (and keep!) more money by providing timely information about federal and state taxes, managing cash flow and streamlining operations. Learn more about our Five Point Profitability Checkup

Small Business Tax Goals

by admin on July 16, 2015

Small_Business_Tax_GoalsThere are many tax planning strategies for small business owners aimed at their individual tax situation and business itself. Regardless of the complexity of the tax situation, one of the following goals will be accomplished:

  • Reducing the amount of taxable income
  • Lowering your tax rate
  • Controlling the time when the tax must be paid
  • Claiming any available tax credits
  • Avoiding the most common tax planning mistakes

It will be necessary to estimate your personal and business income for the next few years because what will save tax dollars one year could possibly create a larger bill another year due to higher income levels. These estimates are rarely exact but you should begin projecting revenue, income and cash flow…the better the estimates the better your tax planning strategy will be.

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The Saver’s Credit…Are You Eligible?

July 16, 2015

Have you heard of the “Saver’s Credit”? You may have heard it called by its formal name- Retirement Savings Contribution Credit. This credit allows low-to-moderate income workers to save two ways for the same amount. We have listed 6 tips you should know about this credit: Save for retirement. You may be able to claim […]

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Affordable Care Act Laws And Your Taxes

July 16, 2015

Be on the lookout for 2 tax forms: Form 1095-B ( sent by health insurer) and Form 1095-C ( sent by larger employers). If you received subsidies in 2014 to reduce the cost of health care, look for Form 1095-A. If you were uninsured for part of, or all of, 2014 look for Form 8965( […]

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Are You In This Number?

July 16, 2015

A 2014 poll taken by the Federal Reserve shows that many Americans are not financially prepared for retirement. More than 5,800 Americas were polled and here are the astonishing results: 33% of Americans work with no savings plan or pension 38% have no intention of retiring or they plan to keep working for as long […]

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Show Me The Money! Strategies For Securing a Loan.

July 2, 2015

Most small businesses owners will, at some point in their life, go to a bank or other lending institution to borrow money for expansion of their operation. Unfortunately, many of them will fall victim to several of the common, but potentially destructive myths that concern applying for loans such as: Lenders are lined up and […]

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Employee Benefits: How To Handle Them

July 1, 2015

Many companies offer a variety of employee benefits to their staff in order to keep them satisfied. The types of benefits include, but are not limited to, health insurance, retirement plans, vacation and sick leave. This Financial Guide provides an overview of the types of benefits that businesses provide for employees and what’s involved in […]

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Form of Business Organization: Which Should You Choose?

July 1, 2015

The decision as to which type of business organization to use when starting a business is a major one. And, it’s a decision to be revisited periodically as your business develops. While professional advice is critical in making this decision, it’s also important to have a general understanding of the options available. This Financial Guide […]

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Limited Liability Companies: Frequently Asked Questions

July 1, 2015

Who should form an LLC? Should I choose an LLC or an S corporation? What is an LLC Operating Agreement? Do I need to have an Operating Agreement? Must I hold LLC meetings? Exceptions to Limited Liability Who should form an LLC? You should consider forming an LLC (limited liability company) if you are concerned […]

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The Nicest Way To Build Your Business

July 1, 2015

“People don’t care how much you know until they know how much you care.” It’s interesting to see how many small businesses try as soon as possible to follow the example of some large corporations to build an impersonal “corporate image.” People actually prefer to do business with people, not institutions. The last time you […]

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