Tag: South Carolina
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Tips on effective debt management for a business owner
Effective debt management is crucial for business owners to maintain financial stability, sustain growth, and avoid cash flow issues. Here are some key tips for managing business debt: 1. Understand Your Debt Categorize Your Debts: Separate short-term debts (e.g., working capital loans) from long-term debts (e.g., equipment loans, mortgages). This helps you understand repayment timelines […]
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Free 30-minute bookkeeping review! Quickbooks Online or other software
BOOKKEEPING REVIEW We offer a free 30-minute review of your books via Zoom. Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise. For a complete list of our services, please click here. Reach out to our team of Business Consultants […]
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Payroll Taxes- Information to know
Payroll Taxes- Information to know Payroll taxes are mandatory deductions from employees’ wages to fund social insurance programs. Here’s a comprehensive overview of payroll taxes, including schedules and key information: Types of Payroll Taxes Federal Income Tax Withholding: Based on the employee’s W-4 form and the IRS tax tables. Schedule: Withheld each pay period and […]
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Quarterly Estimated Tax Payments
Quarterly estimated tax payments are payments made to the IRS and, in some cases, to state tax authorities, on a quarterly basis to cover your tax liability for the year. These payments are typically required for individuals and businesses that do not have taxes withheld from their income, such as self-employed individuals, freelancers, and business […]
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Managing Cash Flow
Managing Cash Flow Managing cash flow is critical for the success of any business. Cash flow refers to the movement of cash in and out of a business, and it is essential to maintain a positive cash flow to ensure that the business can pay its bills, invest in growth, and remain solvent. In this […]
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What are allowable expenses?
What are Allowable expenses? Allowable expenses are the costs incurred by a business that are considered to be normal and necessary for its operation. These expenses can be claimed against the business’ income to reduce the amount of tax that it has to pay. One common type of allowable expense is office rent. If […]
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Can a bookkeeper prepare payroll?
Can a bookkeeper prepare payroll? A bookkeeper can play a vital role in the payroll process for a business. Payroll is the process of paying employees for their work, and it involves a lot of different tasks such as calculating employee pay, withholding taxes, and making sure that employees are paid on time. A bookkeeper […]
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What makes a good bookkeeper?
A good bookkeeper possesses a combination of skills, qualities, and knowledge that enable them to effectively manage financial records and transactions. Here are some key attributes that make a good bookkeeper: Attention to detail: Bookkeeping requires meticulous attention to detail to ensure accuracy in recording financial data and transactions. Organizational skills: A good bookkeeper must […]
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What are some of the reasons for a business to go bankrupt?
Business bankruptcy can occur for various reasons, and it’s essential to understand the underlying causes to prevent financial distress and bankruptcy. Some common reasons for a business to go bankrupt include: Poor Financial Management: Inadequate financial planning, budgeting, and cash flow management can lead to financial instability. Failing to monitor expenses, revenue, and profit margins […]
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Benefits of a home based business
What is it like when you start operating your business at home? It may just give you a whole new perspective on how to used to view it previously. For one, you may notice that you have a lot more time to work with and you may just even discover new opportunities as you explore […]