End of Year Tax Wrap-Up: 4 Tips to Prepare for the New Year
Before you log off for the year, there are a few things to do as a small business owner to button up 2022 and prepare for your tax filing. Crossing these items off your list will bring peace of mind and give you more time to focus on those 2023 goals as soon as the ball drops.
The Student Debt Relief Plan and Your Taxes
President Biden, Vice President Harris, and the U.S. Department of Education developed a three-part plan to help federal student loan borrowers transition back to making regular payments post-pandemic. As a part of this plan, the Administration introduced the Biden-Harris Student Debt Relief Plan in August, which would forgive a certain dollar amount of student loan debt for qualifying borrowers. There have been several updates to the plan since its introduction, which we will share with you today.
End of Summer Business Check-Up
As the leaves begin to change and our focus shifts to Q4 goals, now is the perfect time to take a closer look at your business. Performing an end-of-summer business check-up can provide important insights into what you may want to change before the end of the year, or how to prepare for 2023.
When reviewing the areas of your business that can determine its overall health, there are a few places you can dig deeper.
Client Feature: Rejuvenation Spa
When you step into Rejuvenation Spa, expect a retreat for relaxation and total wellness. As an Aveda Lifestyle salon, each treatment offered is held to a high standard using Aveda treatments and products, focusing on the client’s needs.
Rejuvenation Spa came to be when long-time stylist Tina Morshauser stepped out from behind the chair and into life as an entrepreneur in 1998 after years of training that began when she was in high school. She purchased Yellowstone Day Spa and operated as the only stylist among a spa and support staff of 7 until her business partner, Gretchen Brown, joined her in 2000.
Over the past two years, Morshauser and Brown have expanded the salon, adding an additional location in Sun Prairie, and have a team of 42 between their Madison and Sun Prairie locations. Brown noted that Rejuvenation Spa is a team-based pay salon, which includes a profit share when monthly goals are met.
The spa has partnered with Green Circle, which aligns with the spa’s mission to be environmentally conscious in all they do. “Through Green Circle, we can recycle almost all that we use in the process of doing services. We have added a $1.50 environmental service fee to each service in order to help pay for the service,” Brown said. “We recycle ALL plastic, metal color tubes and aluminum foil used in highlighting services, all waxing waste (paper, sticks, etc.), and the hair that is left over after a cut is collected and sent to become oil booms (to soak up oil spills) or made into plastic bins that we use to collect everything that we recycle. We also recycle all paper and cardboard as well as broken tools, mannequin heads, light bulbs, and batteries through Green Circle.”
The spa offers massages; facials; waxing services; manicures and pedicures; and hair services, including cuts, colors/highlights, perms, and smoothing services. The spa continues to grow and has multiple positions available. Brown said she is proud of Rejuvenation Spa’s team culture and loves to guide and train new staff as they grow in the industry.
Morshauser began working with Dale and the DMA team in 2001 and utilizes the team for monthly bookwork and payroll. “It is such a relief to be in capable hands,” said Brown. “Whenever I have a question, they are quick to respond and have offered us great advice through the years and especially during the shutdown of 2020 and the financial aftermath of that. I recommend DMA all the time!”
Inventory Accounting & Valuation Methods
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Quick Guide: Accrual vs Cash-Based Accounting
As a small business owner, there are many decisions to be made, particularly when you’re just starting out, to ensure everything runs smoothly and efficiently. One important decision to make is selecting an appropriate accounting method for your business. Accounting methods are simply the rules your business will follow when reporting revenues and expenses. Today, we’ll dive into the two primary accounting methods — accrual vs cash-based accounting — what they mean, and how to choose between the two when setting up your business.
Client Spotlight: Linda Kudrna of Learning Ladder
Linda Kudrna opened Learning Ladder in 1994 to provide the “highest quality of care to the children in the Cottage Grove community.”
And for the past 30 years, she and her team have continued to do just that.
IRS Tax Audits: What You Can Expect
The word “audit” will make any business owner tense, especially when discussing or going through a tax audit from the IRS. However, there are strategies that taxpayers can use to help navigate an audit.
Top 4 Ways Outsourcing Payroll Can Benefit Your Business
Payroll is one of the most important functions of your business, but it can be a daunting task to take on as a small business owner. Compliance with regulations, technology upgrades, and the detailed reporting requirements to Federal and state agencies is a lot for one person to perform, which is why many small businesses choose to outsource their payroll-related activities and reporting requirements to a third-party provider. Today, we’re covering four ways outsourcing your payroll can benefit your business.
End of Year Tax Tips for Small Businesses
As the year comes to an end, we can look forward to schedules filled with holiday parties, time off to spend with loved ones, and finding ways to circle back on projects in the new year. One project that will be especially important for small business owners is preparing for tax season.
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