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  • Top Tax Preparation Mistakes A Small Business Makes

    July 15, 2019

    Top Tax Preparation Mistakes A Small Business Makes

    Top Tax Preparation Mistakes A Small Business Makes

    Tax season is already a stressful time for most small business owners. Throw in some easily avoidable mistakes and it becomes a full-time headache. Overpayments, lack of tax knowledge, and costly penalties add unnecessary stress to small business owners which can lead to paying more than needed.

    From accounting blunders to paperwork nightmares, small businesses can make a variety of mistakes. These can lead to not only overpaying and unnecessary penalties, but can actually leave money on the table. Every year, countless deductions are missed simply because most small business owners don’t know they exist.

    Hiring a CPA can help clarify what your tax obligations are, where you’re losing money, and how to maximize tax season instead of fearing it.

    CPA Can Help You Avoid These Tax Filing Mistakes

    The U.S. Tax Code is over 74,000 pages. There are volumes of the possible mistakes small business owners can make. While it’s not expected that small business owners know these pages, a good CPA will make them work for you. A few of the more common tax filing mistakes a CPA can help you avoid are:

    • Mixing Personal & Business Expenses - Personal expenses can’t be deducted if they’re not business expenses. Mixing the two can lead to extra confusion and time wasted.
    • Taxable Income - The IRS is not forgiving when it comes to taxable income. If you’re not sure what counts as taxable income, you could open your business up to an unwelcome audit.
    • Business Tax Obligations - If you’re not sure what your tax obligations are, you’re playing a risky game. A CPA can help clarify what your obligations are to prevent any surprises in the future.

    Professional Business Tax Services In Ohio

    If you’re a small business in Ohio, you should know that you may qualify for up to a 75% tax deduction on the first $250,000 of business income. Do you qualify? Our expert CPAs at BIG Financial know the Ohio tax laws inside and out and can find the deductions your business needs.

    At BIG, we are consistently ranked as one of the top CPA & Tax Accounting firms in North Royalton and Cleveland. We offer a variety of services for small businesses including strategic business planning, business financing, and business mentoring. If you need reliability and experience, you’ll find it at BIG.

    Save BIG by avoiding these key tax preparation mistakes.

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  • What is a Tax Consultant? Why Do Businesses Need One?

    June 17, 2019

    What is a Tax Consultant? Why Do Businesses Need One?

    What is a Tax Consultant? Why Do Businesses Need One?

    “Do I need a tax consultant?”

    That’s one of the most common questions we hear. While we could give you a simple “yes” and move on, let’s put this in perspective. The actual size of the U.S. tax code is 2,600 pages long, but with accompanying explanations and all past tax statutes, that number is pushed north of 70,000 pages.

    Those 70,000+ pages hold the tax breaks that your business needs. We don’t expect you to know where to find every single tax break in those pages, but a professional tax advisor would. In addition to that, you’ll be saving money at tax time without pulling out the records to do it yourself. And if you’re one of the unlucky ones to be audited, you can put your mind at ease knowing you’ve got a professional on your side.

    While having a tax consultant is in your best interest, there are a few strategies you can implement to help your business.

    Top Tax Consulting Strategies For Businesses

    Want to take proactive steps that can maximize your deductions? While a tax consultant can get you every deduction possible, here are a few strategies you can use to get started:

    • Keep Your Records Organized -- clean books and detailed supporting documentation will ensure you take advantage of all tax incentives and avoid late filing penalties.
    • Hire Independent Contractors -- You can exclude them from your employment costs, such as Social Security and Medicare taxes, company retirement plans, and other employee benefits such as medical, life and disability insurance, and vacation or holiday benefits.
    • File Your Taxes on Time -- Penalties can come in a variety of forms depending on your entity. Filing your taxes on time can help you avoid these.

    Tax Consultancy Services & Tax Return Filing With CPA

    At BIG, we can help navigate the choices of proper expensing of items, how to legally minimize your tax obligation, and help you to implement proactive tax reduction strategies as the business grows.

    We can also file all required tax returns, business, personal, employer, sales tax, and CAT. When you work with BIG, you are the direct beneficiary of more than 25 years of experience in dealing with difficult business issues from all perspectives. Our professionals have been where you are, as employees and C-level managers, business owners, and consultants, and we understand your position. That helps us put ourselves in your shoes and make the most out of your deductions.

    Save big this tax season with professional tax consultants.

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  • Tax Filing With A CPA Has Huge Benefits For Small Businesses

    May 15, 2019

    Tax Filing With A CPA Has Huge Benefits For Small Businesses

    Tax Filing With A CPA Has Huge Benefits For Small Businesses

    As your business grows, simply “balancing the books” no longer does the trick. In fact, you could make mistakes that not only cost you this tax season, but can affect the next few years as well. Hiring a CPA to file your taxes has huge benefits for your small business whether you’re in the start-up phase or an established business.

    Don’t make the mistake of just hiring a friend or local accounting guy. CPAs have the background, experience, and training to make your money work for you. They are experts in areas that directly impact your business. They know how to perform research and analysis of your finances to find the best tax breaks based on their extensive ongoing training.

    Advantages Of Using CPA Tax Experts

    CPAs can bring massive tax benefits to your small business. A few of the more popular include:

    • Expense deductions - CPAs help you examine your expenses, discovering ways to save money and find deductions that you might have otherwise missed.
    • Maximize profits - CPAs can look over your yearly expenses and find areas where you may be overpaying and how you can turn that into a profit.
    • Income reporting - Failure to report revenue can lead to trouble with the IRS. CPAs will help you find hidden revenue so that you can avoid fees and penalties.

    CPA Services For Small Businesses

    BIG can ease the burden and increase the chances of success of your start-up by helping with the accounting, operational, strategic planning and tax areas of your new and existing business. Several of our experienced CPAs have also been small business owners themselves. That gives them added insight and experience that is invaluable to any small business owner.

    If you’re looking to maximize your deductions while eliminating costly fees and penalties, our experienced CPAs can help.

    Trust the CPAs with BIG to maximize your deductions and eliminate costly fees this year.

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  • Tax Preparation Tips For Small Business

    April 14, 2019

    Tax Preparation Tips For Small Business

    Tax Preparation Tips For Small Business

    Tax preparation can be difficult for many small businesses. Between day-to-day operations, marketing your product, growing your team, and customer service, tax prep is the last thing on your mind. Finding time can be hard, but knowing a few tips can make tax preparation a much easier endeavor.

    To keep it simple, we’ve organized these helpful tips into five easy-to-follow steps. That way regardless of how what issues your business throws at you, tax preparation won’t be one of them. Keep reading to discover the five simple steps that will simplify tax prep and allow you to focus on the more important parts of your business.

    Tax Filing Tips To Prepare Businesses

    Tax filing doesn’t have to be hard with these five tips:

    • Get organized. By making quarterly tax payments, separating your accounts, keeping receipts, and keeping detailed notes, tax time becomes much less time-consuming.
    • Technology makes life easier. By using technology to digitize receipts and utilizing tax software, it cuts down on the paperwork and keeps everything organized.
    • Seek a pro. While you could search for hours on a particular topic, it’s easier just to hire a professional. You’ll end up saving money in the long run and won’t run the risk of messing anything up.
    • Ask questions. The more you know, the better. If you’re hiring a professional, make sure you understand how taxes affect your business and what you can do going forward.
    • Stay up-to-date. By keeping up with current sources and following similar businesses, you can continually learn which will make every year a little easier.

    Tax Preparation Services With BIG

    While these tips will take you far, professional tax preparation services can help maximize your deductions this tax season. With BIG, you’ll have access to one of the highest ranked CPA & Tax Accounting firms in the entire Cleveland area.

    Whether you’re a small business, start-up, or even an individual, we can help. Our experienced CPAs have years of experience and many of even run their own businesses. Our professionals have been where you are, as employees and C-level managers, business owners, and consultants, and we understand your position. We pair this with detailed operational and technical knowledge for a multi-dimensional approach that solves problems from all angles.

    Tax preparation can be a breeze by using these tips. For everything else, BIG is there for you.

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  • How Does CPA Management Consulting Help Your Business?

    March 15, 2019

    How Does CPA Management Consulting Help Your Business?

    How Does CPA Management Consulting Help Your Business?

    CPA management consulting can do more than “check your books”. You’ll get help finding hidden assets, overlooked opportunities, and underperforming activities in your business. You’ll discover they find ways to convert problems into opportunities, weaknesses into strengths, and potential debts into valuable assets.

    After just a short time with CPA management consulting, you’ll quickly see all of the areas that your business can improve financially and operationally. Now I get it -- you’re probably thinking, “Well that sounds great, but exactly HOW can CPA management consulting help my business?” CPA management consulting can help make the most out of your business regardless of whether you’re growing, changing, or in financial distress. Keep reading and we’ll give you the 10 most valuable things a CPA business consultant can do for your business.

    10 Things A CPA Business Consultant Does

    While a CPA business consultant can provide a variety of services, here are 10 of the most valuable:

    • Turn Around Management
    • Forensic Accounting
    • Receivership
    • Financial, Operational & Strategic Advice
    • Business Check Up
    • Cost & Profitability Analysis
    • Raising of Capital/Financing
    • Crisis & Interim Management
    • Out of Court Liquidations
    • Strategic Loan Partnership Services

    While some of these services may not seem applicable to you at the moment, don’t think they won’t ever apply to you. Much like avoiding going to the doctor when you aren’t sick, playing the guessing game with your business can lead to disastrous results.

    Cleveland Business Consultants Deliver BIG Results

    When you’re looking for high-quality Cleveland Business Consultants, look no further than BIG. We have over 25 years of experience in dealing with difficult business issues from multiple angles. In fact, many of our experts have run businesses themselves so they know exactly where you’ve been and where you’re heading.

    The solution to your problem begins with correctly identifying the problem. Our experience allows us to do this most important first step efficiently and accurately. Our end goal is always to deliver the highest value opportunities to you while allowing your entrepreneurial spirit to not only remain intact, but to thrive.

    CPA management consulting can help make the most out of your business regardless of whether you’re growing, changing, or in financial distress.

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  • Crucial Business Start-Up Requirements A CPA Can Help

    February 13, 2019

    Crucial Business Start-Up Requirements A CPA Can Help

    Crucial Business Start-Up Requirements A CPA Can Help

    Starting up a business is no small task. It takes knowledge of accounting, operational, strategic planning and various tax areas. This may seem a little daunting for some of you. Who has time to learn all of that? Fortunately, there is a much easier (and much less time-consuming) way do this. Hiring a CPA can help ease the burden and increase your chances of success. Not to mention, they have years of experience in the exact areas you need to make sure your business starts off on the right foot. Whether it’s advising on crucial tax decisions or hashing out the overwhelming paperwork, a CPA can help reduce the learning curve and get your business moving.

    Requirements For Starting A Business

    What does it actually take to start a business? Besides a great product, market fit, extensive market research, and a team of passionate people, you’ll also need some of the legal aspects covered. These include: File for a federal ID number Set up bank accounts Register and open employee tax accounts Advise on credit & credit card services Those are just the essentials to get up and running. As you continue to grow, you’ll encounter new issues that a CPA is perfectly equipped to help with.

    CPA Services In Ohio

    While you have countless options for CPA services in Ohio, you won’t find better than BIG. We’ve had many years of experience with small businesses and many of us have started our own small business. This gives us unparalleled insight and experience that is invaluable to any new business owner. We take pride in our ability to get businesses off to a strong start and greatly increase your chance at success. Don’t leave the fate of your company in the hands of a CPA that doesn’t have experience helping small businesses just like yours. A CPA can help get your business off on the right foot and you won’t find more experienced professionals than with BIG.

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  • Looking To Buy A Business? How CPA’s Can Help

    January 15, 2019

    Looking To Buy A Business? How CPA’s Can Help

    Looking To Buy A Business? How CPA’s Can Help

    Looking to buy a business? That’s great -- but where do you start? You need to determine what the legal aspects of purchasing the business are, how to get business financing, and figure out what type of business you want to buy. An experienced CPA can help answer these and questions and more by helping you make a savvy business decision based on facts, not speculation.

    A CPA’s usefulness doesn’t end with the acquisition. They’ll also help you determine how to set it up and operate it under new ownership to ensure the business continues to thrive. A CPA can play a critical role in the purchase of a business while taking the accounting burdens off your shoulders.

    CPA Benefits In Purchasing A Business

    A CPA can play several roles to makes sure that you are making a savvy business decision. Purchasing a business is a long-term commitment and a CPA can help reduce the risk by:

    • Analyzing financial reports to determine any underlying issues
    • Provide advice on the company’s current structure and the tax implications that accompany it
    • Compare past and future debt/equity ratios to understand future earning possibilities
    • Verify the company’s assets and debts

    These are major issues that can greatly influence the the value of a company that a CPA can help you discover.

    Financial Advisory Services For BIG Results

    At BIG, we know how important proper accounting is to the success of your business endeavors. Whether you are starting up a new business or have been in business for years, BIG can help you in all areas of business including financial, operational, sales, or personnel based. A few of our more popular financial advisory services include:

    • Business mentoring to help you convert problems into opportunities
    • Strategic business planning and consulting to help you meet day-to-day and long-term goals
    • Business check ups to ensure your business is running smoothly

    Hiring an experienced CPA can help you make the best of your business purchasing decision.

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  • Critical Business Tips To Avoid Disasters

    December 15, 2018

    Critical Business Tips To Avoid Disasters

    Critical Business Tips To Avoid Disasters

    What are the ingredients needed to make a successful business? You need a good idea, a lot of hard work, and a product or service that people actually want. But what happens when the business has been up and running for a few years? The ingredients evolve. You need innovation and growth while avoiding pitfalls and disasters.

    While innovation and growth are certainly important for long-term success, most businesses fail due to avoidable disasters. Most of these issues revolve around one thing -- money. Without it, most businesses fail and fail fast. To overcome these disasters, there are a few critical business tips you need to know.

    Business Advice For Successful Entrepreneurs

    What makes a successful entrepreneur? Keeping your books in check so you can take advantage of that big opportunity when it comes. Finding an experienced CPA is your best bet, but there are a few things you things you can keep an eye out yourself. These include:

    • Profit margins. At the end of the day, every entrepreneur is out to make a profit. If you notice your profit margins slipping, take a step back and figure out why.
    • Accounts receivable. If you have too many customers with delayed payments, it makes it almost impossible to keep growing. Stay on top of unpaid invoices.
    • Cash flow. Plain and simple -- if you don’t have enough cash to get you from month to month, you won’t have a business for long.

    CPA Services With Solutions

    Running a small business is no easy task. Product innovation, customer service, and time management are all crucial components that push a business forward. At BIG, we know how important your business is to you. That’s why our experienced CPAs not only have years of accounting experience, but most have run their own businesses as well.

    Because of this unique experience, we can offer in-depth services that will help your business grow. These include:

    • Accounting & Administrative Tasks
    • Business Mentoring
    • Strategic Business Planning & Consulting

    Avoiding financial pitfalls is essential for success and BIZ can help you avoid them.

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  • Education Planning: 5 Compelling Reasons You Need It

    November 15, 2018

    Education Planning: 5 Compelling Reasons You Need It

    Education Planning: 5 Compelling Reasons You Need It

    According to College Board, the average cost of tuition for a private nonprofit four-year school for the 2018-2019 school year is $25,830. That’s up over $7,000 from ten years. Public four-year schools and public two-year schools continue to rise as well.

    With the rapid increases in college tuition, it’s essential to start education planning soon so that your child can obtain the higher education they deserve. With a well-designed strategy for education planning, you can reach your education funding goals and reap the benefits. While gaining a job might be the immediate goal to be desired with higher education, the benefits extend far past just a job.

    Why It Is Crucial To Plan For Education

    Planning for education is a crucial step to afford the rising costs of college tuition. But one often overlooked aspect is why your child will benefit. Sending your child to college is more than earning a degree at the end of the program. In fact, college graduates have 5 distinct benefits gained from a college degree:

    • They make more money
    • Doors are opened for more opportunities
    • Quality of life increases substantially
    • The ability to make a difference
    • Freedom

    Education planning makes it possible for your child to take advantage of all of this.

    Financial Advisor In Ohio

    Finding a financial advisor locally that has your best interest in mind is no small task. At BIG, we know how important a child’s education is. When you come to us, we’ll:

    • Create a timely, diverse college investment strategy designed around your financial resources, child's age, risk tolerance and projected educational costs
    • Explain tax credits and deductions that can defray education costs, and the tax implications of education-related investment and savings decisions
    • Recommend ways for the student to become involved in the planning process and contribute to the education fund
    • Keep your plan updated to reflect changes in your employment situation, investment options, savings plans, financial aid requirements and tax laws

    Education planning is essential to stay on top of rising tuition costs.

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  • Why Cost Benefit Analysis Is Critical To Business

    October 15, 2018

    Why Cost Benefit Analysis Is Critical To Business

    Why Cost Benefit Analysis Is Critical To Business

    Are the actions you’re taking worth the cost? That’s what is at the heart of a cost-benefit analysis. The thousands of decisions we make on a daily basis can have long-term consequences and benefits to your business. While most of these are inconsequential, big decisions shouldn’t be left to your intuition.

    A cost-benefit analysis can be done to not only assess the monetary cost of a new project, but also calculate certain intangible items such as location and opportunity cost. Understanding the full cost of a new endeavor makes it much easier to decide if the benefit is great enough to proceed.

    Cost Analysis Benefits:

    When performing a cost-benefit analysis, the more factors that can be considered, the better. Benefits should include all direct and indirect revenue sources as well as the intangible benefits such as:

    • Increased production capabilities
    • Improved employee safety
    • Increased sales from customer goodwill

    By carefully observing and analyzing all possible costs and benefits associated with a project, you can properly determine whether it makes sense to move forward or to step back and review the project. If a review is needed, you can determine if there are adjustments that could be made to either decrease costs or increased benefits. If none of those conditions can be met, scrapping the project is usually the most viable options.

    Profitability Analysis Is Just As Important

    A cost-benefit analysis is a great tool to determine whether a project is financially viable. If you reach a decision to proceed when the benefits the costs, a profitability analysis is your next step. A profitability analysis can predict sales and profit potential among several factors including location, age groups, or product types. The resulting information can be used to make important decisions such as:

    • Eliminate products that create a loss
    • Reduce costs for loss-making customers
    • Increase sales in profitable segments

    A cost-benefit analysis can give you the yes or no, but the profitability analysis will show whether the proposed project has long-term viability.

    A cost-benefit analysis is a critical component for long-term success in your business and BIG can help get you there with our team of experienced professionals.

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