business finance - Herman & Co. CPA

Choosing a Legal Professional for Your Business: FAQs

Pay close attention to invoices. Ask that you receive an invoice regularly. This applies to all types of fee agreements including a contingency fee. If you have a question regarding any of the items, you should immediately speak with your attorney.

How to Resolve a Consumer Complaint

You should first approach the seller of the item. Then, get in touch with the relevant consumer agency. If neither of the previous provides adequate results, a lawsuit can be filed or you may use arbitration.

Business Tax Breaks

Several favorable business tax provisions have a limited term life that may dictate taking action between now and year-end. They include the following two provisions.

Health and Medical Insurance FAQ’s for Employers

If an employee cannot work due to illness or accident, the disability plan gives him/her income replacement. These defer from worker’s compensation as they pay benefits for non-work related illness and injury, and can be either short-term or long-term.

Employee Benefits as a Small Employer

The employer must pay for certain legal benefits and insurance coverage such as Social Security, unemployment insurance and worker’s compensation.

Travel and Entertainment FAQs

If you give back any excess reimbursement, provide your employer with a detailed expense report and meet other requirements. There is no need to report the reimbursement or to deduct the expenses.

Cash Flow and Your Small Business

A projection of the monthly cash flow will uncover and eliminate any deficiencies or surpluses in the cash flow and show the relations between previous projections and actual figures. A business financial strategy should be changed to allow for more cash when cash deficiencies are discovered.

Thinking About Becoming Your Own Boss?

Do I have what it takes to own and manage my own business? First, think about why you want to start your own business and make a list. The thrill of being self-employed, the need for independence both financially and professionally, and the desire to use the most of your intelligence and talents are a few of the most frequent motivations.

Business Expenses

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit.

Business or Hobby?

Our Westchester tax preparation firm agrees. It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limit on the deductions you can take.