Three Common Challenges for Small Business Owners

Most small businesses have the potential for profit and success. However, many fail to overcome common challenges. There are three common issues small businesses encounter. The inability to face these issues not only negatively impacts revenue, but can lead to business failure. Hard work and planning can help overcome these challenges. Cash Flow Concerns Regardless…Read more

Having an Exit Strategy: Business Succession Planning

Successful business owners have two goals: Secure their place in the business and market Exit that business securely and gracefully In the rush of starting, restructuring, or leading a business, it’s easy to forget your own day-to-day life goals of family, personal growth, and retirement. The career demands are all-consuming until they are self-sustaining. However,…Read more

How An Outsourced CFO Can Benefit A Growing Company

When an entrepreneur’s vision transforms into a profitable venture, continued success depends not only on proper financial management, but a strategic and innovative approach. Your growing company needs to develop a strategy around its future growth. It should also be able to forecast financial needs and arrange for proper funding to eliminate any potential limitations.…Read more

Paper, Plastic or Neither: The Chicago Bag Tax

On the heels of the November repeal of the plastic-bag ban in Chicago, the new seven-cent bag tax was taken into effect on February 1, 2017. The tax applies to both paper and plastic bags for all retailers citywide, excluding only restaurants, families on SNAP (Supplemental Nutrition Assistance Program), and pharmacies that use plastic bags to carry prescriptions. This…Read more

360 Youth Services

360 Youth Services is a 501c(3) not-for-profit agency that began in 1971 when a group of concerned parents, community, and religious leaders recognized the need for professional, youth-centered services in the Naperville community. ¬†Today, 360 Youth Services offers substance abuse prevention education, counseling, and housing.¬† The organization serves youth and families in Naperville and the…Read more

Driver’s License Requirements for E-Filing State Taxes

More states are beginning to require driver’s license information from individuals choosing to electronically file their state tax returns. Most states are requesting this information on a voluntary basis in order to fight ID and refund fraud, though some do consider it a mandatory requirement. Below, we have created a list of driver’s license requirements for…Read more

Section 179 Tax Deduction

Using the Section 179 Tax Deduction for newly purchased assets is a carrot that the government is hanging in front of business owners, hoping they will bite. The decision to purchase assets while taking advantage of the generous benefits Section 179 offers, proves a powerful incentive for owners to act. The law allows owners to deduct an…Read more

How Does Financial Statement Presentation Affect Bond Capacity?

A contractor’s bonding capacity is the highest amount of surety credit a bonding company will allow for the contractor. Typically, bonding capacity is given in terms of the largest single-project dollar amount a surety company would issue, and also the maximum total amount of bonding a contractor holds at any given time. So what determines…Read more

PATH Act Accelerates W-2 and 1099-Misc Filing Deadlines

As the year comes to end, filing your taxes is likely not the focus of your attention, especially around the holidays. However, due to a change in the filing deadlines for certain tax forms, it is something that you will want to keep in mind. Why did the deadline change? The updated deadline is part…Read more