Budgeting is a method for gaining better control over the money coming in and going out of your business (cash inflows/cash outflows).  While most look at budgeting as a daunting task, it should be an exciting step towards wealth creation.  Below are a few quick tips on what you should keep in mind when building a budget (or creating wealth) for your business and ultimately yourself:

Owing the IRS can be a very daunting experience that causes many individuals to run and hide from IRS notices that demand payment.  However, as with most things in life, you cannot hide forever and typically the time comes when you may be faced with  having to deal with a levy on your paycheck or bank account.  A levy is a legal seizure of your property to satisfy a tax debt.  Having an IRS levy released requires your immediate and full attention to resolve the matter quickly and before a loss of needed income to pay our bills, etc results.

Financial freedom is gained by accumulating wealth and being fiscally responsible with it.  The financial habits and  attitude you have about money is critical if you're going to reach this goal.   Becoming wealthy is possible for anyone who is willing to practice foundational "money rules" we discuss in our free e-book, "A QuickGuide to Wealth-Building in 2018."    Not implementing a solid financial strategy can be considered as taking a gamble on your financial future and most often, winning is not the outcome.

Insurance, in general, is often considered the foundation to a solid wealth building plan.  If you have managed to build wealth for yourself and your family through  an accumulation of monetary savings, purchasing of real estate, multiple successful businesses or similar investments,  it becomes critically important to obtain insurance vehicles that will help protect and preserve this wealth. 

Obtaining various types of insurance, essentially shifts some financial risks to insurance companies, allowing your precious savings to be used for other wants and needs.  This article discusses the various types of insurance plans individuals may use to keep their savings from being eroded by high medical expenses, disability and other  life and/or business events that may or may not be outside of our control.  

To pay employees on time, rent and other operating costs, it is critically important that small businesses get paid for the services they provide.  When a customer does not pay their outstanding invoices on time, we understand that it hinders your ability to operate effectively.  Use these tips to help your business greatly speed up its cash inflows and lower the number of unpaid invoices you experience in your business.

Taking the new year into consideration, we thought it would be a good idea to suggest a few  small business goals that can make a difference in the growth your business experiences this year.  

According to the Office of Management and Budget, in 2014 Social Security, Medicare and other taxes contributed $1.023 trillion or 33.8% of total federal revenue.  Individual income taxes of $1.394 trillion or 46.1% were the largest source of total federal revenue.  From just these two figures alone, you can see how critically important the collection of employment tax is to the U.S. government.  This makes it just as important for small business owners to understand and comply with payroll tax regulations.  This article will introduce you the payroll taxes that are significant and provide insight on how your small business can meet specific standards that apply.

Have you ever questioned why the profit listed on your income statement never matches the cash you have in your bank account? You're not alone in this dilemma. Many small business owners find themselves with a significant profit at the end of the year, yet their checking or savings accounts don't reflect this amount. Conversely, you may have a substantial amount of cash in your account, but your financial statement shows a net loss for the year.