Email Us

Useful Business Resources

Supporting your success means more than providing exceptional bookkeeping. To us, it's about an attitude that puts your business first in everything we do. One way we show our commitment to partners is by gathering helpful articles and stories that cover topical and timeless issues facing today's companies. Browse this free information to inform your future plans, and let us lend a hand with your books along the way.

Email Compliance for Marketers and Business Developers

Email marketing is often an essential part of a marketer's or business developer’s responsibilities. To avoid legal issues and maintain trust, it’s crucial to understand the CAN-SPAM Act and the potential consequences of non-compliance. Here are key points to guide ethical and compliant email practices: 1. Respect Opt-Out RequestsWhen a recipient unsubscribes from your communications, you must stop sending them promotional emails immediately. Continuing to email them beyond a short grace period is a legal violation that damages trust and exposes your company to penalties. 2. Avoid Deceptive or Misleading Header InformationYour email's header details—such as the "From," "To," and "Reply-To" fields—must always accurately represent the sender and recipient. Misleading information designed to obscure the true source of the email is illegal and can harm your organization’s reputation.Example: Avoid using deceptive sender names like "Customer Support" if the email is promotional. 3. Reporting Spam EmailsRecipients can report spam to the Federal Trade Commission (FTC) or their email service provider (e.g., Gmail or Yahoo). Such complaints may lead to investigations or penalties. Understanding this process helps ensure your campaigns avoid practices that could trigger complaints. 4. Understand the Consequences of ViolationsViolating email compliance laws can result in serious penalties, including hefty fines per non-compliant email for both the company whose product is promoted and the company that originated the message. In severe cases, criminal charges like imprisonment may apply. These risks highlight the importance of following ethical email practices.
Compliance Resources: This guidance is informed by widely accepted best practices and anti-spam regulations, including the CAN-SPAM Act, click here for FTC Compliance. Following these principles will protect your organization from legal risks and build trust with your audience.

Deductible Business Expenses

Here are some common examples of deductible business expenses that can help reduce your taxable income:
1. Advertising and Marketing
  • Costs for online ads, print ads, and promotional materials.
  • Website development and maintenance fees.
2. Office Expenses
  • Rent or lease payments for office space.
  • Utilities such as electricity, water, and internet.
  • Office supplies like paper, pens, and printer ink.
3. Employee Expenses
  • Salaries and wages.
  • Employee benefits such as health insurance and retirement plans.
  • Training and education costs for employees.
4. Professional Services
  • Fees for legal and accounting services.
  • Consulting fees.
5. Travel and Meals
  • Business travel expenses including airfare, hotel, and transportation.
  • Meals with clients or business partners (usually 50% deductible).
6. Equipment and Depreciation
  • Purchase of business equipment like computers and machinery.
  • Depreciation of long-term business assets.
7. Insurance
  • Business insurance premiums, including liability and property insurance.
8. Vehicle Expenses
  • Costs related to business use of a vehicle, such as fuel, maintenance, and repairs.
  • Mileage deductions if you use your personal vehicle for business purposes.
9. Interest and Bank Fees
  • Interest on business loans.
  • Bank fees for business accounts.
10. Taxes and Licenses
  • Business-related taxes and licenses.
  • Sales tax on business purchases.
11. Home Office
  • A portion of your home expenses if you use part of your home exclusively for business (e.g., mortgage interest, utilities, and maintenance).
These are just a few examples, and the specific deductions available to you may vary based on your business type and location (reference 1,2,3). It’s always a good idea to consult with a tax professional to ensure you’re taking full advantage of all available deductions. If you have any questions or need further details, feel free to ask!
Learn more: 1 - sba.thehartford.com 2 - nerdwallet.com 3 - investopedia.com

Cash is King

Working with growing businesses, I oftentimes get asked, “where can we find cash to keep the business operational and moving forward when cash is tight?” There are many avenues to find or attain cash and even when cash is not a problem, it is a good rule of thumb to have cash on hand or cash available for three to six months (although, every business is different). The first place you might want to look may be internally. For example, how much credit is available on the corporate credit card. Next, research applying for credit to determine how much credit can the company acquire on a bank loan or line of credit. When researching credit options, determine the finance and interest rate fees, is there a down payment needed, and when repayment is due. Once you determine this, and by adding these numbers to your forecast/budget, this will determine whether the credit will buy enough time to get the business through a cash crunch. This link is a great article explaining 9 common loans that are available to businesses and what type of need is recommended for the various loans. Please be advised that some of these loans are alternative loans, which may be easier and quicker to attain, but may have higher fees and quicker repayment terms that may not work for the business need. Therefore, it is recommended to discuss options with your banker first, before resorting to other types of loans. https://www.fundera.com/business-loans/guides/types-of-business-loans

Donations Needed

Here are some strategies to not only help your favorite charity but also reduce your taxes.
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted by Congress, includes several temporary tax changes helping charities. Here are a some to consider.
  • Before 12/31/2021 (extended from 2020), this includes a special $300 deduction ($600 for those married filing jointly) designed especially for people who choose to take the standard deduction rather than itemizing their deductions. The deduction lowers both adjusted gross income and taxable income – translating into tax savings for those making donations to qualifying tax-exempt organizations.
  • In addition, for those who do itemize and are planning on very large cash gifts, the CARES Act has temporarily raised the annual limit on charitable deductions from 60% to 100% of their AGI.
Investments and assets
  • Donate long-term appreciated securities rather than cash, such as gifting/donating publicly traded stock or employer bonuses in the form of shares, directly to a charity. No capital gains taxes are owed when the securities are donated, not sold, and the donor can claim the fair market value as an itemized deduction on their federal income tax return.
  • Donors may also contribute complex and illiquid assets—such as private company stock, restricted stock, real estate, alternative investments, bitcoin, or other long-term appreciated property directly to the charity.
  • If itemizing rather than the standard deduction increase, consider bunching your charitable giving into one year, then skipping the future years for the planned giving, taking the higher standard deduction in future years.
  • If in a year of unexpected high-earnings, consider establishing a donor-advised fund (DAF). The itemized deductions are immediate, and you can decide later what charities to grant the funds to.
  • Over 70 1/2, consider making a qualified charitable distribution (QCD) from your IRA, allowing funds to be withdrawn from an IRA without any tax consequences.
To avoid charitable misgiving
For the investor, donating to startups or struggling communities
  • Rolling over capital gains by reinvesting them in a startup company within 60 days of a stock sale.
  • Investing unrealized capital gains within 180 days of a stock sale into an Opportunity Fund (the investment vehicle for Opportunity Zones) and holding it for at least 10 years.
https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions
Certain rules may apply and before making any changes, always consult your legal, tax, or financial advisor.

Prepare Before Applying for Financial Assistance

  • To give yourself the best shot at getting the maximum amount of assistance, make sure you're ready before you apply. Here are some tips and documents to consider:

  • You need to make a good faith certification that your business was negatively impacted by COVID-19.
  • Draft a loan narrative of what the loan will be used for and how you will be able to stay in business.
  • Get a copy of your credit report. If your score is under 700, then be ready to explain areas of issue.
  • Business and Personal Financial Statements.
  • Business debt schedule (i.e. Line of Credit, Contract for Deed).
  • Copies of Tax Return.
  • Monthly sales figures for 3 years, plus current year with estimate/forecast.
  • Draft financial projections that show the post-interruption numbers supporting a business model that can repay the loan.