Stat of the Month: Small Business Owners Drive the Job Market
According to the SBA Small Business Facts Report, small businesses are responsible for 2 out of every 3 jobs created in the past 25 years. Talk about powering the economy!
Tax Tip of the Month
Is there such a thing as a "too small" expense? Think about it in this extremely simplified way: If you're in the 25% tax bracket, every qualified business expense you log gets you a 25% discount. Even better than a senior discount! If you haven't closed your books for 2024, make sure you're adding everything deductible in that you can to reduce your taxable income.
Finance Tip of the Month
The average small business loses $150,000 to fraud. Here are five actions you can take to boost your company’s internal financial controls:
1. Segregation of duties: Separate who pays bills, makes purchases, and reconciles accounts.
2. Account reconciliation: Compare QuickBooks balances to bank and credit card balances on statements to ensure they match. Reconcile purchase orders, invoices, and receipts.
3. Expense controls: Regularly review employee expenditures.
4. Blank checks: Ensure they are safely stored and access is limited.
5. Manual signatures: Ensure all financial documents are manually signed or use KBA authentication.
Client Story of the Month
We negotiated a pretty sweet deal with the IRS on behalf of a tax resolution client who owed over $1M in back taxes (yes, you read that right!). The IRS was considering taking his house, but we were able to present financial info to the agent and negotiate a payback plan of less than $1,500 per month.
New Around Here
If you're an animal lover and have never checked out our "Meet Your Advisors" page, hop on over and check out the canine members of the Red Bike Team. This month, meet Oakley, Gretchen's sweet little mini-goldendoodle who dedicates himself to making sure she doesn't sit at her desk for long stretches.
A Question for You
How is 2025 shaping up for you so far? How can we help?
Until next month,
Your Red Bike Advisors Team
About Red Bike Advisors
We're on a mission to equip small business owners with finance and tax insights that create exponential value for their companies, customers, employees, and families. From compliance to advisory, we take the confusion and scramble out of business finance and tax strategy and bring in clarity, growth, and peace of mind.
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1650 Military Cutoff Rd. Suite 104, Wilmington, NC 28403
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