Stat of the Month: Motivation to Go Into Business
According to Guidant Financial's
2024 Small Business Trends, 28% of small business owners were ready to be their own boss, while 23% were dissatisfied with Corporate America.
Tax Tip of the Month
The
IRS has spent about 10% of its $57.8 billion windfall from the Inflation Reduction Act, and they're just getting started. After years of pandemic-induced leniency, the IRS is resuming its collection efforts in earnest. Getting a notice can be stressful and scary, but
we've got your back.
Finance Tip of the Month
Unless you offer a single product or service, you're almost definitely losing money in some areas that are being floated by others.
When was the last time you evaluated gross margin by product or service line?
Essential Reads
We're doing a series of blog posts on Growth Levers. Hear are the first two on Revenue and Gross Margin.
From Leads to Loyalty: 16 Powerful Revenue Growth Levers Read Now >
From Contracts to Offshoring: 7 Powerful Gross Margin Growth Levers Read Now >
Client Story of the Month
A dental practice filed a late S corporation return and got hit with a $2,600 penalty from the IRS. The Red Bike Advisors tax resolution team was able to get the IRS to completely abate the penalty.
New Around Here
Our Fraud & Forensic Accounting team are experts in complex financial cases, offering tailored solutions to attorneys and their clients. But sometimes budget constraints can stand in the way. Introducing StatementIQ: our affordable service for attorneys and their clients who need clear insights into the other party’s financial transactions. We convert months or years of data into an easy-to-navigate Excel format, saving you time and ensuring accuracy for your case.
We're thrilled to welcome Alex Rader, Sr. Tax Accountant, to the Red Bike team. Alex recently relocated from Ohio to Wilmington so he could have it all: beach life and accounting life. The bottom line for Alex:
“The accounting/tax business is more than maximizing profits and projecting income. It’s a people business. It’s about understanding the people behind the financial statements and helping them maximize their entire life, not just their earnings.”
A Question for You
What was your motivation to go into business?
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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