Breakaway Bulletin

Quick hits 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...

Must Read New Requirements for Small Businesses: Beneficial Ownership Information Reporting In an effort to crack down on money laundering, financing terrorism, tax fraud, and other illegal acts via sketchy shell companies, Congress has enacted the Corporate Transparency Act. If you’re a small business owner, you and about 32 million other business entities have a part to play in fighting the bad guys...and the fines are steep for not complying. Read more > Quick hits Stat of the Month:...

Quick hits Quote of the Month: Time to put a magnifying glass on your P&L? "Beware of little expenses. A small leak will sink a great ship." - Benjamin Franklin Finance Tip of the Month Is 20% a good net profit margin? What about a 40% gross margin? Answer: It depends...on your industry, size, growth rate, and other factors. Research similar-size companies in your industry and benchmark your numbers against theirs. We use Fathom to track our and our clients KPIs. Let us know if you're...

Tax Season Edition Quick hits Stat of the Month The average tax refund to date in 2024 is $3,081. Source: IRS Tax Tip of the Month April 15 is nearly here! Even if you've extended your return, don't forget that an extension to file is not an extension to pay. Due April 15: ✓ 2023 extension payments / Q1 2024 estimates (if extended) ✓ 2023 final payments / Q1 2024 estimates (if not extended) NC business specific: ✓ Franchise tax (NC): $200 online ✓ NC Business Annual Report: File online. ✓ NC...

Quick hits Stat of the Month Surprisingly, 1 in 3 businesses still don't have a website, yet over 25% of business is conducted online (and that's only counting shopping, not "check you out before calling" type visits). Source: Forbes Tax Tip of the Month We just cleared another 1099 season here at the firm, and by far the most stressful part for our clients is tracking down W-9s from vendors. If you pay anyone that's not an S or C corporation more than $600 a year, or expect to, do yourself a...

Must Read New Requirements for Small Businesses: Beneficial Ownership Information Reporting In an effort to crack down on money laundering, financing terrorism, tax fraud, and other illegal acts via sketchy shell companies, Congress has enacted the Corporate Transparency Act. If you’re a small business owner, you and about 32 million other business entities have a part to play in fighting the bad guys...and the fines are steep for not complying. Read more > Quick hits Stat of the Month...

Quick hits Stat of the Month: We ❤️ our accountants According to OnPay’s Small Business Finance and HR Report, 31% of small business owners say their accountant is the advisor they trust the most, followed by family and friends (22%), and lawyers (16%). Tax Tip of the Month Tax season is here! We're kicking off with 1099 filings and business property tax listings while you collect your tax documents. If you haven't signed your renewal agreement, please do so ASAP! If you're not already a...