The Planner is CORE Group's blog and a way to help others interested in up to date tax service news.
Updated to reflect changes of 2017 Tax Reform
Continuing from our article on The Eight Levers to Increase Cash Flow, we move to debt. To be clear, in this situation we're talking about bank debt, not trade debt (covered in this article on account payable).
Cash flow for small business is the fuel that drives the engine. Strategy, execution, and the best people in the business don't make any difference if there isn't cash to make it go. Virtually every small business owner has struggled with a cash shortage in their business lives. So how do you solve the problem?
The Inventory Lever to Increase Cash Flow in Your Small Business
As we discussed in our previous post, there are only eight things in your business you can manage to increase cash flow. Five of them are “permanent” increases to cash flow, while three of them are one time fixes. One of them is inventory.
2018 brings many tax changes for Small Businesses in Oklahoma and Texas. Although not a radical change, you now have even more flexibility on how to expense capital purchases (depreciation) in your small business.
Paying Business Expenses Personally Will Cost You Taxes
One of the small changes in the new tax law could impact small business owners in a big way. If you’re like many businesses you pay for some business expenses personally. Nothing wrong with that, but you need to be careful how you handle the accounting or you could lose the business deduction entirely.