Will your business survive 2018?

By Jerry Bellune

The good news is that the 2018 federal tax reform will help many of us.
The biggest tax savings will be enjoyed by C-Corp businesses large or small.
If you are an S-Corp, LLC or sole proprietor, your tax savings may be small if any. That’s because you will lose most of your state and local tax deductions.
Talk to your accountant or CPA to see if switching to “C” corporate status would be your best next step. The tax reform will cut the top corporate tax rate to 21%, while your income-tax rate may be 37%.
There is some expense unless you do it yourself.
A number of internet services offer incorporation aid for as little as $50.
What are your plans for 2018?
How will you make sure you don’t run out of cash in what for many of us is the slowest revenue quarter of the year.

We asked our friend, business coach Ruth King, how she advises her clients to track their financial health. Her advice:
If your bookkeeper gives you profit and loss statements and balance sheets only once a month, you had better start tracking revenue and expenses weekly.

This includes:
• Bank account balances and cash on hand at the start of the week.
• Accounts receivable, cash and credit card collection and other revenue.
• What went out for payroll, bills, loan payments and other expenses.
• Cash available at the end of the week including bank account balances.
• Anticipated needs for payroll and other expenses for next week.

For more from Ruth King go to Profitabilitychannel.com

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http://jerrybellune.net/will-your-business-survive-2018/