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Important Tax Considerations for Your Growing Business

Paying taxes is an integral aspect of doing business. Your business’ tax obligations depend on various factors, including the size and geographic scope of your operations. As your business expands, chances are, your tax obligations will also increase. As you map out your business’ long-term growth, it is essential to plan for the taxation changes […]

Written by prositesfinancialJun 15 • 3 minute read

4 Tips to Develop a Marketing Plan for Your Small Business

A marketing strategy is essential for every small business’ success. After all, marketing is what helps you gain prospective customers and spread the word about your company. However, you cannot have a successful marketing strategy without a well-thought-out marketing plan. If you have never developed a marketing plan before, it can be tough to know […]

Written by prositesfinancialApr 27 • 2 minute read

How to Choose the Right Business Consulting Team

Many businesses seek out professional consulting firms for their specialized knowledge and access to digital solutions. While some entrepreneurs are independent risk-takers, it’s impossible to know everything there is to know about growing a business. Sometimes, it’s wise to seek help from people with more experience and business acumen. Although professional business consulting can have […]

Written by prositesfinancialFeb 23 • 2 minute read

How Do You Increase Profit Margins?

Profit margins refer to the remaining percentage of revenue after deducting the cost of goods sold. For your business to remain profitable and operational, you need to ensure your profit margin is as high as possible. If you’re concerned about the profitability of your business, here are a few strategies you can adopt to grow […]

Written by prositesfinancialDec 22 • 2 minute read

Business or Hobby? IRS Classification and Tax Implications

The IRS may categorize your business as a hobby if it declares losses perennially or fails to meet other prerequisites. This reclassification has various implications, including preventing you from claiming crucial loss-related deductions. To reverse the decision, you’ll have to prove that your business had a profit motive. How Does the IRS Determine Whether You’re […]

Written by prositesfinancialDec 15 • 2 minute read

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