The Quantify Blog
5 Reasons You Should Outsource Your Accounting Function
Outsourcing functions of your business is becoming a much more popular and viable option in today’s marketplace. Companies are able to outsource all sorts of functions including human resource, sales, IT and of course, accounting. Today I want to touch on a few of the advantages of outsourcing your accounting function as opposed to hiring…
5 Ways a Strong Accounting Function Can Grow Your Business
Many successful entrepreneurs view the accounting function in their business as an important investment. I know what you are thinking. Of course he is going to say that, he does accounting! Don’t take my word for it. Take a poll of some of the most successful entrepreneurs you know and ask how they value the…
Pennsylvania 1099 Withholding Changes
Late last year, the state of Pennsylvania made a major announcement with regards to out-of-state sub-contractors working for Pennsylvania companies. Starting 1/1/2018, a Pennsylvania company paying an out-of-state contractor will be required to withhold the 3.07% Pennsylvania taxes on the payment. Recently Pennsylvania has changed the required date of the withholdings to commence on 7/1/2018…
6 Things I Wish I Knew When Starting My Business
Starting a business is hard. There are so many things I wish I knew before starting mine. Looking back, there are 6 things I would have told myself before opening the doors on day one that would have made my journey much easier… 1) Networking & Relationships I feel like every other week I preach…
No More Fun: Changes to the Meals & Entertainment Deduction
Since the beginning of the year, I have received countless questions from business owners regarding the new Section 199A deduction and if they should consider switching to C Corporation. Understandably, these inquiries are right on the top of their mind along with “How much will my take home pay increase this year?”. These are some…
WHAT. JUST. HAPPENED.
I am still in shock from what happened last Sunday night. I have been a die-hard Eagles fan my entire life and have waited 31 years for this moment. While my heart is telling me to write 2 pages of obnoxious bragging, I do think there are so many things that anyone (football fan or…
Changes to Alternative Minimum Tax
First, congratulations to all of my fellow Eagles fans out there on the Super Bowl win. I have to say, I thought I would never see them win the Super Bowl in my lifetime. I’m already looking forward to next year! Over the past few weeks, I covered the new Section 199A deduction as well…
6 Financial Reports to Help Grow Your Business
Having timely and accurate financial reports is crucial to the decision making process in your business. How can you make a smart decision if you don’t know the financial impact it will have on your business? I am going to assume that if you are a business owner, you are at least taking a look…
Understanding the Changes to Itemized Deductions & Exemptions
Over the past two weeks, I broke down the new Section 199A deduction (part 1 & part 2) for business owners. This week I want to focus on some important changes to your personal tax write-offs. More specifically, we will focus on some of the major changes to your 2018 itemized deductions from the passage…
Why Growing Your Revenue May Be a Bad Idea
I was having lunch with a very successful entrepreneur the other day. He told me a few years back he had 100 employees and now he only has 25. When he told me this was on purpose, I obviously had questions. He told me that his profit margin with 25 employees is much higher then…
The Section 199A Deduction: Part 2
This week we are going to dive even deeper into the new Section 199A deduction. If you missed last week’s article on who qualifies for the deduction, I would recommend reading it before you begin this one. This article will cover the complicated mechanics of calculating the Section 199A deduction that begins with the 2018…
3 Keys to Networking
It’s not what you know, it’s who you know. I am sure you have heard this saying at some point in your life. Heading up the business development at Quantify, I meet a lot of people and do a ton of networking. While I don’t claim to be a professional networker by any means, I…