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Economic Downturn Impacting Your Business Finances?

Here are some steps every business owner should take as part of their downturn recovery strategy.
Copyright © 2013 University of Wyoming                                                                                               Photo courtesy Pixabay.com… http://www.wyomingsbdc.org/blog1/2016/03/economic-downturn-impacting-your-business-finances/

Averting the "Fiscal Cliff"?

Congress passed the American Taxpayer Relief Act of 2012, averting the "Fiscal Cliff."
Copyright © 2013 University of Wyoming Congress Approved Eleventh-Hour Agreement with the American Taxpayer Relief Act 2012!  Yesterday, January 1, 2013, Congress passed the… http://www.wyomingsbdc.org/blog1/averting-fiscal-cliff/

Do I pay sales tax when I buy a business?

“I want to buy a business, but someone told me that I will have to pay sales tax on the purchase of the business. Is that right?” – Bruce in Wheatland.
Copyright © 2013 University of Wyoming By Leonard Holler, CPA, CVA, CGMA – Regional Director in Casper.   “I want to buy a business, but someone told me that I will… http://www.wyomingsbdc.org/blog1/do-i-pay-sales-tax-when-i-buy-business/

The Bank Said I need a "Tax ID" to open a bank account for my new business. What is it and Where Do I Get One?

Many times a bank will tell a new business they need a Tax ID. What the new business doesn’t know is there are different types of Tax ID‘s. Do they mean an Employer Identification Number (EIN #) or a Wyoming Sales Tax Number? What are the differences?
Copyright © 2013 University of Wyoming Many times a bank will tell a new business they need a Tax ID. What the new business doesn’t know is there are different types of Tax… http://www.wyomingsbdc.org/blog1/bank-said-i-need-tax-id-open-bank-account-my-new-business-what-it-and-where-do-i-get-one/

Developing Cash Flow Projections

Have you applied for a business loan and been asked for projections or a cash flow? Most lenders will want this information but entrepreneurs often don’t know where to start.
Copyright © 2013 University of Wyoming Have you applied for a business loan and been asked for projections or a cash flow?  Most lenders will want this information but… http://www.wyomingsbdc.org/blog1/developing-cash-flow-projections/

Financial Literacy

I recently had someone tell me that after receiving their tax information back from the accountant, they realized that they need to have a better understanding of the financial side of the business.
Copyright © 2013 University of Wyoming I recently had someone tell me that after receiving their tax information back from the accountant, they realized that they need to… http://www.wyomingsbdc.org/blog1/financial-literacy/

Register your business with the WY. Department of Employment - even if you don't plan on hiring employees NOW

One of the best kept secrets to businesses in Wyoming is the Wyoming Department of Workforce Services, Workforce Development Training Fund program.
Copyright © 2013 University of Wyoming One of the best kept secrets to businesses in Wyoming is the Wyoming Department of Workforce Services, Workforce Development Training… http://www.wyomingsbdc.org/blog1/register-your-business-wy-department-employment-even-if-you-dont-plan-hiring-employees-now/

DO I REALLY HAVE TO BUY A NEW COPY OF QUICKBOOKS EVERY TIME A NEW VERSION COMES OUT?

The answer to your questions is “It depends”. You don’t really need to purchase a new copy of QuickBooks every year, but you might want to.
Copyright © 2013 University of Wyoming The answer to your questions is “It depends”. You don’t really need to purchase a new copy of QuickBooks every year, but you might want… http://www.wyomingsbdc.org/blog1/do-i-really-have-buy-new-copy-quickbooks-every-time-new-version-comes-out/

Improving Cash Flow

Cash flow issues seem to be a concern for many small businesses, and this time of year is usually more difficult.
Copyright © 2013 University of Wyoming Cash flow issues seem to be a concern for many small businesses, and this time of year is usually more difficult.  First of all, let's… http://www.wyomingsbdc.org/blog1/improving-cash-flow/

Time To Prepare A New Budget

As you read this we are approaching a new year, and for most businesses a new fiscal year as well.
Copyright © 2013 University of Wyoming As you read this we are approaching a new year, and for most businesses a new fiscal year as well.  Therefore, now is an excellent time… http://www.wyomingsbdc.org/blog1/time-prepare-new-budget/

Why Do A Business Valuation?

Business owners also need to periodically evaluate their own performance. Financial ratio analysis and business valuations can help them objectively determine their management effectiveness. This is not the only measurement of how well a business is opera…
Copyright © 2013 University of Wyoming By Leonard Holler, Wyoming Entrepreneur – Small Business Development Center Regional Director and Certified Valuation Analyst.  … http://www.wyomingsbdc.org/blog1/why-do-business-valuation/

Business or Hobby?

The Internal Revenue Service looks at unprofitable businesses with a doubtful eye. The laws and regulations, however, do not provide a specific definition of what constitutes a trade or business because no single definition can apply to all cases.
Copyright © 2013 University of Wyoming By Leonard Holler, Wyoming Entrepreneur – Small Business Development Center Regional Director and Certified Public Accountant.  … http://www.wyomingsbdc.org/blog1/business-or-hobby/

Financial Health Check-up 2.0

Our program consists of a computer analysis of the historical financial data that will compare a local business to others in the industry as well as look at trends within the business itself. The result is an easy-to-read narrative report that can be vie…
Copyright © 2013 University of Wyoming About two years ago, Wyoming Entrepreneur.Biz rolled out a program called a Financial Health Check-up that uses a combination of… http://www.wyomingsbdc.org/blog1/financial-health-check-20/

Guest Blogger: Rod Trahan "Once a Year Is Not Enough, Know What's Happening In Your Game"

Can you imagine how a NBA Basketball game would turn out if during game the visiting teams coaching staff were required to sit outside the arena without any contact with their team until the end of the game? Do you think that team would be at a disadvant…
Copyright © 2013 University of Wyoming Today's guest blogger is Rod Trahan, MBA, Owner, ActionCoach-Streamline Enterprises. Rod coaches entrepreneurs in five key areas; the… http://www.wyomingsbdc.org/blog1/guest-blogger-rod-trahan-once-year-not-enough-know-whats-happening-your-game/

Hobby or business? What does the IRS Consider?

Generally, a trade or business must be an activity that is carried on with a profit motive and have economic activity conducted. The problem is that the "burden-of-proof" is the business owner's.
Copyright © 2013 University of Wyoming The Internal Revenue Service looks at unprofitable businesses with a doubtful eye. The laws and regulations, however, do not provide a… http://www.wyomingsbdc.org/blog1/hobby-or-business-what-does-irs-consider/

Want some late night reading that will put you to sleep? - Not really?

I knew that the IRS has a lot of information regarding business taxes, but they also have a whole lot more. Check out www.irs.gov and see what I mean.
Copyright © 2013 University of Wyoming I recently ran across some interesting information that I thought I would share. While I was preparing a case study for a business… http://www.wyomingsbdc.org/blog1/want-some-late-night-reading-will-put-you-sleep-not-really/

Protect Your Accounting Data Two Ways

As the last invoices and statements come in and you finish up your 2008 accounting, it's time to backup your accounting records. Here are two important ways you protect your data.
Copyright © 2013 University of Wyoming Today's guest blogger is Becky McCray from Small Biz Survival. Her bio follows her post!    From Becky McCray... As the… http://www.wyomingsbdc.org/blog1/protect-your-accounting-data-two-ways/

The 5 Days of Christmas......Accounting Style

The New Year is a perfect time to think about starting a manual or software accounting system for your business.
Copyright © 2013 University of Wyoming On the first day of Christmas my part time help found a box of uncategorized receipts for the year. On the second day of Christmas my… http://www.wyomingsbdc.org/blog1/5-days-christmasaccounting-style/