A Low-Cost Alternative to Health Insurance [Medi-Share Review]

  Joining the Christian medical expense sharing community, Medi-Share, for around $300/month has been a fantastic financial move for my family. Prior to joining this healthcare expense-sharing community, I was paying $1,100 per month for a health insurance plan with Humana! Medi-Share is not insurance (nor is it charity as you'll see). But it's a great alternative for some. And even without the Obamacare mandate, this … [Read more...]

A Fee-Free High-Interest Checking Account For Small Business Owners: Spark Business [Review]

Note: Capital One is "not accepting new Spark® Business Savings or Spark® Business Checking accounts right now." See our list of the best free checking accounts for more options. I have been banking with Capital One for many years now—ever since Capital One purchased ING Direct in February of 2012. Though I have always been very pleased with Capital One’s higher APYs for savings accounts (at least compared to traditional … [Read more...]

How I’m Using the QSEHRA [Managed by Take Command Health] to Deduct My Employees’ Healthcare Benefit

  In this article, I'll share how I set up a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) to deduct the healthcare expense reimbursement benefit I offer my three full-time employees. In short, this is how I help my team with their health care needs (and get a tax deduction for it) without having to buy an expensive group health insurance policy. Another tool that is helpful in managing healthcare costs is … [Read more...]

The Best Personal Loan Sites for Small Business Owners (in 2020)

Notice: For COVID-19 related small business loan information, see our coverage of the Paycheck Protection Program.   Small business owners are no strangers to financial headaches. From securing startup financing to covering temporary cash-flow problems, small business owners often have to work quickly to find a solution that will keep their business humming. Taking out a personal loan is one solution that is often … [Read more...]

QuickBooks Online Review: Directly From My Accountant

Editor's note: I use QuickBooks Online to handle the accounting for my blog and conference business. I turned to my accountant, Brad Case of Taylor & Associates, who uses it every day on my behalf, to provide a quick review for anyone interested in using it. Here's Brad... Running your successful business can be very challenging. Making the sale, providing the service, and/or producing the product can (and should) consume you … [Read more...]

The Best Accounting Software for Small Business (2020)

  A few years ago, I took over as financial secretary for my local synagogue, and I had my first taste of using accounting software. It didn’t go well. Our synagogue was stuck with an outdated program that ran slowly on my laptop and caused me any number of headaches. Without a background in accounting, I found the user experience of the old program to be counterintuitive and difficult to learn. I made many mistakes during … [Read more...]

Xero vs. QuickBooks: Which Accounting Software Will Work Best for Your Small Business?

If you haven’t taken any classes in accounting, using QuickBooks can feel overwhelming. People with accounting backgrounds love the software, but it lacks some user-friendliness for those outside of the accounting profession. Since QuickBooks has been the giant in the small business accounting industry for many years, the choices for keeping the books were limited. Thankfully, the small business accounting software market is starting to change, as new accounting apps … [Read more...]

16 Tips for Saving Money on Your Business Expenses Without Working Harder

As entrepreneurs, we all like to see our revenue grow, right? If you’ve ever started your own business you know that increasing revenue doesn’t come without an investment of hard work and burning the candle at both ends of the stick from time-to-time! Every business requires hard work to get it up and running, even if the objective is to eventually produce passive income. You can find many articles, books, and publications … [Read more...]

Which Retirement Plan Should You Choose for Your Business? [Solo 401k vs SEP IRA vs SIMPLE IRA]

One of the most common questions I see from new entrepreneurs is about their retirement plan options. Specifically, I see a lot of people talking about the Solo 401k vs SEP IRA vs SIMPLE IRA.  In short, I find that the SEP IRA is the perfect tool for the part-time entrepreneur who still has a 401k through work. The Solo 401(k), on the other hand, is great for anyone who is fully self-employed in a one-person business. Finally, … [Read more...]

I Chose the Solo (Individual) 401K for My Small Business

After a couple of years away from the corporate world, one thing I did miss was my 401K. The company I used to work for dumped the matching contribution at some point, but I still loved that plan. I could defer taxes on several thousand dollars in income each year. That's a huge benefit in my book. This benefit pushed me to save the maximum each year and amass a decent retirement account for a guy in his thirties. I also had a Roth IRA, which is a great compliment to … [Read more...]

7 Types of Office Space for the Upstart Entrepreneur

Over the past several years, I've been experimenting with different types of office space. I run a solo, online business, and an annual conference with three employees (only one of whom has lived locally). My office needs aren't much. Still, I think it matters where you work. Don't you? I've worked in my old home (the bedroom, the loft, the kitchen table), the local coffee houses, my local library, at a friend's place while he … [Read more...]

Will Your Small Business Survive Your Death?

It's a daunting question. Each of us possesses a strong aversion to discussing our own mortality, much less deal with it. But, as Mr. DeVoe and Mr. Franklin intelligently reasoned, nothing is more certain than our death (and taxes). In business, the survival of your business upon your death is called a "succession plan." If you have not truly reflected the state of your business after your death, you should. It is the most important thing you can do for your … [Read more...]