Small Business Success Blog

Ask SCORE: What Do I Need to Know for My Business Tax Filing?

By Richard Kroger

Tax season is upon us. If you are filing a tax return for your business, there are some things you may want to consider.

Just as humans need oxygen to live, businesses need liability insurance to be protected from the unexpected.

When it comes to health insurance, homeowners or renters insurance, and auto insurance, we rarely think twice about ensuring we have adequate coverage. The same is not always true of small business owners and liability insurance. Yet protecting your business from accidents, property or personal damage, and claims of negligence are equally important.

Cash Flow is a measure of the money flowing in and out of your business. It is one of the financial statements required to describe your business along with the balance sheet and income statement. Cash flow problems are one of the top causes of business failure since without cash, you will not be able to pay your suppliers and, employees.

I guess you could say the entrepreneurial spirit is part of my DNA. I practically grew up in Wolfson Grocery Store, a New Jersey supermarket my grandfather started nearly 100 years ago. As a kid, my dad was owner of the family business and I saw firsthand the importance of investing sweat equity.

The COVID-19 virus is a major global disruption. The impact on the U.S. economy has been substantial with major loss of jobs and productivity resulting from the shutdown. Small businesses are facing major challenges and significant uncertainties about the future. Developing a plan for recovering your business is essential.