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Your Small Business Needs a Budget

five stacks of silver coins increasing in height from left to rightSmall businesses need budgets, but too often, they don’t have one. The staff at David Mills CPA, LLC can assist with your budgeting needs.

Creating a business budget can seem overwhelming. One survey found as many as two-thirds of all small businesses don’t have a budget.

Without a budget, though, your company’s financial health is at risk. Small businesses face challenges every day. A budget helps mitigate those difficulties.

The experts at David Mills CPA will show you how budgeting can grow your profits. Interpreting the numbers is key, but we understand making sense of those figures can feel overwhelming.

We can help you answer the critical questions:

  • Do you really know where your money is going?
  • What does it cost you to open the doors each day?
  • What are your most profitable services or products?
  • When you have vendor price increases how much more do you need to sell to remain at the same profit levels?

A smartly planned budget will include flexibility to help you navigate any troubled waters your business may face.

close up of black calculator keysA budget should be more than just a yearly chore. It’s a tool to help you tackle short-term obstacles while planning for the long-term future.

Experts can help answer budgeting questions

We will teach you the questions to ask when looking at your budget versus actual numbers. In this way, your budget becomes a valuable tool to manage cash flow and build your business.

Budgets help make your business more efficient. They can help keep your company out of debt while developing a roadmap for future growth or expansion.

Planning your business budget will make it more efficient to operate your company.

Let the staff at David Mills CPA assist you with all your business budgeting needs. Contact us today for more information.

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Need a Business Plan? Get Help With Your Finances

This woman may need help with her business plan, and dealing with her businesses finances.
Are you confused by your business financials? Hiring outside professionals can help.

You’re the CEO of your business and an expert in your industry, but does that expertise expand to the financial side of your business plan? If phrases like “projected profitability” and “cash flow” make you cringe, it’s time to call the experts at David Mills, CPA, LLC.

Chances are you didn’t get into business because the idea of managing financial statements appealed to you, yet your company’s success is directly related to the quality of your financial statements and the CFO (chief financial officer)/Controller Services overseeing them.

Ignoring Finances Can Doom A Business

A head-in-the-sand approach to your business finances is a disaster waiting to happen. Just like ignoring your car’s check engine light can leave you stranded, not paying attention to finances can cripple your business.

laptop computer with colorful charts on screen
Outsourced controller services from David Mills, CPA, LLC can help you make sense of your business financials.

More than 28% of bankrupt businesses cite problems with the financial structure of their company as a primary reason for failure.

Businesses fail because they forget about the basics. Have you taken the time to create a budget? If you have, do you regularly analyze the results? Is your business making a profit, yet you never seem to have money in the bank? 

Hire an Outsourced Controller for Your Business

Hiring an outsourced controller/CFO is the smart way to keep your finger on the financial pulse of your business plan.

If financial statements make no sense to you, you won’t use them. You need controller services you can trust to interpret the statements for you.

Just because you may not have the budget for a full-time CFO doesn’t mean you don’t have alternatives.

With our Morton and East Peoria offices, our firm can provide CFO services on an “as-needed” basis to companies in the Tri-County area.

We can take full responsibility for the financial side of your business, work part-time, or train your staff. Our services are available on a monthly, quarterly or a specific-project basis.

You’ll gain greater control over your business plan when the numbers make sense.

Having the staff at David Mills, CPA, LLC  be your financial experts allows you to excel at the business you do best.

Contact us today about our CFO consulting and outsourced controller services.

Exterior of David Mills CPA's East Peoria location

David Mills CPA: East Peoria Location Now Open!

Exciting news! David Mills CPA has officially opened our East Peoria location. We can provide your business with accounting and financial services. Our office is open Monday-Friday from 8:00 AM until 5:00 PM. We are excited to be a part of the small business community that is located in East Peoria, Illinois. 

David Mills Services Offered in East Peoria

In order to best serve our customers, we offer a wide variety of services. We can assist your business with the financial aspects so you can focus on what is most important to you. A list of our services include:

This is a view of Peoria from the East Peoria side of the river. David Mills has a new East Peoria location!
View of Peoria from East Peoria, Illinois.
  • QuickBooks
  • Bookkeeping
  • Family Office Services
  • Trust & Estate Taxation
  • Income Tax Planning
  • Daily Money Manager
  • Financial
  • Tax Preparation
  • Controller/CFO Services
  • Payroll
  • Business Structure
  • Cash Flow & Budgeting

Now Booking Appointments

Our East Peoria location is now booking appointments. We are also available for video conference meetings if needed! For all of your financial needs, contact David Mills CPA today. We look forward to working with you and serving our customers in East Peoria.

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5 Reasons to Hire A Tax Consultant

5 Reasons to Hire A Tax Consultant

If you are like most people regarding taxes, you don’t feel confident in what you are doing. A tax consultant can help relieve stress and reduce mistakes while filing taxes. Check out five reasons why you should consider hiring a tax consultant.

1. You Find A Mistake On A Previous Return

Have you found a mistake on a previous tax return in the past three years? You can work with a tax constant to file an amended return. A consultant can help to minimize any damage that may have been caused. It can also provide you with peace of mind in knowing that your tax return will be properly handled.

2. Your Marital Status Has Changed

Have you gotten married or divorced in the last year? If so, your tax filing may be affected.

  • Newly Married Couples: A consultant can help you decide whether to file your taxes together or separate. It is helpful to get a tax consultant’s opinion of what will be most beneficial since every couple’s situation is different.
  • Recently Divorced Couples: A consultant can help you determine if it is best to file separate or together. They can also help ensure that alimony has either been paid or received properly.

3. Filling Your Own Taxes Can Be Time Consuming

Filling Your taxes can be time-consuming. A tax consultant will be able to work quickly and efficiently. They will be able to save you the stress of making sure your taxes are done right.

4. You Work or Live In Different States

Taxes can become confusing if you live and work in different states. If you’ve recently moved to a new state it can be confusing as well.

A tax consultant will be able to assist you in the different states’ tax rules and can help you sort out any issues that arise.

5. You’ve Started A Business

A common mistake of new business owners is waiting to hire a tax professional. How you file your taxes the first year can impact future tax filings. It is important to start off right.

David Mills Can Assist You With Taxes

David Mills is proud to assist our customers with their taxes and make recommendations that fit your needs.  If you need assistance with your taxes, contact David Mills today. We look forward to working with you!

 

Stacks of coins next to stack of seven pens on top of documents

Section 199A Deduction Explained

Section 199A Deduction

If you own a business, you have probably heard about the Section 199A Deduction. This is also known as a Qualified Business Income Deduction. You may wonder what exactly this is and how does it work? David Mills CPA has put together information to help you better understand the 199A Deduction.

What Does The 199A Deduction Do?

The 199A Deduction reduces taxable income but not adjusted gross income. This deduction does not lower Illinois taxable income or does not lower self-employment tax.

Who Is This Deduction Available For?

The 199A Deduction is available to sole proprietors, partners, and S corporation shareholders. It is not available to C corporations.

How Is It Calculated?

The calculation for the 199A Deduction can be complex. It is partly dependent on the taxpayer’s total taxable income. There are no limits for married filing jointly taxpayers with $315,000 or less of taxable income. There are typically no limits on the deduction regardless of whether the business is a specified service trade or business.

The deduction is the lesser of the Qualified Business Income or 20 percent of taxable income minus long-term capital gains.

What Are The Limits?

Limits exist for married filing joint taxpayers with taxable incomes between $315,000 and $415,000. A limit begins to phase in based on wages and/or qualified property acquisitions.

If you earn an income above $415,000, limits are determined based on W-2 wages and qualified property acquisitions. This deduction is not available to the taxpayer under certain circumstances.

David Mills CPA Is Here To Help!

If you are looking for more information or need help with your 199A Deduction, contact David Mills CPA today. Our team of experts will be happy to assist you with all of your financial needs. David Mills offers financial and accounting services to small and medium-sized businesses, as well as individuals in Peoria, IL as well as the surrounding areas. We look forward to hearing from you!