2020 Small Business Economic Outlook

2020 Small Business Economic Outlook

On the heels of a strong holiday season, small business owners should be feeling quite optimistic as we roll into 2020. The American economy was gifted with reduced economic uncertainty, capping off what has been – while not spectacular – a very solid year of economic growth.

At this point last year, and throughout the majority of this year, most economic analysts out there were predicting a recession of the US economy. No one could believe that the current economic expansion could possibly continue into a record 11th year

Separating Finances

Separating Your Personal and Business Finances

Most startups are financed with the personal funds of their owners. This practice is often the most direct approach to kickstarting their dreams if they are unable to qualify for traditional financing or secure alternative funding. However, as the business grows, small business owners should strive to separate their personal and business finances. Doing this necessary step can prove to be beneficial in several ways. It provides a clear separation for your finances, makes the business look official and professional when dealing with customers and vendors, and it can reduce the likelihood of an IRS audit or having deductions denied by the IRS.

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