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July Newsletter

Happy Summer and Happy 4th of July (Already)!
We are just about halfway through 2022. Now is a good time to review your profitability and compare your current year net income to last year. It’s a good problem to have if you are well above prior year net income, but it does require some tax planning. Be sure to discuss major changes to net income with your tax accountant. For individuals/business owners making estimated tax payments you may require an adjustment to be sure you have the right amount of tax paid at the end of 2022. Reach out to the Walsh team with any questions or if you would like us to coordinate getting your financial statements to your tax accountant.
Reminders:
  • Tax Deadline for Corporations on Extension: September 15
  • Tax Deadline for Individuals: October 15

How to manage payroll effectively

Planning
Payroll is one of those things that starts out simply enough. You start your business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is… they grow! This is a great thing, but it also means that payroll becomes more complicated. As such …
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Hiring Out of State Employees

Philadelphia, Bridge
Important Considerations when hiring Out of State (Remote) Employees and Independent Contractors. The flexibility and convenience of remote working has led many companies to seek talent with W2 employees and independent contractors in other states. Many states will require you to register in that state if you have an employee or independent contractor working there. This means: Obtaining …
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Personal finance advice rarely accounts for the emotional aspect of money

Decisions
Budgeting tips don’t go far without addressing the emotional part of decision-making. Read on for tips on how to address emotions when managing your accounts.
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6 Due Diligence Goals When Vetting Business Partners

When you’re in business for long enough, you’ll likely come up with new ideas you want to try. Innovation is important for your company to grow, to diversify its income, and to attract new customers. An important step between having an idea and jumping into it is testing the idea. Here are some important ways to test your idea, so …
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Business, Partners
Business partners can be co-founders in a startup, multiple owners of an existing business, or a joint venture. In every case, a partner can be an asset, bringing new skills and perspectives to the business; or a burden, making every decision more difficult, and taxing your lifestyle satisfaction. You need to do the due diligence to make that decision before you sign away your equity.
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Some Local Flair

Calling all volunteers! Looking for easy ways to give back to the Philadelphia community this summer? Take a look at this list.
The Dragon is back! Returning for the first time in three years, the spectacular Philadelphia Chinese Lantern Festival in Franklin Square.

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