Cash is a normal part of doing business. Whether you’re a contractor, restaurant owner, retailer, or service provider, there’s nothing wrong with accepting cash from your customers. The problem isn’t the payment method, it’s what happens after you receive it. One of the most common questions we hear from business owners is: “If a customer pays me in cash, do I have to report it?” The short answer is yes. All business income must be reported, regardless of whether you’re paid by cash, check, credit card, Venmo, ACH transfer, or another payment method. Unfortunately, there are still plenty of misconceptions about cash transactions and “under-the-table” payments. Understanding the difference can help you avoid costly mistakes while building a healthier business. What Does “Under the Table” Mean? An under-the-table transaction occurs when business income or wages are intentionally left off the books. This might include accepting cash without recording the sale, paying employees in cash without reporting payroll, or keeping certain transactions out of your accounting records. It’s important to remember that accepting cash is legal. Failing to report that income is where problems begin. Common Misconceptions About Cash Payments “Cash income doesn’t have to be reported.” This is one of
What is MBE? Minority Business Enterprise is a certification intended for businesses to show their diversity. In order to qualify for this certification, you must have a for-profit business which has been running for at least a year in the United States. The main requirement is that at least 51% of the owners should have minority background such as African American, Hispanic, Native American, Asian, and more. The company’s day to day operations must also be controlled by a person of color. To ensure all this the business goes through the application process including a site visit from the organization. How can I get my MBE Certification? A lot of different organizations can provide the certification. To get started, you must fill out the related documents and take them to the organization you choose. After completing the application process, the business must also receive a visit from the organization to get an idea of how the business operates. This certification will be valid for 5 years before having to renew. Benefits of Being MBE Certified After obtaining the certification a whole new world is revealed! As part of the MBE community, you receive a lot of networking connections including events.
Starting a business will look different for everyone. Depending on your industry, location, and type of business, there may be specific requirements, licenses, and permits you need to obtain. While every business is unique, there are several important steps that apply to most new businesses. Here are some key areas to consider when getting started. CHOOSE A BUSINESS NAME One of the first steps in starting a business is choosing a name for your brand. Your business name should be memorable, easy to pronounce and spell, and representative of your brand. You also want to choose a name you will be comfortable using for years to come. Think about how the name will work with your logo, website, social media, and other marketing materials. Taking the time to choose the right name now can help you build a stronger brand later. Choose a Legal Structure There are several legal structures to choose from, including a sole proprietorship, partnership, LLC, and corporation. The structure you choose can have a significant impact on your business. Your legal structure can affect how your business is taxed, how much personal liability protection you have, and what administrative requirements you must follow. Because the right
When planning for retirement, two of the most common savings options are the Roth IRA and the 401(k). While both help you build wealth for your future, they differ in key ways—especially in how they’re taxed, who manages them, and how much you can contribute. Understanding these differences is essential to making informed decisions about your financial future. 1. Tax Treatment: Pay Now or Later? The most significant difference between a Roth IRA and a 401(k) is when you pay taxes. There is also a Roth 401(k), which works like a Roth IRA but is employer-sponsored with higher contribution limits. 2. Contribution Limits (2025) How much you can contribute annually is another key difference: If you’re a high earner, a 401(k) allows for significantly more savings per year. 3. Who Offers the Account 4. Employer Contributions One big advantage of a 401(k) is the employer match—essentially free money added to your retirement savings. If your employer offers a match, it’s wise to contribute at least enough to get the full match. 5. Required Minimum Distributions (RMDs) 6. Early Withdrawal Rules 7. Investment Flexibility Roth IRA vs. 401(k): A Side-by-Side Comparison Feature Roth IRA 401(k) Tax Treatment After-tax contributions Pre-tax contributions
If someone asked how your business is doing today, how would you answer? Many business owners immediately look at one number, the balance in their bank account. While it’s certainly important to know how much cash you have available, your bank balance doesn’t tell the whole story. You might have a healthy balance today because a large customer finally paid an invoice, or you may have just purchased inventory that won’t generate revenue for several months. Your bank account shows where you are today. Key Performance Indicators (KPIs) help you understand where your business is headed. KPIs are simply measurements that help you evaluate the health of your business. They allow you to spot trends, identify potential problems early, and make decisions based on facts rather than assumptions. The good news is you don’t need dozens of reports, you only need to focus on a handful of numbers that truly matter. Gross Profit Margin One of the first numbers every business owner should understand is gross profit margin. This tells you how much money remains after covering the direct costs of providing your product or service. If your gross profit margin begins to shrink, it’s often a sign that material