“So how long should I keep my tax returns, anyway?” According to our president, Phyllis, this is one of the most common questions she’s asked. I’m guilty of asking her myself. It’s a valid question. I’ve heard everything from two years to ten years, with the most common response being seven. But what’s the actual …
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Best Tips for Working with Your Accountant
Working with an accountant requires a level of trust and honesty that some find difficult. A survey of 2000 Americans published in Business Insider magazine revealed that when it comes to talking money, people would sooner discuss current events, health, pop culture, relationships, and politics. To simplify that task a little, we’ve compiled a basic …
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10 Ideas for Growing Your Small Business
Before starting as the business operations manager at Ludwig Business Consultants, I owned a custom framing shop for over fifteen years. As a small business owner in an even smaller neighborhood, I was required to get creative when it came to building business. After all, it’s next to impossible to compete with the big box …
7 Keys to Employee Recruitment and Retention
Finding and retaining the right person for your business… The way the job market looks right now, it sometimes feels like it would be easier to locate a living, breathing dragon. A survey by Robert Half in December 2022 found that of nearly 2,500 workers, nearly half (46%) were planning to look for a new …
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Advisory Boards: Only You Can Prevent Finance Fires
When interviewing prospective employees, I like to say half-jokingly that we specialize in going into clients whose businesses are financially on fire. Once we’ve put the fire out, they like us and keep us around. While that’s a slight exaggeration, we are often called in when a business has hit a rough patch in their …
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Nonprofit Growth in Uncertain Times
Nonprofit growth. Inflation and a possible recession are having a significant impact on every business. Nonprofits, however, are facing a significant challenge from the current economy. As people are spending more on the essentials such as fuel, housing, and food, many nonprofits are seeing their sources of funding shrink—even as they themselves are paying more …
LBC – Breaking Glass Ceilings and Tearing Down Walls
On January 11, 2023, Ludwig Business Consultants expanded into a second suite in the Gwynedd Corporate Center. The firm now boasts a staff of ten, handles corporate, non-profit, and personal clients, and re-establishes our commitment to excellence in every moment. Our growth is a testament to the determination of our president, the dedication of the …
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Visions of Tax Forms Danced through Our Heads
Normally at this time of year, we would do a blog post about a wonderful holiday party. With Winter Storm Elliott impacting the country, we postponed that get-together. Instead, we thought to take a look at the changes in taxation reporting for the fiscal year 2022—through the light of the holiday season. PNC Bank has, …
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New Standardized Deductions for 2023
Popular financial media outlets like Forbes, CNBC, Fox Business, and others are reporting increased Standard Deductions from the IRS for 2023. Here’s what you need to know about them. Those are the main facts. But as with everything in the world of finance, there are a few additional notes. So… Standard deduction or Itemized? The …
LBC Welcomes High School Intern
LBC had the privilege of giving back to the community by hosting an intern from Upper Dublin High School for three weeks. Jen Parsons, UD Class of 2022, joined the staff for three weeks. During this time, she obtained hands-on experience with accounts payable, payroll, bank reconciliations, and monthly billing through multiple accounting programs. She …