From the Blog

02.15.2019 09:13

When are LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down...

02.13.2019 09:20

Financial statements tell your business’s story, inside and out

Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements.In short, financial statements are detailed...

02.08.2019 09:13

C Corporation Advantages and Disadvantages

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But there are some key C Corporation advantages and disadvantages you need...

02.06.2019 09:20

SWOT Planning Process: Refine Your Strategic Plan

As the year is underway, your business probably has a strategic plan in place for the months ahead. Or perhaps you have a general outline but have not quite put the finishing touches on it yet. In either case, there’s...

02.04.2019 09:30

Business Real Estate Depreciation Deduction Breaks

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow real estate depreciation deductions...

01.25.2019 09:13

Increase in 2019 Tax Limits for Businesses

A variety of 2019 tax limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up...

01.23.2019 09:20

Getting Wise to the Rise of SMART Buildings

Nowadays, data drives everything. This includes the very buildings in which companies operate. Is your business considering upgrading its current facility, moving, or constructing a new one? If so, then it’s important to be aware of SMART buildings. A smart...

01.09.2019 09:20

Getting an Employee Bonus Deduction for 2018 after Issuing Them In 2019

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still receive the employee bonus deduction on...

01.07.2019 01:14

Tax Filing Deadline 2018: Overview on the Tax Law Changes

The dawning of 2019 means the season for tax filing deadline 2018 will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus...

01.04.2019 09:13

Economic Damages: Recovering Business Losses

A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement and commercial negligence. Is your company finding itself in heading to court in hope to recovering business losses, diminished...

12.28.2018 09:13

Pricing Research to Make Sure the Price is Right

The promise of the new year lies ahead. One way to help ensure it’s a profitable one is to re-evaluate your company’s pricing strategy. If you have not already, be sure to check out our previous article on how to...

12.21.2018 09:13

(06) Year End Tax Tips 2018 For Your Business

We all know that tax planning is a year-round activity. However, there are still some year end tax tips 2018 you can use to lower your tax bill. Here are six last-minute tax strategies business owners should consider: Postpone Invoices...

12.14.2018 09:13

A PTO Accrual Policy to Help Your Employees & Your Business

The year is winding to a close, and you know what that means. Most businesses are seeing employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. Some businesses, however, face...

12.12.2018 09:20

Family Businesses Need Succession Plans Too

Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business. Therefore, a family member will always keep the company going and no one will stand in the way. Not...

12.05.2018 09:20

2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...

12.03.2018 01:14

Holiday Party & Gifts Tax Deductible 2018

The holiday season is a great time for businesses. A time to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. However, before you begin shopping or sending out invitations, it’s a good idea...

11.23.2018 09:13

Cash Method Tax Reform Expansion

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method tax reform expansion offers greater tax-planning flexibility, allowing some businesses to defer...

11.21.2018 09:20

3 Ways to Get More from Your Marketing Spend

Determining your Company Marketing Spend

A strong economy leads some company owners to cut back on marketing spend. Why spend the money if business is so good? Others see it differently — a robust economy means more sales opportunities. Therefore, pouring dollars into marketing is...

11.14.2018 09:20

Best Retirement Plans 2018: It’s Not Too Late to Set-Up

If most of your money is tied up in your business, retirement can be a challenge. So if you haven’t already set up a tax-advantaged retirement plan, consider doing so this year. There’s still time to set one up and...

11.12.2018 01:14

Benefits of Hybrid Cloud Architecture

In this post, we will be going over the benefits of hybrid cloud architecture. For several years now, cloud computing has been touted as the perfect way for companies, large and small, to meet their software and data storage needs....

11.09.2018 09:13

Buy Business Assets Before Year-End to Reduce Your 2018 Tax Liability

Buying Business Assets to Reduce 2018 Tax Liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end...

11.07.2018 09:20

Change Management Doesn’t Have To Be Scary

Business owners are constantly bombarded with terminology and buzzwords. Although you probably feel a need to keep up with the latest trends, you also may find that many of these ideas induce more anxiety than relief. One example is change...

10.31.2018 09:20

Research Tax Credit 2018: Available to Some Businesses for the First Time

The Tax Cuts and Jobs Act (TCJA) didn’t change the federal tax credit for “increasing research activities.” Regardless, several TCJA provisions have an indirect impact on the credit. As a result, the research tax credit may be available to some...

10.29.2018 01:14

Reduce Insurance Costs by Encouraging Employee Wellness

Employee Wellness Program Tax Incentives

Did you know that you can reduce insurance costs with an employee wellness program tax deduction? Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean...

10.26.2018 09:13

Ways to Reduce Taxes when Selling a Business

You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your...

10.24.2018 09:20

Following the ABCs of Customer Assessment

Customer Assessment by Accounting Freedom

When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more critically....

10.19.2018 09:13

Now’s the Time to Review Your Business Expenses

As we approach the end of the year, it’s a good idea to start reviewing business expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate...

10.17.2018 09:20

4 Pillars of a Solid Sales Process

Is your sales process getting off-balance? Sometimes it can be hard to tell. Fluctuations in the economy, changes in customer interest and dips in demand may cause slowdowns that are beyond your control. But if the numbers keep dropping...

10.12.2018 09:13

Tax Free Fringe Benefits Help Small Businesses & Their Employees

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Tax free fringe benefits are especially attractive to employees. Let’s take a quick look...

10.10.2018 09:20

BYOD Implementation Plan: Combining Convenience with Security

It’s easy to understand why more and more businesses are taking a “bring your own device” (BYOD) approach to the smartphones, tablets and laptops many employees rely on to do their jobs. BYOD can boost employee efficiency and satisfaction,...

10.05.2018 09:13

Cost Segregation Study and Accelerating Depreciation Deductions

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And...

10.03.2018 09:20

Making A New Business Plan For The Year Ahead

Like many business owners, you probably created a business plan when you launched your company. But, as is also often the case, you may not have looked at it much since then. Now that fall has arrived and year...

09.28.2018 09:13

Business Identity Theft: Businesses Are Not Immune To It

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, business identity theft is increasingly becoming common. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the...

09.26.2018 09:20

Cash Reserves for Business: Keeping a King in the Castle

You’ve no doubt heard the old business cliché “cash is king.” And it’s true: A company in a strong cash position stands a much better chance of obtaining the financing it needs, attracting outside investors or simply executing its...

09.19.2018 09:20

Employer Tax Benefits for Employee Travel Expense Reimbursements

Does your business offer employee travel expense reimbursements? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act...

09.17.2018 01:14

Is A Small Business Opening A Second Location Ready?

Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location. If your business has reached this point, or is nearing it, both...

09.14.2018 09:13

Key Deadlines Q4 2018 for Businesses and Other Employers

Here are some of the key deadlines Q4 2018 affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact...

09.12.2018 09:20

Prepare for Valuation Issues In Your Company Buy Sell Agreement

Every business with more than one owner needs a company buy sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play....

09.07.2018 09:13

How to Reduce the Risk of Taxes for Independent Contractor Hire

Taxes for independent contractor hire is much cheaper than an employee. In fact, classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other...

09.05.2018 09:20

HSA + HDHP Can Be A Winning Health Benefits Formula

If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular...

08.31.2018 09:13

SIMPLE IRA Plans for Small Businesses

If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a...

08.29.2018 09:20

Business Community Tips for Back-To-School Time

Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes, is also a good time for businesses to creatively step up their business development efforts, whether it’s launching new marketing...

08.22.2018 09:20

The S Corp Requirements and Assessment

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). Due to certain S Corp requirements, not all businesses are eligible. Plus, with the new 21%...

08.20.2018 01:14

6 Ways to Get More Value from an IT Solutions Company

IT consultants are many things — experts in their field, champions of the workaround and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma you...

08.15.2018 09:20

Which of the Tax Accounting Methods is Right for You?

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided...

08.13.2018 01:14

Contemplating Your Business’ Sales Compensation Structure?

sales compensation structure for employees

As a business grows, one of many challenges it faces is identifying a competitive yet manageable sales compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may...

08.08.2018 09:20

Save Tax On A Family Business Transfer Of Ownership

One of the biggest concerns for family business owners is succession planning. Success is a family business transfer of ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before...

08.06.2018 01:14

Is There A Weak Link In Your Supply Chain?

In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure you’re...

08.03.2018 09:13

Do You Qualify For The Home Office Tax Deduction?

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office tax deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the...

08.01.2018 09:20

Get SMART With Your Strategic Planning Process

A strategic planning process is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because they’re unable to fully reach the...

07.25.2018 09:20

Tax Deductible Travel Expenses for Business

Vehicle, travel and meals expenses tax deductions are common for businesses. But if you don’t properly document these tax deductible travel expenses, you could find your deductions denied by the IRS. A Critical Requirement Subject to various rules and limits,...

07.18.2018 09:20

Close-Up on the New QBI Deduction’s Wage Limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to non-corporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships,...

07.11.2018 09:20

How to Avoid Getting Hit with Payroll Tax Penalties

For small businesses, managing payroll services can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes...

07.04.2018 09:20

Out of State Sales Tax Laws for Online Sales

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose more out of state sales tax laws. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt...

06.27.2018 09:20

Choosing the Best Business Entity Structure Post-TCJA

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%....

06.20.2018 09:20

Midyear Business Evaluation Checklist & Going Beyond Financials

Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons...

06.06.2018 09:20

Ask The Right Questions About Your IT Sourcing Strategy

Most businesses approach technology as an evolving challenge. You don’t want to overspend on bells and whistles you’ll never fully use, but you also don’t want to get left behind as competitors use the latest tech tools to operate...

06.01.2018 09:13

Hiring Family Members as Employees & Putting Your Child On Payroll

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring family members as employee can make more...

05.30.2018 09:20

Tax Loss Strategy for Pass Through Businesses

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. Businesses implementing a tax loss strategy are now facing more difficult challenges. The Tax...

05.23.2018 09:20

4 Ways to Encourage Innovation & Improve Customer Support

Improve Customer Support with Innovation

When business people speak of innovation, the focus is usually on a pioneering product or state-of-the-art service that will “revolutionize the industry.” But innovation can apply to any aspect of your company — including customer service. Many business owners...

05.21.2018 01:14

Are Vacations Tax Deductible When Combined with Business Travel?

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread...

05.16.2018 09:20

Business Cost Control Takes A Total Team Effort

“That’s just the cost of doing business.” You’ve probably heard this expression many times. It’s true that, to invoke another cliché, you’ve got to spend money to make money. But that doesn’t mean you have to take rising operational...

05.14.2018 01:14

What to Expect During an IRS Audit: Audit Techniques Guides

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and...

05.04.2018 09:13

Staying Competitive in Business

Every business owner launches his or her company wanting to be successful. But once you get out there, it usually becomes apparent that you’re not alone. To reach any level of success, you’ve got to be staying competitive in...

05.02.2018 09:20

New Tax Rules for Small Businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly...

04.27.2018 09:13

Employer Provided Health Benefits: Costs with a Multi-Pronged Approach

Many companies offer employer provided health benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care Act has been using both carrots and sticks (depending on employer size) to encourage businesses to offer health...

04.25.2018 09:20

Keeping Tax Records: Retention Guidelines for Small Businesses

keeping tax records on file for small businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks...

04.20.2018 09:13

7 Traditional Marketing Techniques to Consider

With such intense focus on digital marketing these days, business owners can overlook the fact that there are actual, physical places to interact with the buying public. Now that spring is here and summer is on the way, it’s...

04.18.2018 09:20

Changes to the Employee Benefits Tax Breaks: 4 Negatives and 1 Positive

The Tax Cuts and Jobs Act (TCJA) includes many changes affecting employee benefits tax breaks. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 Breaks...

04.13.2018 01:31

Blockchain Technology Implementation to Drive Business

“Blockchain” may sound like something that goes on a vehicle’s tires in icy weather or that perhaps is part of that vehicle’s engine. Indeed it is a type of technology that may help drive business worldwide at some point...

04.11.2018 09:20

Net Operating Loss Carryback: It Isn’t All Bad News

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits, including a...

04.06.2018 09:13

Improving Employee Performance: 3 Ways to Supercharge Your Supervisors

The attitudes and behaviors of your people managers play a critical role in your company’s success. When your managers are putting forth their best effort, the more likely it is that you’ll, in turn, get the best performances out...

04.02.2018 01:14

Employee vs Contractor Criteria: Should you file Form SS-8?

Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. This...

03.30.2018 09:13

Ideal Financial Ratios for Business Loans

We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default. As you look for a loan, try to find out how...

03.28.2018 09:20

Key Deadlines Q2 2018 for Businesses and Other Employers

Here are some of the key deadlines q2 2018 for taxes affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re...

03.23.2018 09:13

Planning a Company Retreat: Home vs. Away

When a business decides in planning a company retreat for its employees, the first question to be answered usually isn’t “What’s our agenda?” or “Whom should we invite as a guest speaker?” Rather, the first item on the table...

03.21.2018 09:20

Defer Tax with Section 1031 Like Kind Exchange Accounting: New 2018 Limits

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 "like kind exchange accounting." However, the Tax Cuts and Jobs Act (TCJA)...

03.19.2018 01:14

Sales Prospecting Tips: Building a Pipeline For Your Business

An old business adage says, “Sales is a numbers game.” In other words, the more potential buyers you face, the better your chances of making sales. This isn’t completely true, of course; success also depends on execution. Nonetheless, when...

03.14.2018 09:20

Tangible Property Repairs Deduction – Were They Actually Repairs?

A repairs deduction to tangible property, such as buildings, machinery, equipment or vehicles, can be valuable for a business' current taxes. This is applicable as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and...

03.12.2018 01:14

Selling Your Business Checklist: 7 Ways to Prepare

For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of...

03.05.2018 01:14

2017 Tax Filing Deadline for Pass Through Partnership Entities is March 15

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for...

03.02.2018 09:13

Improving Communications On Your Company Retirement Benefits

Employees tend not to fully appreciate or use their company retirement benefits. This is due to their employer not communicating with them about the plan clearly and regularly. But workers may miss or ignore your messaging if it all...

02.27.2018 09:20

Tax Cuts and Jobs Act Analysis: Key Provisions Affecting Businesses

A The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on...

02.26.2018 01:14

How To Implement A Social Media Strategy

Social media can be an inexpensive, but effective, way to market a company’s products or services. Like most businesses today, you’ve probably at least dipped your toe into its waters. Or perhaps you have a full-blown, ongoing social media...

02.23.2018 09:13

Hire Certain “Target Groups” for the Work Opportunity Tax Credit Eligibility

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you...

02.21.2018 09:20

Purpose of Benchmarking: To Swim with the Big Fish

You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath...

02.12.2018 01:14

SEP Tax Benefits for Small Business Owners

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. The...

02.09.2018 09:13

Employee Training Tips for Profitable Results

Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you also teach staff members to actively involve themselves in a profitability process — that is, an ongoing, idea-generating system...

02.05.2018 01:14

Claiming the Bonus Depreciation Deduction On Your 2017 Tax Return

With the bonus depreciation deduction, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation....

02.02.2018 09:13

What Is Business Interruption Insurance & How It Can Help Some Companies

What is business interruption insurance? Natural disasters and other calamities can affect any company at any time. Depending on the type of business and its financial stability, a few weeks or months of lost income can leave it struggling...

01.31.2018 09:20

2 Tax Credits Just for Small Businesses May Reduce Your 2017 & 2018 Tax Bills

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced...

01.29.2018 01:14

Why Is A Mission Statement Important?

Every company, big or small, should have one. Are you wondering why is a mission statement important? When carefully conceived and well written, a mission statement can serve as a beacon to the world — letting everyone know what...

01.24.2018 09:20

Big Data Strategies For Every Business

You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations. But this...

01.22.2018 01:14

Significant Changes to the Transportation, Meals and Entertainment Deduction

large cut to the Meals and Entertainment Deduction

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs...

01.17.2018 09:20

Last Chance To Take The “Manufacturers Deduction” in 2017

Manufacturers Deduction for 2017 Tax Return

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to...

01.15.2018 01:14

Is Outsourcing Good or Bad?

advantages and disadvantages of outsourcing

Is outsourcing good or bad? For many years, owners of small and midsize businesses looked at outsourcing much like some homeowners viewed hiring a cleaning person. That is, they saw it as a luxury. But no more — in...

01.12.2018 09:13

New Federal Tax Deduction For Pass-Through Businesses

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations...

01.10.2018 09:20

New Bonus Depreciation Rules: The TCJA Temporarily Expands It

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year,...

01.08.2018 01:14

Why Is Location Important In Business

For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. In some cases, it’s a relatively easy decision. Maybe you’re happy where...

01.05.2018 09:13

Find Time For Some Organizational Strategic Planning

As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for some...

12.22.2017 03:03

7 Steps To Selecting A Successor For Your Family Business

There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves...

12.20.2017 09:20

Are Holiday Parties Tax Deductible? …Might Not Be After 2017

Several businesses have been asking us, are holiday parties tax deductible? Many businesses are hosting holiday parties for employees this time of year. It’s a great way to reward your staff for their hard work and have a little fun....

12.15.2017 09:13

Make New Year’s Resolutions to Improve Profitability

Many people scoff at New Year’s resolutions. It’s no mystery why — these self-directed promises to visit the gym regularly or read a book a month tend to quickly fade once the unavoidable busyness of life sets in. But,...

12.11.2017 01:14

Vehicle Deduction – Is a New Car Purchase Year-End Tax Deductible?

You might be asking yourself if you can apply a vehicle deduction for your 2017 tax bill if purchased before year end. We advise to not make a purchase without first looking at what your 2017 deduction would be. You'd also...

12.08.2017 09:13

Artificial Intelligence Investment Management to Help Your Business

The artificial intelligence (AI) revolution isn’t coming — it’s here. While its potential for your company might not seem immediately obvious, artificial intelligence investment management is capable of helping businesses of all shapes and sizes “get smart.” AI generally...

12.06.2017 09:20

2018 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us...

12.04.2017 01:14

Ways to Reduce Costs for an Organization When Over Budget

Year end can’t get here soon enough for some business owners — especially those whose companies have exceeded their annual budgets. If you find yourself in this unenviable position, you can still cut costs to either improve this year’s...

12.01.2017 09:13

Practice the Fine Art of Employee Appreciation During the Holidays

It’s that time of year, business owners — a time when you’re not only trying to wind down the calendar in profitable fashion, but also preparing year-end financials and contemplating next year’s budget. And amidst all this, you likely...

11.29.2017 09:20

Year-End Tips for Accrual Tax Reporting to Help Save You Tax

2017 reporting tips for accrual-based taxpayers

With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax...

11.22.2017 09:20

What Qualifies as a Business Gift & Working Around the $25 Deduction Limit

At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year,...

11.20.2017 01:14

Flexible Spending Accounts Pros and Cons: Do FSAs Offer the Flexibility You Need?

Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may understandably prioritize flexibility. No one wants to get locked into a benefits offering that’s cumbersome...

11.17.2017 09:13

Buying Business Assets to Reduce Tax Bill for 2017

Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an...

11.13.2017 01:14

4 Tips on Making Your Marketing Emails a Blast

No business owner wants to send out spam. Even the term “email blast,” the practice of launching a flurry of targeted messages at customers and prospects, has mixed connotations these days. Yet as businesses are accounting for marketing expenses, email...

11.10.2017 09:13

2017 Might Be Your Last Chance to Hire Veterans and Claim a Tax Credit

With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work...

11.06.2017 12:14

Fortifying Your Business with Enterprise Risk Management

Hundreds of years ago, prosperous towns managed the various risks of foreign invaders, thieves and wild animals by fortifying their entire communities with walls and towers. Today’s business owners can take a similar approach with enterprise risk management (ERM)....

11.03.2017 09:13

R&D Tax Credit Qualified Expenses to Offset a Small Business’s Payroll Taxes

Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit. And you can use R&D tax credit qualified expenses to offset your federal payroll tax bill. This relatively new...

11.01.2017 09:20

How to Improve Inventory Management Control & Make Your Financials Shine

Your business financials — where they stand currently and where they might be going next year — are incredibly important. Obviously, sales and expenses play enormous roles in the strength of your position. But a fundamental and often-overlooked way...

10.30.2017 01:14

Choosing the Best Way to Reimburse Employee Travel Expenses

best way to reimburse employees for expenses

If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure tax-advantaged treatment for your business and your employees, it’s critical to comply with IRS rules. It...

10.27.2017 09:13

3 Tax Deductions For Charitable Donations You May Not Know About

tax breaks for businesses through donations

Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax deductions for charitable donations by businesses. 1. Food Donations Charitable write-offs for donated food (such as by restaurants...

10.25.2017 09:21

Depreciation for Real Estate: How To Maximize On Your Deductions

Currently, a valuable income tax deduction related to real estate is for depreciation, but the depreciation period for such property is long and land itself isn’t depreciable. Whether you rent it out or occupy it by your business, here’s how...

10.23.2017 01:14

Valuation Often Affects The Process of Succession Planning In Hard-To-See Ways

Any business owner that is in the process of succession planning should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate...

10.20.2017 09:13

HRA HSA FSA Comparison: Which Should You Include In Your Benefits Package?

On October 12, there was a signing of an executive order that, among other things, seeks to expand Health Reimbursement Arrangements (HRAs). HRAs are just one type of tax-advantaged account you can provide your employees to help fund their...

10.18.2017 09:20

4 Ways To Get (and Keep) Your Business Data in Order

With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could...

10.16.2017 01:14

Accelerate your Retirement Savings with a Cash Balance Plan

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, business owners are older and more highly compensated than their employees. However, restrictions on contributions to 401(k) and profit-sharing plans...

10.13.2017 09:13

Critical Connection On How Costs Impact Pricing

strategy for pricing products and services

As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing...

10.11.2017 09:20

Powerful Timing Strategies with the 2017 Trump Tax Reform Bill

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being...

10.09.2017 09:28

Find The Right Path Forward With KPIs

From the baseball field to the boardroom, statistical analysis has changed various industries nationwide. With proper preparation and guidance, business owners can have at their fingertips a wealth of stats. Data that provides insight into how companies are performing...

10.06.2017 08:09

Hire Your Children to Save Taxes for Your Business and Your Family

It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience...

10.04.2017 09:50

Does Your Business Have Too Much Cash?

From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. However, the truth is, a...

10.04.2017 08:56

Don’t Let “Founder’s Syndrome” Impede Your Succession Planning Strategy

succession planning strategy for business founders

Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! As such, it is more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on,...

10.04.2017 08:16

How Profitable Are Your Customers?

looking for your most profitable customers

“We love our customers!” Every business owner says it. But all customers aren’t created equal! This is why it is in your strategic interest to know which customers are really strengthening your bottom line and by how much. This...

10.03.2017 07:37

4 Tough Questions To Ask Before Expanding To A New Location

business expansion strategy considerations

Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and start a business expansion strategy. As you are...

10.03.2017 04:29

2 Ways Spouse-Owned Businesses Can Reduce Their Self-Employment Tax Bill

If you own a profitable, un-incorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. In the partnership business structure, an un-incorporated business in which both spouses are active is typically treated by the...

10.03.2017 04:26

2017 Tax Due Dates for Q4: Key Deadlines for Businesses & Other Employers

Here are some of the key 2017 tax due dates affecting businesses and other employers during the fourth quarter. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact our...

10.03.2017 03:37

Listening to your Customers by Tracking Lost Sales

improve customer service with a lost sales analysis

“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if...

10.03.2017 03:36

Fine-Tuning Your Company’s Compensation Strategy

As a business evolves, so must its compensation strategy. Hopefully, your company is growing — perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your...

10.03.2017 03:35

Make Sure Your Company is Prepared for any Disaster

What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website...

10.03.2017 03:35

Seasonal Business? Optimize Your Operating Cycle

handling the operating cycle for a seasonal business

Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for a seasonal business. So, if your company defines itself as such, it’s important to optimize your operating cycle...

10.03.2017 03:35

Rev-Up Your Retirement Freedom Plan

Many business owners and executives would like to save more money for their retirement freedom plan than they’re currently allowed to sock away in their 401(k). For 2017, the annual elective deferral contribution limit for a 401(k) is just...

10.03.2017 03:35

You Don’t Have to Take Insurance Costs for Business Sitting Down

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs for...

10.03.2017 03:34

Regularly Upgrading Your Company Accounting Software

employee training on company accounting software

Many business owners buy company accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get the return on investment they’d expected. There’s a simple reason for this: Stuff changes. Technological improvements are occurring at...

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From the Blog

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Financial statements tell your business’s story, inside and out

C Corporation Advantages and Disadvantages

SWOT Planning Process: Refine Your Strategic Plan

Business Real Estate Depreciation Deduction Breaks

Increase in 2019 Tax Limits for Businesses

Getting Wise to the Rise of SMART Buildings

Getting an Employee Bonus Deduction for 2018 after Issuing Them In 2019

Tax Filing Deadline 2018: Overview on the Tax Law Changes

Economic Damages: Recovering Business Losses

Pricing Research to Make Sure the Price is Right

(06) Year End Tax Tips 2018 For Your Business

A PTO Accrual Policy to Help Your Employees & Your Business

Family Businesses Need Succession Plans Too

2019 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Holiday Party & Gifts Tax Deductible 2018

Cash Method Tax Reform Expansion

3 Ways to Get More from Your Marketing Spend

Best Retirement Plans 2018: It’s Not Too Late to Set-Up

Benefits of Hybrid Cloud Architecture

Buy Business Assets Before Year-End to Reduce Your 2018 Tax Liability

Change Management Doesn’t Have To Be Scary

Research Tax Credit 2018: Available to Some Businesses for the First Time

Reduce Insurance Costs by Encouraging Employee Wellness

Ways to Reduce Taxes when Selling a Business

Following the ABCs of Customer Assessment

Now’s the Time to Review Your Business Expenses

4 Pillars of a Solid Sales Process

Tax Free Fringe Benefits Help Small Businesses & Their Employees

BYOD Implementation Plan: Combining Convenience with Security

Cost Segregation Study and Accelerating Depreciation Deductions

Making A New Business Plan For The Year Ahead

Business Identity Theft: Businesses Are Not Immune To It

Cash Reserves for Business: Keeping a King in the Castle

Employer Tax Benefits for Employee Travel Expense Reimbursements

Is A Small Business Opening A Second Location Ready?

Key Deadlines Q4 2018 for Businesses and Other Employers

Prepare for Valuation Issues In Your Company Buy Sell Agreement

How to Reduce the Risk of Taxes for Independent Contractor Hire

HSA + HDHP Can Be A Winning Health Benefits Formula

SIMPLE IRA Plans for Small Businesses

Business Community Tips for Back-To-School Time

The S Corp Requirements and Assessment

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Which of the Tax Accounting Methods is Right for You?

Contemplating Your Business’ Sales Compensation Structure?

Save Tax On A Family Business Transfer Of Ownership

Is There A Weak Link In Your Supply Chain?

Do You Qualify For The Home Office Tax Deduction?

Get SMART With Your Strategic Planning Process

Tax Deductible Travel Expenses for Business

Close-Up on the New QBI Deduction’s Wage Limit

How to Avoid Getting Hit with Payroll Tax Penalties

Out of State Sales Tax Laws for Online Sales

Choosing the Best Business Entity Structure Post-TCJA

Midyear Business Evaluation Checklist & Going Beyond Financials

Ask The Right Questions About Your IT Sourcing Strategy

Hiring Family Members as Employees & Putting Your Child On Payroll

Tax Loss Strategy for Pass Through Businesses

4 Ways to Encourage Innovation & Improve Customer Support

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Business Cost Control Takes A Total Team Effort

What to Expect During an IRS Audit: Audit Techniques Guides

Staying Competitive in Business

New Tax Rules for Small Businesses

Employer Provided Health Benefits: Costs with a Multi-Pronged Approach

Keeping Tax Records: Retention Guidelines for Small Businesses

7 Traditional Marketing Techniques to Consider

Changes to the Employee Benefits Tax Breaks: 4 Negatives and 1 Positive

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