If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure the tax deduction for travel expenses your business and your employees, it’s critical to comply with IRS rules. It is also important to know for your company the best way to reimburse … Continue reading “Choosing the Best Way to Reimburse Employee Travel Expenses”
Month: October 2017
3 Tax Deductions For Charitable Donations You May Not Know About
Donating to charity is more than good business citizenship; it can also save tax. Here are three not so well known federal income tax deductions for charitable donations by businesses. 1. Food Donations There are normally limitations to charitable write-offs for food donation (such as by restaurants and grocery stores) to the lower of the … Continue reading “3 Tax Deductions For Charitable Donations You May Not Know About”
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 you can maximize your real estate depreciation deduction. Segregate Personal Property from Buildings Generally, buildings … Continue reading “Depreciation for Real Estate: How To Maximize On Your Deductions”
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. The end result is a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this … Continue reading “Valuation Often Affects The Process of Succession Planning In Hard-To-See Ways”
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 health care expenses. Also available are Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Which … Continue reading “HRA HSA FSA Comparison: Which Should You Include In Your Benefits Package?”
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 suffer. Here are four ways to get — and keep — your big data management accounting … Continue reading “4 Ways To Get (and Keep) Your Business Data in Order”
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 can hamper retirement-planning efforts. One solution may be a cash balance plan for self employed. Defined … Continue reading “Accelerate your Retirement Savings with a Cash Balance Plan”
Critical Connection On How Costs Impact Pricing
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 do some pricing research on your existing products and services, as well as those you plan to launch in the near future. The cost of production is … Continue reading “Critical Connection On How Costs Impact Pricing”
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 especially true this year, if the Trump tax reform bill is signed into law. Timing Strategies … Continue reading “Powerful Timing Strategies with the 2017 Trump Tax Reform Bill”
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 — far beyond the bottom line on an income statement. The metrics in question are commonly … Continue reading “Find The Right Path Forward With KPIs”