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 or eliminated some tax breaks for businesses. Small businesses can still receive two tax credits for employee … Continue reading “2 Tax Credits Just for Small Businesses May Reduce Your 2017 & 2018 Tax Bills”
Month: January 2018
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 the business stands for and where it’s headed. It can build customer loyalty and mobilize people … Continue reading “Why Is A Mission Statement Important?”
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 isn’t necessarily true. With so much software so widely available, companies of all sizes may be … Continue reading “Big Data Strategies For Every Business”
Significant Changes to the Transportation, 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 Act (TCJA) changes the rules — and not to businesses’ benefit — are the transportation along … Continue reading “Significant Changes to the Transportation, Meals and Entertainment Deduction”
Last Chance To Take The “Manufacturers Deduction” in 2017
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 as the “manufacturers’ deduction.” When it’s available, this potentially valuable tax break can be claimed by … Continue reading “Last Chance To Take The “Manufacturers Deduction” in 2017”
Is Outsourcing Good or Bad?
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 today’s increasingly specialized economy, outsourcing has become a common way to cut costs and obtain expert … Continue reading “Is Outsourcing Good or Bad?”
New Federal Tax Deduction For Pass-Through Businesses
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 2018 tax reform bill (Tax Cuts and Jobs Act – TCJA). However, C corporations aren’t the only type of business entity significantly benefiting from the … Continue reading “New Federal Tax Deduction For Pass-Through Businesses”
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, you might be able to benefit from the bonus depreciation enhancements when you file your … Continue reading “New Bonus Depreciation Rules: The TCJA Temporarily Expands It”
Why Is Location Important In Business
All business owners know exactly why location is important for 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 you are and feel … Continue reading “Why Is Location Important In Business”
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 organizational strategic planning. Lost in the Weeds Business owners put off strategic planning for many … Continue reading “Find Time For Some Organizational Strategic Planning”