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 variety of reasons, a SIMPLE IRA plans for small businesses can be a particularly appealing … Continue reading “SIMPLE IRA Plans for Small Businesses”
Month: August 2018
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. It is also a good time for businesses to creatively step up their business development efforts. This includes launching new marketing spend initiatives, developing future employees or simply generating goodwill in the community. Here are … Continue reading “Business Community Tips for Back-To-School Time”
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% flat income tax rate that now applies to C corporations, S corps may not be quite … Continue reading “The S Corp Requirements and Assessment”
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 throw at them. Here are six ways to get more value from your next relationship with … Continue reading “6 Ways to Get More Value from an IT Solutions Company”
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 procedures a small business taxpayer can use to obtain automatic consent to change its method of … Continue reading “Which of the Tax Accounting Methods is Right for You?”
Contemplating Your Business’ Sales Compensation Structure?
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 compromise cash flow and profitability. But the challenge doesn’t end there. Once you have a feasible … Continue reading “Contemplating Your Business’ Sales Compensation Structure?”
Save Tax On A Family Business Transfer Of Ownership
One of the biggest concerns for a family owned business is succession planning. A family succession plan is the 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 the owner is ready to give up control of the business. A … Continue reading “Save Tax On A Family Business Transfer Of Ownership”
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 regularly assessing where supply chain challenges within your company may lie. 3 Common Supply Chain Challenges … Continue reading “Is There A Weak Link In Your Supply Chain?”
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 home office deduction may still be available to you. Home-Related Expenses Homeowners know that they … Continue reading “Do You Qualify For The Home Office Tax Deduction?”
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 various goals necessary to get there. If this scenario sounds all too familiar, trace your goals … Continue reading “Get SMART With Your Strategic Planning Process”