Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may be, there’s always another upgrade around the corner. In other words, it’s just a matter of time before the next project for your IT solutions company. When that day arrives, watch out for “scope creep.” … Continue reading “Don’t Let Scope Creep Ruin Your Next IT Project”
Month: February 2019
Business Interruption Insurance: Best Practices When Filing A Claim
Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Would you like to learn more about this coverage? If so, check out our previous article on, “What Is Business Interruption Insurance.” A commercial property policy may only cover certain repairs of damaged property. On the hand, this coverage … Continue reading “Business Interruption Insurance: Best Practices When Filing A Claim”
LLC Self Employment Tax – When Are Members Subject To It?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income aren’t subject to the LLC self employment tax. This claim is after deducting compensation for services in the form of guaranteed payments. However, the IRS has been cracking down on LLC members as they claim several are underreporting SE income. This claim by … Continue reading “LLC Self Employment Tax – When Are Members Subject To It?”
Financial Statements Tell Your Business’s Story, Inside and Out
Ask many entrepreneurs and small business owners to show you their financial statements. What do you think you’ll see? Most likely, they will open a laptop and show you their company accounting software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the … Continue reading “Financial Statements Tell Your Business’s Story, Inside and Out”
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 to be aware of. C-Corporations are Subject to Double Taxation Double taxation occurs by taxing … Continue reading “C Corporation Advantages and Disadvantages”
SWOT Planning Process: Refine Your Strategic Plan
As the year is underway, your company is probably putting in place a business turnaround strategy 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 a time-tested approach to refining your strategic plan that you should consider: a … Continue reading “SWOT Planning Process: Refine Your Strategic Plan”
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 to be taken more quickly are available. Let’s take a look at which real estate … Continue reading “Business Real Estate Depreciation Deduction Breaks”