These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. Our clients often ask us, “are website costs tax deductible?” Determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s because the IRS hasn’t released any official … Continue reading “Business Website Costs That Are Tax Deductible”
Month: September 2019
Credit Risk: How to Research Your Customer’s Creditworthiness
Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. But if you extend customer credit, it also brings sizable financial risk to your business, as cash flow could grind to a halt if these customers don’t make their payments. Even worse for the credit risk, they could … Continue reading “Credit Risk: How to Research Your Customer’s Creditworthiness”
(5) Ways to Withdrawing Cash from Business Account while Avoiding Dividend Treatment
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Here are … Continue reading “(5) Ways to Withdrawing Cash from Business Account while Avoiding Dividend Treatment”
For Best Results, Start Your Strategic Financial Planning Early
Time flies when you’re having fun, and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic financial planning for next year. Here are some ways to get started with your business planning … Continue reading “For Best Results, Start Your Strategic Financial Planning Early”
Key Deadlines Q4 2019 for Businesses and Other Employers
Here are some of the key deadlines Q4 2019 affecting businesses and other employers during the quarter 4 of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact our Chicago tax accounting services team to ensure you’re meeting all applicable deadlines and to learn … Continue reading “Key Deadlines Q4 2019 for Businesses and Other Employers”
Putting Together The Succession Planning & Retirement Planning Puzzle
Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together. You can start by answering these four … Continue reading “Putting Together The Succession Planning & Retirement Planning Puzzle”
Best Retirement Plans For Small Business: The Key To Picking The Right Plan
Are you a small business owner or have involvement in a start-up company? If so, you may want to set-up a retirement plan that includes tax benefits for yourself and any employees. When looking for the best retirement plans for small business, there are several options that are eligible for tax advantages! 401(k) Plan One … Continue reading “Best Retirement Plans For Small Business: The Key To Picking The Right Plan”
HRA for Self Employed: Some Business Owners Are Ineligible Participate!
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding this benefit, you might assume, as a business owner, automatic HRA for self employed eligibility. But this may not be … Continue reading “HRA for Self Employed: Some Business Owners Are Ineligible Participate!”