2019 Tax Liability: Two Valuable Year-End Tax-Saving Tools

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable tax breaks relating to depreciation that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, … Continue reading “2019 Tax Liability: Two Valuable Year-End Tax-Saving Tools”

Bridging the Gap Between Budgeting and Risk Management

At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to research, assess and incorporate into adjustments to your risk management … Continue reading “Bridging the Gap Between Budgeting and Risk Management”

Environmental Cleanup Expense: The Tax Implications for a Business

Is your company facing the need to “remediate” or clean up environmental contamination? If so, the money you spend for you environmental cleanup expense can be deductible on your tax return as ordinary and necessary for business. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. … Continue reading “Environmental Cleanup Expense: The Tax Implications for a Business”

Sales Performance Standards: 3 Key Traits for Success

Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales; in other words, everyone’s not going to be a superstar. However, you can create sales … Continue reading “Sales Performance Standards: 3 Key Traits for Success”

Small Businesses: Get Ready for your 1099-MISC Reporting Requirements

When handling and filing taxes for your business, you will notice key difference on how an independent contractor vs employee is handled. For example, a month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send … Continue reading “Small Businesses: Get Ready for your 1099-MISC Reporting Requirements”

Chicago Payroll Services for Small Businesses

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. Our Chicago payroll services team can help! The Scary Truth If you willfully fail … Continue reading “Chicago Payroll Services for Small Businesses”

A “Shadow” Board of Directors: Shed Light On Your Company’s Best Future

In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards. A “shadow” board of directors compose of younger, non-executive employees who are on the front lines of … Continue reading “A “Shadow” Board of Directors: Shed Light On Your Company’s Best Future”

S Corp vs C Corp: Thinking About Changing Your Business Entity?

The right choice of a business entity can make a difference in the tax bill you owe for your business. Yes, it is true that S corporations can provide substantial tax advantages over C corporations in some circumstances. However, there are plenty of potentially expensive tax problems that you should assess between an S Corp … Continue reading “S Corp vs C Corp: Thinking About Changing Your Business Entity?”