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So far Adrienne McCoy has created 8 blog entries.

At The Very Least, Update the Financials in Your Business Plan

By |2019-10-30T10:07:18-05:00October 30th, 2019|Categories: Business, Tax|

Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape, and objectives of your company [...]

Accelerate Depreciation Deductions with a Cost Segregation Study

By |2019-10-24T10:07:16-05:00October 24th, 2019|Categories: Business, Tax|

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost [...]

Understanding and Controlling the Unemployment Tax Costs of Your Business

By |2019-10-11T13:45:57-05:00October 11th, 2019|Categories: Business, Tax|

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed [...]

Does Your Team Know the Profitability Game Plan?

By |2019-10-04T09:28:37-05:00October 4th, 2019|Categories: Business, Tax|

Autumn brings falling leaves and … the gridiron. Football teams — from high school to pro — are trying to put as many wins on the board as possible to make this season a special one. For business owners, sports can highlight important lessons about profitability. One in particular is that you and your coaches must [...]

How to Treat Your Business Website Costs for Tax Purposes

By |2019-09-25T16:51:43-05:00September 25th, 2019|Categories: Business, Tax|

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But 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 guidance on these costs yet. Consequently, you must apply existing [...]

5 Ways to Withdraw Cash from your Corporation While Avoiding Dividend Treatment

By |2019-09-18T12:25:16-05:00September 18th, 2019|Categories: Business|

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. Different approaches Fortunately, [...]

Putting Together the Succession Planning and Retirement Planning Puzzle

By |2019-09-06T09:05:46-05:00September 6th, 2019|Categories: Business|

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 by answering some fundamental questions: When do I [...]

Which Entity is Most Suitable for Your New or Existing Business?

By |2019-08-20T15:16:05-05:00August 20th, 2019|Categories: Business, Tax|

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income tax rates, which apply to sole proprietorships and pass-through entities, including [...]