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 [...]

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 [...]

Tax-Smart Domestic Travel: Combining Business with Pleasure

By |2019-05-30T08:32:31-05:00May 30th, 2019|Categories: Business, Tax|

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might [...]

What Type of Expenses Can’t Be Written off by Your Business?

By |2019-05-08T10:33:25-05:00May 8th, 2019|Categories: Business, Tax|

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the [...]

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