As if taxes aren’t scary and complicated enough, we now have a brand new tax law to learn. As 2018 comes to a close, there are things you can do to plan for your 2018 taxes and potentially save your business tons of cash and yourself some headaches. Here are 5 tips in preparing for… Continue reading 5 Tips in Preparing For Your 2018 Business Taxes
Category: Taxes
5 Ways to Finish 2018 with a Bang!
2018 is fast coming to a close, and the Holiday festivities are already starting to fill up your calendar. You set some aggressive goals for the year and did some much needed strategic and tax planning with your advisors. Crunch time is coming, and there are some things you can do to finish 2018 strong… Continue reading 5 Ways to Finish 2018 with a Bang!
Assessing the S corp
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible – and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be quite as attractive as they… Continue reading Assessing the S corp
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA — check out our download on this) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain… Continue reading Choosing the right accounting method for tax purposes
Contemplating compensation increases and pay for performance
As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash flow and profitability. But the challenge doesn’t end there. Once you have a feasible compensation… Continue reading Contemplating compensation increases and pay for performance
Business deductions for meal, vehicle and travel expenses: Document, document, document
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS. A critical requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or… Continue reading Business deductions for meal, vehicle and travel expenses: Document, document, document
Is your inventory getting the better of you?
On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big — despite your best efforts to keep it contained. If your inventory has been getting the better… Continue reading Is your inventory getting the better of you?
Does your business have to begin collecting sales tax on all out-of-state online sales?
You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments… Continue reading Does your business have to begin collecting sales tax on all out-of-state online sales?
Choosing the best business entity structure post-TCJA
For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduced individual income tax rates, which apply to sole proprietorships and pass-through entities,… Continue reading Choosing the best business entity structure post-TCJA
Run the numbers before you extend customer credit
Funny thing about customers: They can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the company’s cash flow is dramatically impacted. To guard against this, you need… Continue reading Run the numbers before you extend customer credit