Reasons an LLC might be the ideal choice for your small to medium-size business
September 4, 2024 | Megan Kosciolek, MST
An LLC might be the ideal choice for your small to medium sized business. Read this blog to find out the reasons.
Read More4 ways to encourage innovation in customer service
May 23, 2018 | Brian Hare, CPA, CGMA
When business people speak of innovation, the focus is usually on a pioneering product or state-of-the-art service that will “revolutionize the industry.” But innovation can apply to any aspect of your company — including customer service. Many business owners perceive customer service as a fairly cut-and-dried affair. Customers call, you answer their questions or solve […]
Reporting Cash Payments to a Business of $10k+
May 3, 2018 | Brian Hare, CPA, CGMA
A client recently asked us about reporting cash payments to a business of $10,000 or more. Understanding what is and isn’t considered “cash” as well as the process can be confusing, but the consequences for failing to file correctly and on time are serious. Here are the basic guidelines and a couple of examples: First, […]
File Form SS-8 to ask the IRS to determine a worker’s status
April 24, 2018 | Paula Kennedy, EA
Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS will classify a particular worker, businesses can file optional IRS Form […]
Defer tax: Section 1031 exchange, new limits
April 24, 2018 | Brian Hare, CPA, CGMA
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. What is a like-kind exchange? […]
Could your next business loan get “ratio’d”?
April 24, 2018 | Brian Hare, CPA, CGMA
We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default. Could your next business loan get “ratio’d”? As you look for a loan, try to find out how each bank will evaluate your default probability. Many do […]
Home-tax breaks are valuable on 2017 returns vs. 2018
April 24, 2018 | Paula Kennedy, EA
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related […]
7 ways to prepare your business for sale
April 24, 2018 | Paula Kennedy, EA
For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of course, but if you’re leaning toward a business sale, here are seven ways to prepare: 1. […]
Size of charitable deductions depends on many factors
April 23, 2018 | Paula Kennedy, EA
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may deduct 100% […]
Tangible Property: Repairs vs. Improvements
April 23, 2018 | Brian Hare, CPA, CGMA
Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible property must […]
3 ways to supercharge your supervisors
April 23, 2018 | Brian Hare, CPA, CGMA
The attitudes and behaviors of your people managers play a critical role in your company’s success. When your managers are putting forth their best effort, the more likely it is that you’ll, in turn, get the best performances out of the rest of your employees. Here are three ways to supercharge your supervisors: 1. Transform […]