Blog
Smart Review Tactics Lead to Long-Term Business Success
If you are a business owner the majority of your day is likely spent monitoring operations and dealing with everyday problems. Nevertheless, a comprehensive review can benefit your business so make sure you set aside some time and consider the following key areas:...
Sunk Costs Could Lead to Bad Business Decisions
Are you afraid that pulling the plug on a failed contract would be “wasting all the money” your business has spent so far? That could mean sunk costs are causing you to make your decision based on emotion. Expenses spent on non-performing contracts, for example, are...
Corporate Minutes Support Tax Deductions
If the IRS questions a choice made on your tax return, having well-documented corporate minutes can provide valuable supporting evidence. When related-party transactions are involved, such as payments, loans or distributions between the company and you or other...
How to Reduce Inventory Risk in Your Business
Examine the balance sheet of most retail or manufacturing businesses, and near the top of the asset list you are going to find inventory. Raw materials, supplies, work in progress, and finished goods are all included in an accountant’s definition of inventory. This...
Watch Year-End Mutual Fund Transactions
Mutual funds can have a complicated effect on income tax and can create undesirable year-end surprises if purchases or sales are poorly timed. For mutual fund investors, taxes are based on activities within each fund (with the exception of qualifying retirement...
Are Itemized Deductions Worth the Effort?
Save time and trouble (and maybe some taxes) by knowing the difference between the standard and itemized deduction. When calculating your taxable income you have the option to use the standard deduction or an itemized list of qualified deductions. If you have a large...
Before a Disaster Strikes, Safeguard Your Records
Disaster-how do you plan for it? We never know when they will strike. You can decrease the impact of a disaster if you do some planning. Do not wait. Instead of having to reconstruct personal and business records in the aftermath of an unexpected calamity,...
2014 Tax Extenders are Officially Enacted into Law
As of Friday, December 19, President Obama signed the Tax Increase Prevention Act of 2014 into law. This includes tax extenders for both individuals and businesses. The extensions expire as of December 31, 2014. What will happen for 2015 remains to be seen, but if...
The Affordable Care Act: What To Expect Next
As of mid-July, we are currently sitting in health insurance “limbo.” The initial roll out of the Affordable Care Act, also known as Obamacare, is over. The 2015 open enrollment is a few months away and all is quiet on the insurance home front. During this...
Tax benefit to a vacation that combines work and pleasure?
Check the tax savings of combining business and pleasure on the same trip this summer. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleasure, you can deduct all the travel costs to and from your...