• Could you unearth hidden profits in your company?

    Can your business become more profitable without venturing out of its comfort zone? Of course! However, adding new products or services may not be the best way for your business — or any company — to boost profits. Bottom-line potential may lie undiscovered in your existing operations. How can you find these “hidden” profits? Dig into every facet of your…

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  • Donating your vehicle to charity may not be a taxwise decision

    You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell or donate? Let’s say you’re buying a new car and want to get rid of…

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  • Your succession plan may benefit from a separation of business and real estate

    Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that is, the building and the land it sits on. Under such circumstances, many business owners choose to separate ownership of the…

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  • Hiring this summer? You may qualify for a valuable tax credit

    Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted groups An employer is generally…

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  • Employers: Be aware (or beware) of a harsh payroll tax penalty

    If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are escalating penalties. And if an employer fails to…

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  • Thinking about moving to another state in retirement? Don’t forget about taxes

    When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It may seem like a no-brainer…

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  • Targeting and converting your company’s sales prospects

    Companies tend to spend considerable time and resources training and upskilling their sales staff on how to handle existing customers. And this is, no doubt, a critical task. But don’t overlook the vast pool of individuals or entities that want to buy from you but just don’t know it yet. We’re talking about prospects. Identifying and winning over a steady…

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  • Tax-smart domestic travel: Combining business with pleasure

    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 not qualify for the…

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  • The chances of IRS audit are down but you should still be prepared

    The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.59% of individual tax returns…

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  • Build long-term relationships with CRM software

    Few businesses today can afford to let potential buyers slip through the cracks. Customer relationship management (CRM) software can help you build long-term relationships with those most likely to buy your products or services. But to maximize your return on investment in one of these solutions, you and your employees must have a realistic grasp on its purpose and functionality.…

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