You may have to pay tax on Social Security benefits
July 10, 2019
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you…
If your kids are off to day camp, you may be eligible for a tax break
July 10, 2019
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good…
Which entity is most suitable for your new or existing business?
July 10, 2019
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal…
Bartering: A taxable transaction even if your business exchanges no cash
July 9, 2019
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in…
Put a number on your midyear performance with the right KPIs
June 21, 2019
We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might say, “Pretty good.”…
Is an HSA right for you?
June 21, 2019
To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With…
2019 Q3 tax calendar: Key deadlines for businesses and other employers
June 21, 2019
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that…
Could you unearth hidden profits in your company?
June 17, 2019
Can your business become more profitable without venturing out of its comfort zone? Of course! However, adding new products or services may…
Donating your vehicle to charity may not be a taxwise decision
June 17, 2019
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization…
Your succession plan may benefit from a separation of business and real estate
June 11, 2019
Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of…
Hiring this summer? You may qualify for a valuable tax credit
June 11, 2019
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax…
Employers: Be aware (or beware) of a harsh payroll tax penalty
June 6, 2019
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the…
Thinking about moving to another state in retirement? Don’t forget about taxes
June 6, 2019
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…
Targeting and converting your company’s sales prospects
May 30, 2019
Companies tend to spend considerable time and resources training and upskilling their sales staff on how to handle existing customers. And…
Tax-smart domestic travel: Combining business with pleasure
May 28, 2019
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,…
The chances of IRS audit are down but you should still be prepared
May 28, 2019
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior…
Build long-term relationships with CRM software
May 24, 2019
Few businesses today can afford to let potential buyers slip through the cracks. Customer relationship management (CRM) software can help…
It’s a good time to check your withholding and make changes, if necessary
May 23, 2019
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a…
Hire your children this summer: Everyone wins
May 20, 2019
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits.…
The simple truth about annual performance reviews
May 17, 2019
There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may…
Selling your home? Consider these tax implications
May 17, 2019
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full…
Consider a Roth 401(k) plan — and make sure employees use it
May 17, 2019
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the…
Buy vs. lease: Business equipment edition
May 9, 2019
Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or…
What type of expenses can’t be written off by your business?
May 7, 2019
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…