An implementation plan is key to making strategic goals a reality

In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would…

Stretch your college student’s spending money with the dependent tax credit

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re…

There’s still time for small business owners to set up a SEP retirement plan for last year

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A…

Using knowledge management to develop your succession plan

As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and…

Vehicle-expense deduction ins and outs for individual taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances.…

Will leasing equipment or buying it be more tax efficient for your business?

Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets.…

Are your employees ignoring their 401(k)s?

For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so…

Careful tax planning required for incentive stock options

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy…

Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability…

The home office deduction: Actual expenses vs. the simplified method

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim…

Some of your deductions may be smaller (or nonexistent) when you file your 2018 tax return

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized…

Best practices when filing a business interruption claim

Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike…

When are LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for…

Financial statements tell your business’s story, inside and out

Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their…

Why you shouldn’t wait to file your 2018 income tax return

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15…

Refine your strategic plan with SWOT

With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general…

Investment interest expense is still deductible, but that doesn’t necessarily mean you’ll benefit

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction…

Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost…

Is your business stuck in the mud with its marketing plan?

A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your…

Many tax-related limits affecting businesses increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at…

There’s still time to get substantiation for 2018 donations

If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your…

Getting wise to the rise of “smart” buildings

Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its…

Higher mileage rate may mean larger tax deductions for business miles in 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by…

2 major tax law changes for individuals in 2019

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there…