Entrepreneurs: What can you deduct and when?

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How expenses […]

Read more

Extension means businesses can take bonus depreciation on their 2015 returns – but should they?

Bonus depreciation allows businesses to recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) extended 50% bonus depreciation through 2017. The break had expired December 31, 2014, for most assets. So the PATH Act may give […]

Read more

Deduct home office expenses — if you’re eligible

Deduct home office expenses — if you’re eligible Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just […]

Read more

A shorter cash flow cycle means a stronger business

A shorter cash flow cycle means a stronger business Every business owner knows that maintaining a healthy cash flow is essential to a company’s success. But there are a variety of ways to accomplish this objective. One way is to accelerate inflows and decelerate outflows, thereby shortening your cash flow cycle. Truncating this cycle by […]

Read more

Selling rather than trading in business vehicles can save tax

Selling rather than trading in business vehicles can save tax Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed   on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual for its tax basis […]

Read more

Protecting your Business Interests

Protect business interests as part of your personal wealth management strategy If you’re a business owner, your company is likely the biggest asset you own. As you carefully craft your personal wealth strategy, there are a wide variety of asset-protection strategies you should consider to help ensure that your business will remain a valuable asset […]

Read more

Planning for Success

As business owners, we often do a good job of planning for possible negative outcomes or circumstances.  We set aside enough cash flow to weather a downturn in our business, we plan for the tax impacts of profits on the business, we plan for turnover in our staff, etc.  This type of planning is important […]

Read more

Tax Provisions Extended?

According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014.  Congress had all  year to revive these tax breaks, but as usual they procrastinated and played the political game.  The good news is that we believe the following […]

Read more

IRS Phone Scams Warning

IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card […]

Read more

1 2 3 4 5
top
×

COVID-19 Relief and Resources for Taxpayers and Small Businesses Learn more