August 6, 2015 / by Brett Hess / Small Business
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 […]
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QSB stock offers 2 valuable tax benefits
May 3, 2016 / by Brett Hess / Small Business, Tax
By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain until you dispose of the new stock. The […]
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Entrepreneurs: What can you deduct and when?
April 9, 2016 / by Brett Hess / Small Business
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 […]
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Extension means businesses can take bonus depreciation on their 2015 returns – but should they?
March 28, 2016 / by Brett Hess / Small Business, Tax
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 […]
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Deduct home office expenses — if you’re eligible
February 12, 2016 / by Brett Hess / Small Business, Tax
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 […]
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Achieving your succession and estate planning goals via recapitalization
January 25, 2016 / by Brett Hess / Small Business, Tax
Like many business owners, you probably have much of your wealth tied up in your company. And this fact may be creating a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution: Recapitalize your business into voting and nonvoting shares. From an estate […]
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A shorter cash flow cycle means a stronger business
October 15, 2015 / by Brett Hess / Small 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 […]
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Selling rather than trading in business vehicles can save tax
September 30, 2015 / by Brett Hess / Small Business, 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 […]
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Protecting your Business Interests
September 3, 2015 / by Brett Hess / Small Business
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 […]
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Planning for Success
August 6, 2015 / by Brett Hess / Small Business
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 […]
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Tax Provisions Extended?
December 11, 2014 / by Brett Hess / Small Business, Tax
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 […]
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