September 2022 – DougFreemanCPA.com

How to handle evidence in a fraud investigation at your business

Civil Fraud, Doucment Retention, Employees, Small Business / Douglas Freeman

Every business owner should establish strong policies, procedures and internal controls to prevent fraud. But don’t stop there. Also be prepared to act if indications arise that, despite your best efforts, wrongdoing has taken place at your company. How you handle the evidence obtained could determine whether you’ll be able to prove the charges brought […]

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Formalizing your business’s BYOD policy

Business BYOD Policies, Employees, Small Business / Douglas Freeman

When the pandemic hit about two and a half years ago, thousands of employees suddenly found themselves working from home. In many cases, this meant turning to personal devices to access their work email, handle documents and perform other tasks. Even before COVID, more and more businesses were allowing employees to use their own phones,

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Year-end tax planning ideas for individuals

(NIIT) Net Investment Income Tax, AGI (Adjustable Gross Income), Charitable Organizations, Income Tax, Individual Income Tax, Modified Adjusted Gross Income (MAGI) / Douglas Freeman

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t itemize because of the high 2022 standard

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Work Opportunity Tax Credit provides help to employers

Employees, Work Opportunity Tax Credit, WOTC / Douglas Freeman

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible

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Don’t forget income taxes when planning your estate

Estate Planning, Estate Tax, Federal Estate Tax, Gift and Estate Tax, Income Tax / Douglas Freeman

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be

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2022 Q4 tax calendar: Key deadlines for businesses and other employers

2022 Tax Calendar, C Corporation, Estimated Tax Payments, FICA, Income Tax, Quarterly Estimated Tax Payments, Small Business, Tax Deadlines / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:

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Sometimes businesses need to show customers tough love

Customers, Sales, Small Business Owners / Douglas Freeman

“We love our customers!” Many businesses proclaim this at the bottom of their invoices, in their marketing materials and even on the very walls of their physical locations. Obviously, every company needs a solid customer or client base to survive. But, to truly thrive, you need to evaluate which customers are reliably contributing to the

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Seller-paid points: Can homeowners deduct them?

Home Mortgage, Itemized Deduction, Real Estate, Tax Considerations of Selling Your Home, Tax Rules for Selling Your Home / Douglas Freeman

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,” said NAR Chief Economist Lawrence Yun. However, he added that

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Separating your business from its real estate

Assets, Business Income Tax, C Corporation, Capital Gains, Estate Planning, Income Tax, LLC, Partnerships, Past-Through Entities, Real Estate, Small Business Owners / Douglas Freeman

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability, and estate planning advantages of separating real estate ownership from the business. Tax

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Want to see into the future? Delve deeper into forecasting

Financial Statements, Small Business / Douglas Freeman

For a company to be truly successful, its ownership needs to attempt the impossible: see into the future. Forecasting key metrics — such as sales demand, receivables, payables and working capital — can help you manage overhead, offer competitive prices and keep your business on firm financial footing. Although financial statements are often the starting

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