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Small Business

In financial planning, forecasts and projections aren’t the same

Financial Oversight, Financial Planning, Financial Projections, Financial Statements, Small Business, Small Business Owners /

Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both understanding your own financial position and providing accurate, comprehensive information to stakeholders such as investors, lenders and advisors. However, keep in mind that financial statements are historical records. They depict the state of the company at a given […]

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Advantages and disadvantages of claiming big first-year real estate depreciation deductions

(NIIT) Net Investment Income Tax, Depreciation, Depreciation Deduction (Section 179), LLC, Past-Through Entities, Qualified Improvement Property (QIP), Real Estate, Small Business, Small Business Tax Tips /

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified improvement property. For qualifying assets placed in service in tax years beginning in 2023, the maximum allowable first-year Section

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Traveling for business this summer? Here’s what you can deduct

Business Meals and Entertainment, Business Travel Deductions, Business Travel Expense, Itemized Deduction, Self Employed, Small Business, Small Business Tax Tips, Tax Cuts and Job Acts (TCJA) /

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note:

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If you’re hiring independent contractors, make sure they’re properly handled

Employee Benefits, Employee Tax Audit, Employees, Form 1099-NEC, Independent Contractors, Small Business, Small Business Tax Tips /

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether

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6 tried-and-true strategies for improving collections

Accounts Receivable, Billing and Collections, Small Business, Small Business Tax Tips, Tax Deduction /

Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry ways. (These enterprises face many other challenges, of course.) For other types of companies, it’s not so easy. Collections can be particularly

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Use the tax code to make business losses less painful

Business Deductions, Net Operating Loss (NOL), Small Business, Small Business Owners, Small Business Tax Tips, Tax Code, Tax Cuts and Job Acts (TCJA) /

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction. The net operating loss (NOL) deduction addresses the tax inequities that can

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4 ways corporate business owners can help ensure their compensation is “reasonable”

C Corporations, Compensation, Compensation and Benefits, Employees, Small Business, Small Business Owners, Stocks, Tax Return /

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed

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Strengthen strategic planning with competitive intelligence

Competitive Intelligence, Merger & Acquisition, Small Business, Small Business Owners /

Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction. However, no matter how sound a set of strategic objectives might be, it’s always important to bear in mind that your competitors have plans of their own. That’s why

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Take advantage of the rehabilitation tax credit when altering or adding to business space

Rehabilitation Tax Credit, Small Business, Small Business Tax Tips /

If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also

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