It’s a challenging time for many businesses. Therefore, any help you can get, such as tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these benefits often go unclaimed because businesses don’t know about them or erroneously think they’re ineligible. 1. Statutory Incentives Some credits are available “as of right.” That is, […]
Many businesses need to have some inventory available. But having too much inventory is expensive, not just to purchase but also to store, safeguard and insure. So, keeping your inventory as lean as possible is critical. Here are some ways to trim the fat from your inventory without compromising revenue and customer service. Where to […]
Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. History of the Deduction Before 2018, employees who had unreimbursed out-of-pocket expenses could potentially deduct […]
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company (LLC) or S corporation? Among the important factors to consider […]
As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here’s a look at the tax treatment that applies when you rent to unrelated parties and how […]
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 way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves […]
Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. But the question of whether a worker is an employee or an independent contractor is complex. Be careful that your independent contractors are properly classified for federal tax and employment tax purposes, because if the IRS reclassifies them […]
Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure […]