TOO MUCH INVENTORY AT YOUR BUSINESS? TRIM THE FAT!

By | August 15th, 2022|Accounting and Auditing, Business, Taxation|

Businesses need to have inventory on hand.  But having excess inventory is expensive, so it’s important to keep it as lean as possible.  Here are some ways to trim the fat from your inventory without compromising revenue and customer service. ACCURACY FIRST Effective inventory management requires starting with an accurate physical inventory count.  That allows [...]

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SELLING YOUR BUSINESS? AN INSTALLMENT SALE MAY YIELD TAX BENEFITS

By | July 11th, 2022|Accounting and Auditing, Business, Taxation|

You’ve spent years building your company and now you’re ready to move on, possibly to a new business, retirement or something else.  Whatever your plans, you want to get the best return from your business that you can after all the time and money you’ve put into it. Not only do you need to get [...]

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USING ALTERNATIVE ENERGY FOR BUSINESS CAN BRING TAX BENEFITS

By | July 4th, 2022|Accounting and Auditing, Business, Taxation|

If you’re a business owner, you might be wondering if using alternative energy technologies in your company can help you manage energy costs and improve your bottom line.  If this sounds interesting, you should know there’s also a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types [...]

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TAX CALENDAR

By | July 1st, 2022|Accounting and Auditing, Business, Taxation|

July 15 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. August 1 Employers must file Form 941 for the second quarter (August 10 if all taxes are deposited in full and on time).  Also, employers must deposit FUTA [...]

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HOW START-UP COSTS OF A NEW BUSINESS AFFECT YOUR TAX RETURN

By | June 13th, 2022|Accounting and Auditing, Business, Taxation, Uncategorized|

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched.  The latest data available from the U.S. Census Bureau shows that for the period of June 2020 through June 2021, business applications were up 18.6%.  The Bureau measures this by the number of businesses applying for [...]

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CAN YOU DEDUCT THE COSTS OF A SELF-MANAGED PORTFOLIO?

By | June 6th, 2022|Accounting and Auditing, Business, Taxation, Uncategorized|

Do you have significant investment-related expenses, including payment for financial service subscriptions, home office maintenance and clerical support?  Under current tax law – specifically the 2017 Tax Cuts and Jobs Act – these expenses aren’t deductible through 2025 if they’re considered investment expenses to produce income.  But they are deductible if they’re considered trade or [...]

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