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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SHOULD YOU DIGITIZE YOUR TAX AND FINANCIAL RECORDS?

By | August 8th, 2022|Accounting and Auditing, Taxation, Uncategorized|

Traditionally, important tax and financial records have been stored as hard copies in desk drawers, filing cabinets and safe deposit boxes.  These days, however, it’s become increasingly popular and easy to digitize documents and store them electronically.  Is this the right move for you? THE CASE FOR GOING DIGITAL One of the biggest advantages of [...]

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MEDICARE PREMIUMS MAY LOWER YOUR TAXES

By | July 25th, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

Do you pay premiums for Medicare health insurance? If so, you may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your individual tax return.  This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts [...]

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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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