Squeeze More Out of a Company SEP
If you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan [...]
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase [...]
Tax-free Fringe Benefits Help Small Businesses and Their Employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free [...]
Calculating Deductions for Business Interest Expense
One of the most complicated provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation on deductions for business interest expense. At face value, this limitation seems [...]
Tax Reform: Which Changes Are Temporary vs. Permanent?
The Tax Cuts and Jobs Act (TCJA) includes a bevy of important tax changes for individuals and businesses. However, it's sometimes hard to keep track of which changes are permanent [...]
2018 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be [...]
Do Employers Have to Compensate Hourly Technicians for Travel Time?
The U.S. Department of Labor's (DOL) Wage and Hour Division (WHD) has issued a new Opinion Letter on whether employers must compensate employees for travel time. These letters are issued [...]
Get started on 2018 tax planning now!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be [...]
Stakeholders and Your Business
Long ago business owners believed that as long as they served their customers effectively and made sure that their stock maintained or increased its value, all was taken care of. [...]
Tax Document Retention Guidelines for Small Businesses
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting [...]
Congress Raises 401(k) Hardship Withdrawal Limits
Most 401(k) plans permit hardship withdrawals, though plan sponsors aren't required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited [...]
Absorbing a Business? Realize Payroll Tax Savings
Conversely if one employer acquires another employer during the year -- and it continues to employ some of the same workers -- the successor can count the wages paid by [...]
Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]