From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to compensate employees and pay their bills. Here are four ways businesses can better control cash […]
The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax. Four possible options The required installment […]
When manufacturers buy, build or improve their facilities, it involves a substantial investment. But these expenses generally can’t be immediately deducted for tax purposes. Fortunately, there may be another approach that will allow you to accelerate your depreciation deductions: a cost segregation study. Understanding Depreciation For assets with a useful life of more than one year, […]
When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?” That’s certainly a good thing to ask and answer. But in today’s highly transparent world, where businesses […]
Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay […]
Let’s say your company wants to commemorate the long career of a retiring employee instrumental in its success. It hosts an evening celebration that culminates with the presentation of a plaque and an expensive gift. What are the tax implications? Generally, such “employee recognition awards,” also called “achievement awards,” are tax-deductible for employers and tax-free for […]
You’re probably knowledgeable about the FICA tax, which was established by the Federal Insurance Contributions Act, and is paid by both employers and employees through payroll deductions. FICA tax includes a Social Security and Medicare portion. Less is likely known about the FUTA tax, authorized by the Federal Unemployment Tax Act. This unemployment insurance tax […]
In April 2024, the U.S. Department of Labor (DOL) issued a new final rule that’s slated to expand the number of workers who are eligible for overtime pay under the federal Fair Labor Standards Act (FLSA). It’s expected to affect four million workers. The rule, which dramatically increases the salary threshold for so-called exempt workers, is […]
Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of ownership, in a manner that best ensures continued success. Ideally, the succession plan you develop for your company will play out over a long period that allows everyone plenty of time to […]
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: Medical expenses. If the individual qualifies as […]