Category: Business Tax

With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer....

Minnesota legislators recently passed a long overdue tax relief bill. The bill provides nearly $650 million in relief to Minnesota businesses and individuals. A summary of the highlights of the bill are listed below:...

Every business owner wants to know what their break even is for their company, but many don’t know where to begin trying to calculate it.  Doing a break even analysis will provide information regarding the sales volume needed to be at a break even status (no profit or los...

Listed property is a term for vehicles that are specifically listed out on Form 4562 when you file your tax return. ...

P is for partnerships.  Partnerships are a very common tax structure, but to be taxed as a partnership the underlying business doesn’t necessarily need to be set up as a partnership.  Many new businesses these days are set up as Limited Liability Companies or LLCs. ...

Many business owners don’t feel they have time to do a cash flow projection.  This is a very important tool for all business owners to have.  It is a tool that could mean the difference between going out of business or staying in business....

A like-kind exchange is just that; an exchange of things that are similar.  They can be very useful in deferring gains on depreciated property.  The last post was about business vehicles, but there are many kinds of assets that can qualify for a like-kind exchange....

About this time of year (and for the next month or so), you might receive a corrected Form 1099 from your broker....

Generally speaking, S-Corporations do not pay tax.  If they were previously a C-Corp it’s possible they could run into some built-in gains, but those are somewhat unusual.  A true S-Corp shouldn’t pay any tax, but sometimes they do need to make a tax deposit.  No tax ...

Crowdfunding is becoming an increasingly popular way for businesses or individuals to raise money.  The internet and sites like Kickstarter makes it possible now to collect $5 from 5,000 people in order to raise the $25k you need in order to make a short film or design a ne...

It is that time of year again that so many people try to pretend isn’t here.  They dread the paperwork, receipt gathering, reconciling, updating the accounting software and the unknown of “Am I going to owe a bunch of money for taxes?”...

A lot of times a new business owner, or for that matter, seasoned business owners, are so engrossed in doing the day-to-day business that the financial records get put in the large “to do” pile.  So many hats have to be worn and the hat that is usually disliked the most...