Are meals and entertainment expenses still deductible under the 2018 tax bill? The Tax Cuts and Jobs Act (TCJA) brings with it many changes in the taxation of businesses and individuals, including a change in the tax deductibility of meals and entertainment (M&E) expenses....
The new tax law makes major changes to the choice of entity decision. Because C corporations are now taxed at a flat rate of 21% (as opposed to a top rate of 35% under prior law), many business owners wonder whether they should structure or restructure their business operati...
Time to consider a new accounting method? The cash method of accounting, which allows you to recognize sales when cash is received, is attractive to many small businesses due to its simplicity. Due to the new tax law, for tax years beginning after 2017, the ability to use t...
Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as your competitors are, you could be ...
Funny thing about customers: They can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the company’s cash flow...
When determining how long to keep most of your income tax records, we look to the time frame that the IRS or state revenue agency can audit a tax return. ...
School is out and you are wondering how to keep your kids occupied for the summer – why not think about hiring them to work in your business? This is an option for many business owners as long as the federal and state laws are followed. You need to treat your child as ...
Cash is King! This is what I hear from many clients. It is very true since it is the deciding factor for many business decisions....
One common question that many business owners will have is “Am I hiring an independent contractor or an employee?” While most business owners want to hire everyone as independent contractors, this can cause a lot of trouble if the new hire is mis-classified....
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...
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....
Most small business owners are trying to wear all hats – salesman, bookkeeper, CFO, CEO, janitor, etc. This does not allow for them to do everything really well. It seems the areas where most lack is in the recordkeeping and accounting functions....
