4 smart ways to cut business costs

Keeping costs under control is crucial in today’s challenging business environment. Without a doubt, one of the quickest ways for a business to cut costs is through staff reduction. But cutting jobs is not always the best cost-cutting strategy. Drastic job cuts can lead to a vicious cycle of reduced productivity, followed by even slower growth and decreased profitability. Replacing …

Your receipts are important: save them

When it comes to taking qualified deductions on your federal tax return, three things must happen:   This might be obvious to most people, but here are some typical areas where taxpayers often fall short. In the long run, these items could end up costing you plenty during tax filing season, and trigger IRS audits. A donation deduction of $250 …

If you’re thinking of selling your company, a proper appraisal is a necessary starting point

  Well before you’re ready to sell your company, you’ll want to determine its fair market value as a starting point for negotiations. Of course, obtaining a reasonably precise value for your business is often a complicated and time-consuming task. Accurate appraisals must weigh a variety of factors and incorporate numerous assumptions. The more precise the underlying numbers and suppositions, …

Five reasons to incorporate your business

  Most new businesses start with no thought about legal structure. In the eyes of the IRS, the default structure is a “sole proprietor,” in which your business profits are taxed on your personal tax return. This can serve you well to start, but there are several reasons you may want to consider incorporating as your business grows. 1) To …

Filed your 2016 tax return, but you probably still have questions.

Here are a few of the most common post-filing questions the IRS answers. Many taxpayers have questions after they file their tax returns. The IRS provides answers to many of them. These are a few of the most common. You can go online to check on your refund if it has been 24 hours since the IRS would have received …

Tax records – What you should keep

It’s that time of year when you are getting ready to sort out last year’s financial records and prepare for this year’s record-keeping. Keep records that directly support income or expense items on your tax return. For income, this includes W-2s, 1099s, and Form K-1s. Keep records of any other income you have received from other sources. It’s also a …

You don’t have to itemize to claim these deductions on your 2016 return

Can’t itemize? You can still claim some expenses on your 2016 federal income tax return. Here’s how you can benefit. Deduct up to $2,500 of interest on student loans for yourself, your spouse, and your dependents on your 2016 return. For 2016 returns, you can also deduct up to $4,000 of tuition and fees for qualified higher education courses. Income …