Monthly Archives: June 2017

2017 – 06/12

Driving home the need to substantiate deductions. The IRS denied a married couple car and truck expense deductions for vehicles the wife used in her health care billing business. The U.S. Tax Court agreed. The taxpayers didn’t properly prove their claims, and offered unpersuasive testimony and non-contemporaneous spreadsheets that contradicted their tax return. They didn’t [...]

Listen and trust: The power of collaborative management

Many business owners are accustomed to running the whole show. But as your company grows, you’ll likely be better off sharing responsibility for major decisions. Whether you’ve recruited experienced managers or developed “home grown” talent, you can empower these employees by taking a more collaborative approach to management. Not employees — team membersSuccessful collaboration starts [...]

Enhance benefits’ perceived value with strong communication

Providing a strong package of benefits is a competitive imperative in today’s business world. Like many employers, you’ve probably worked hard to put together a solid menu of offerings to your staff. Unfortunately, many employees don’t perceive the full value of the benefits they receive.Why is this important? An underwhelming perception of value could cause [...]

2017 – 06/21 – Seasonal business? Optimize your operating cycle

Cash flow fluctuations are intense for seasonal businesses. If your company defines itself as such, try to optimize your operating cycle. Look carefully at the beginning, middle and end of your cycle, identifying your strategic selling window. Try to stockpile cash received at cycle’s end, and then use those reserves to finance the next cycle. [...]

Now’s a great time to purge old tax records

Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your 2016 tax records for now, it’s a great time to take a look at your records for [...]

Choosing between a calendar tax year and a fiscal tax year

  Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense. What’s a fiscal tax year? A fiscal tax year [...]

2017 – 06/26 – 3 breaks for business charitable donations you may not know about

Here are three lesser-known income tax breaks for charitable donations by businesses: 1) deduction for donated food that equals the lesser of the food’s basis plus one-half the fair market value in excess of basis or two times the basis, 2) deduction for qualified conservation contributions by qualified C corporation farming and ranching operations of [...]

2017 – 06/12

Top Republicans are within a few weeks of agreeing on central aspects of a tax reform plan, according to Washington officials. Under pressure from business groups and others, lawmakers and the White House still need to decide how much to cut rates and if the bill should increase the deficit. They agree on the need [...]

2017 – 06/21 – Seasonal business? Optimize your operating cycle

Cash flow fluctuations are intense for seasonal businesses. If your company defines itself as such, try to optimize your operating cycle. Look carefully at the beginning, middle and end of your cycle, identifying your strategic selling window. Try to stockpile cash received at cycle’s end, and then use those reserves to finance the next cycle. [...]

Show Buttons
Hide Buttons