This summer are you going on a business trip in the U.S. and tacking on some vacation days? Are you a business owner or self-employed? You may be able to deduct some of your expenses. Transportation costs to and from the business activity location may be 100% deductible if the primary reason for the trip…
They say you’ve got to spend money to make money. But that doesn’t mean business owners should accept high operational costs. Cost control is a formal management technique through which you evaluate operations and isolate activities with excessive expenses. It forces you to ask tough questions about the efficiency of your business, how much you’re…
IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits, and small business owners can use them, too. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. Although ATGs were created to enhance IRS examiner proficiency, they also can help…
Now that small businesses and their owners have filed their 2017 income tax returns (or extensions), it’s a good time to review the Tax Cuts and Jobs Act (TCJA) provisions that may significantly impact their taxes for 2018 and beyond. Depending on your entity type, either the new 21% corporate tax rate or the new…
For business owners, it may seem impossible to control health care benefits costs. The trick is taking a multipronged approach. For example, don’t rely on vendor-provided communications: Actively interact with employees. Use metrics to analyze benefits utilization and identify utilization gaps where you may be losing money. Engage an outside expert to conduct an ROI…
“Blockchain” may sound like something that goes on your car, but it’s actually a digitally distributed ledger typically shared on a peer-to-peer network. Entries are stored in blocks, with each block containing a timestamp and providing a link to the previous block. Nothing can be altered without changing every block under the approval of most…
The Tax Cuts and Jobs Act includes many changes affecting tax breaks for employee benefits that will impact not only employees but also the businesses providing the benefits. Beginning with the 2018 tax year, the new law reduces or eliminates tax breaks in these 4 areas: transportation benefits, on-premises meals, moving reimbursements and employee achievement…
If a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. The upside is tax benefits: If the tax year generating the NOL ended on or before 12/31/17, the NOL can be carried back up to 2 years to generate an immediate tax refund and boost cash flow. Any remaining NOL…
Many people assume a company retreat must happen off-site. Not true: An on-site retreat is a cost-effective option. You won’t have to rent space and can probably save on locally catered food and bulk beverages. But employees often struggle to focus and find inspiration in-house. Off-site events can be a welcome and exciting change of…
A business will miss revenue opportunities if it doesn’t have a solid pipeline to funnel prospects to its sales team. To build one, profile customers that best suit your products or services. Use criteria such as location, industry and needs. Integrate companywide marketing initiatives with each salesperson’s efforts. When ready to reach out, consider three…