Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange where, instead of selling appreciated property, you exchange it solely for property of a “like kind.” Virtually any type of real estate will qualify…
Over time, workers may miss or ignore retirement plan communications if they all look and “sound” the same. Maybe you need to get more creative. Consider revising print materials so they’re brighter and more dynamic. Also, evaluate how many emails you’re sending out: Find a good balance between too few and too many, and ensure…
If you hired from certain “target groups” in 2017 and obtained proper certification, you can claim the Work Opportunity tax credit (WOTC) on your 2017 return. Also keep the WOTC in mind in your 2018 hiring. Despite its proposed elimination, the credit survived the final version of the Tax Cuts and Jobs Act that was…
Benchmarking can help your company swim with the big fish without getting gobbled up. It’s the practice of comparing your performance to that of similar businesses to identify strengths and weaknesses. Quantitative benchmarking uses key performance indicators (formulas or ratios) to calculate comparisons. Meanwhile, qualitative benchmarking compares operating practices (such as production techniques, quality indicators…
A carefully conceived and well written mission statement can serve as a beacon to the world, letting everyone know what your business stands for. When crafting or updating yours, clearly define your target audience. It no doubt starts with customers, but may also include employees, investors and your local community. Watch the length: A long…
Bonus depreciation allows businesses to offset the costs of investing in equipment and other qualified assets more quickly. Claiming bonus depreciation on your 2017 tax return may be particularly beneficial. Why? Deductions save more tax when rates are higher, and most businesses’ tax rates will go down in 2018 under the Tax Cuts and Jobs…
Providing employee benefits can help businesses attract and retain the best workers. But the cost can be out of reach for some small businesses. Two tax credits can help make benefits more affordable for eligible small employers: 1) a credit equal to as much as 50% of health coverage premiums paid, and 2) a credit…
While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, one break it eliminates is the Section 199 deduction. Often referred to as the “manufacturers’ deduction,” this potentially valuable break, when available, can also be claimed by eligible construction, engineering, architecture, computer software production and agricultural processing businesses. Under the…
“Big data” generally refers to any large set of electronic information that can be analyzed to identify trends, patterns and relationships. It can help businesses better define and predict customer behavior when it comes to buying trends and sought-after products or services. For example, by overlaying large proprietary consumer-behavior data sets over your customer database,…
In today’s increasingly specialized economy, outsourcing has become common. Engaging outside help could cut in-house management expenses by reducing overhead, staffing and training costs. Outsourcing also frees up employees’ time for core tasks and avails you of the provider’s expertise. But there are risks. Surrendering control of a business function to the wrong vendor could…