Owners of “pass-through” businesses may see some major (albeit temporary) relief under the Tax Cuts and Jobs Act (TCJA) in the form of a new deduction for a portion of qualified business income (QBI). For tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026, owners of entities such as sole proprietorships, partnerships,…
The Tax Cuts and Jobs Act (TCJA) significantly enhances bonus depreciation. You might even be able to benefit when you file your 2017 tax return. Generally, for qualified property placed in service between Sept. 28, 2017, and Dec. 31, 2022, the first-year bonus depreciation percentage increases to 100%. In addition, the 100% deduction is allowed…
Every business owner must find time for strategic planning. Failing to do so can leave you working blindly, in danger of crisis or even ruin because of unforeseen developments. Some experts say a CEO should spend only 50% of his or her time on daily operations, with the other half going to strategizing. But the…
Many family businesses don’t survive to a third generation. To give your company a fighting chance, carefully choose a successor. Don’t assume your son or daughter is the only candidate. Work with objective outsiders to identify potential successors. Let these individuals work in various capacities for your company, giving each a fair shot at rising…
Here are a few key tax-related deadlines for businesses during Q1 of 2018. JAN. 31: File 2017 Forms W-2 with the Social Security Administration and provide copies to employees, and provide copies of 2017 Forms 1099-MISC to recipients. FEB. 28: File 2017 Forms 1099-MISC if paper filing. (Forms 1099-MISC reporting nonemployee compensation in Box 7…
Artificial intelligence (AI) can help just about any business “get smart.” AI generally refers to technology capable of performing tasks that previously required human intelligence, such as image perception, voice recognition and problem solving. Integrating it into a CRM system helps you better understand buyers and generate sales leads. Using AI to assist customer service…
If your company is over budget at year end, it’s a bit of a disappointment, to say the least. But don’t lose hope. You can still cut costs to either improve this year’s numbers or perhaps next year’s. Reassess your staffing levels to see if you can reorganize and eliminate underperforming positions. Also, review your…
Some unique year-end tax planning strategies are available to accrual-basis taxpayers.
