cost segregation

Tax Planning With Cost Segregation and Bonus Depreciation

Tax Planning With Cost Segregation and Bonus Depreciation

Cost segregation studies benefit businesses and investors who own real estate. These studies apply engineering and cost accounting principles to identify costs that can be reallocated to asset classes with shorter depreciable lives. A cost segregation study can also enhance the benefits of bonus depreciation and Sec. 179 expensing. Read More >

R and D signpost

It’s Time to Revisit the Research & Development Tax Credit

Last year’s Protecting Americans from Tax Hikes (PATH) Act made these critical changes to the Research and Development Tax Credit (R&D Tax Credit):

  • Smaller businesses (those with average gross receipts of $50 million or less over the preceding three years) can claim the credit against Alternative Minimum Tax (AMT)
  • Startup businesses (those in operation for less than five years with less than $5 million in gross receipts) can offset the credit against up to $250,000 in employer-paid payroll taxes.
  • The R&D tax credit is now permanent.

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Managing Your IRA in a Declining Market

Whether you are still working or you are enjoying retirement, a declining market is a good time for traditional IRA owners to manage their IRA and consider tax saving strategies.  Overall income tax savings can be achieved by converting your traditional IRA to a Roth IRA when market conditions are favorable to do so. Read More >

cybercrime web

Cybersecurity Risk in Today’s Business Environment

Cybersecurity risk in today’s business environment prompts you to ask the question; “is it possible to run a business today in such a way that it is truly safe from cyber criminals?”  Media headlines would make one think it is impossible.  In my own practice, we have helped clients recover from many varieties of cyber attacks including direct hacking and theft, ransomware and phishing attacks.  Targeted clients run the gamut from a very small ten-employee warehouse distribution firm, to a 50 employee professional services firm, to a 700+ employee manufacturing firm. Read More >

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Tax ID Theft – Fraudulently Filed Returns

Tax ID Theft

No question, tax ID theft is an increasingly common problem. If you have been unscathed so far, count yourself as lucky. Just ask around, and you will be surprised to see how many individuals have been impacted by this nasty problem. So, what do you do if you if you become a victim? Read More >

ACA_Resources_Header1

ACA Reporting Requirements – Take Action Now!

ACA Reporting Requirements

It has been a few years since ObamaCare, also known as the Patient Protection and Affordable Care Act (ACA), was passed.  It’s probably been long enough that some employers have forgotten about the reporting requirements associated with the ACA. If you haven’t taken action to initiate the information gathering needed to comply with these requirements, immediate action may be required NOW. Read More >

Internal-Controls_web

Internal Controls = Good Business

In 2002, when Congress mandated publically-traded businesses pay more attention to their internal controls, many business owners believed this was not only unnecessary, it was a profound waste of money. In the intervening years, many detractors have concluded that not only is an emphasis on internal controls good business, it’s also indispensable to maximize profits.

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bonus money with ribbon

Taxing Year-end Bonuses

Most employees welcome a year-end bonus, but many are confused about how this additional income is taxed. Many times the employee will be shocked at the large amount of Federal and State income taxes withheld from the bonus check. The fact is that in most cases, the employer is mandated to withhold taxes on bonus payments at rates higher than a typical paycheck.

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record keeping

Why Should I Keep Records?

Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns.

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