2018 – 02/23 – What is job cost reporting?
Does your company do contract work? If so, consider using job cost reporting to improve financial efficiency and profits. This management accounting tool can benefit many businesses, from homebuilders and architects to contract manufacturers and auto body shops. An effective…
Read more2018 – 02/20 – Tax credit for hiring from certain “target groups” can provide substantial tax savings
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,…
Read more2018 – 02/20 – Tax deduction for moving costs: 2017 vs. 2018
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your 2017 return. But if you move in 2018, the costs likely won’t be deductible. The Tax Cuts and Jobs Act…
Read more2018 – 02/12 – Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity
Business owners: A Simplified Employee Pension (SEP) may give you one last 2017 tax and retirement saving opportunity. You can establish a SEP IRA for 2017 and make 2017 contributions as late as the 2018 due date (including extensions) of…
Read more2018 – 02/05 – Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
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…
Read more2018 – 02/06 – TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and…
Read more2017 FBAR Ffiling Deadline Announced
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due date for filing FinCEN Form 114 [Report of Foreign Bank and Financial Accounts (FBARs)] to April 15 of the following calendar year, with a six-month…
Read more2018 – 01/30 – State and local sales tax deduction remains, but subject to a new limit
If you itemize, you can deduct either state and local income taxes or state and local sales taxes. Deducting sales tax can be valuable if you reside in a state with no or low income tax or purchased a major…
Read more2018 – 02/05 – Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
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…
Read more2018 – 02/02 – Auditing work in progress
Auditors closely evaluate how you report work in progress (WIP) inventory. Why? WIP relies on management’s estimates. Inexperienced or dishonest managers sometimes inflate these estimates, which makes the company appear healthier than it really is. Auditors consider whether allocations of…
Read more