Will Leasing Equipment or Buying It Be More Tax Efficient for Your Business?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them.
Beware the Ides of March — If You Own a Pass-Through Entity
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why?
Blow the Dust Off Your Employee Handbook
It’s probably safe to say that most employers have created some form of an employee handbook. But just because your organization has one, that doesn’t mean it’s functional.
The Home Office Deduction: Actual Expenses vs. the Simplified Method
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return.
Imposing Healthcare Plan Waiting Periods on Rehired Employees
It’s not uncommon for employers in some industries and localities to occasionally rehire a previously terminated employee. Should such a situation occur, you may wonder how to properly handle the waiting period typically imposed on new hires preceding their eligibility for health care benefits.
Best Practices When Filing a Business Interruption Claim
Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance.
3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions.
When Are LLC Members Subject to Self-Employment Tax?
Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax.
4 Questions of Compensation Philosophy to Ponder
In the simplest of worlds, an employee effectively performs a set of tasks on an agreed-upon schedule and you pay him or her a fair wage. End of story.
Financial Statements Tell Your Business's Story, Inside and Out
Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements.