Don’t let unemployment insurance fleece your nonprofit

Is your not-for-profit overpaying unemployment tax? Many employers are and don’t know it. Here’s how to find out and possibly reduce unemployment costs. Ensure accuracy The burden is on employers to ensure unemployment charges are accurate and to seek repayment if they believe they’ve been overcharged due to errors. First, make sure you’ve [...]

By | 2019-01-24T12:03:59+00:00 January 30th, 2019|Business, Not For Profit|Comments Off on Don’t let unemployment insurance fleece your nonprofit

Many tax-related limits affecting businesses increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have gone up for 2019. Here’s a look at some that may affect you and your business. Deductions Section 179 expensing: Limit: $1.02 million (up from $1 million) Phaseout: $2.55 million (up from $2.5 million) Income-based phase-ins for certain [...]

By | 2019-01-22T11:52:37+00:00 January 23rd, 2019|Business, Tax|Comments Off on Many tax-related limits affecting businesses increase for 2019

Higher mileage rate may mean larger tax deductions for business miles in 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018. Actual costs [...]

By | 2019-01-14T14:01:45+00:00 January 16th, 2019|Business, Tax|Comments Off on Higher mileage rate may mean larger tax deductions for business miles in 2019

Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. However, you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. In certain circumstances, businesses can deduct bonuses employees have earned during a [...]

By | 2019-01-07T12:32:48+00:00 January 9th, 2019|Business, Tax|Comments Off on Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

A refresher on major tax law changes for small-business owners

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file [...]

By | 2018-12-28T11:07:36+00:00 January 2nd, 2019|Business, Tax|Comments Off on A refresher on major tax law changes for small-business owners

6 last-minute tax moves for your business

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, [...]

By | 2018-12-17T11:27:47+00:00 December 19th, 2018|Business|Comments Off on 6 last-minute tax moves for your business

When holiday gifts and parties are deductible or taxable

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the [...]

By | 2018-11-26T13:18:37+00:00 November 28th, 2018|Business, Tax|Comments Off on When holiday gifts and parties are deductible or taxable

Buy business assets before year end to reduce your 2018 tax liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 [...]

By | 2018-11-05T15:06:40+00:00 November 7th, 2018|Business, Tax|Comments Off on Buy business assets before year end to reduce your 2018 tax liability

How successfully has your nonprofit shifted from overhead to impact?

In the not-so-distant past, charity watchdog groups such as GuideStar, Charity Navigator and the Better Business Bureau’s Wise Giving Alliance were notorious for giving overhead ratios significant weightings in their rankings of not-for-profits. While such a practice can help potential donors weed out spendthrift organizations, it also tends to unfairly penalize nonprofits making [...]

By | 2018-10-24T15:02:17+00:00 October 24th, 2018|Business, Not For Profit|Comments Off on How successfully has your nonprofit shifted from overhead to impact?

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or [...]

By | 2018-10-16T08:55:20+00:00 October 17th, 2018|Business, Tax|Comments Off on Now’s the time to review your business expenses
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