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

Could a cost segregation study help you accelerate depreciation deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks [...]

By | 2018-10-03T09:43:11+00:00 October 3rd, 2018|Business, Tax|Comments Off on Could a cost segregation study help you accelerate depreciation deductions?

Businesses aren’t immune to tax identity theft

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In tax identity theft, a taxpayer’s [...]

By | 2018-09-24T17:19:50+00:00 September 26th, 2018|Business, Tax|Comments Off on Businesses aren’t immune to tax identity theft

Volunteers are assets nonprofits must protect

How much are your volunteers worth? The not-for-profit advocacy group Independent Sector estimates the value of the average American volunteer at $24.69 an hour. Volunteers who perform specialized services may be even more valuable. Whether your entire workforce is unpaid or you rely on a few volunteers to support a paid staff, you [...]

By | 2018-09-12T09:35:59+00:00 September 12th, 2018|Business, Not For Profit|Comments Off on Volunteers are assets nonprofits must protect

How to reduce the tax risk of using independent contractors

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views [...]

By | 2018-09-04T11:21:25+00:00 September 5th, 2018|Business, Tax|Comments Off on How to reduce the tax risk of using independent contractors

Make a licensing agreement work for your nonprofit

Licensing your not-for-profit’s name to a for-profit company can provide a valuable new revenue source — but it can also be risky. If you’re considering a licensing arrangement, ensure that the partnership really will generate funds and, possibly more important, a positive impression of your brand. Success . . . and controversy When [...]

By | 2018-08-22T10:25:41+00:00 August 22nd, 2018|Business, Not For Profit|Comments Off on Make a licensing agreement work for your nonprofit

Nonprofits should be prepared for sudden outpouring of support

Americans gave unprecedented sums to charity in response to the devastating hurricanes last year. Large organizations, such as the American Red Cross, were equipped to handle the huge influxes of donations. However, some smaller charities were overwhelmed. Although it may seem like an unlikely problem, your not-for-profit needs a plan to handle a [...]

By | 2018-08-15T16:00:06+00:00 August 15th, 2018|Business, Not For Profit|Comments Off on Nonprofits should be prepared for sudden outpouring of support
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