If the idea of a business appraisal only brings thoughts of retirement or selling your company, think again. A valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a checkup that can help you better plan for the future. Strategic planning […]

Tuition costs for college is on the rise which is leading to increased scholarship searches. If awarded a scholarship, you may be asking what tax affect this may have for you. Good news: Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college, graduate school […]

Do you currently use a vehicle in your business? If you do you may be able to depreciate the vehicle, however the depreciation rules can be complex and special rules may apply. Depreciation is built into the cents-per-mile rate First, be aware that separate depreciation calculations for a passenger auto only come into play if […]

When you hear “trust fund recovery penalty” you likely think it has to do with something like estate planning, but it actually relates to payroll taxes. This penalty holds “responsible persons” accountable for remitting the payroll taxes they withhold from their employees’ wages. A matter of trust The trust fund recovery penalty applies to employees’ […]

If you are thinking about buying a vacation home in your dream destination but aren’t sure if it is worth the investment, you may consider renting it out to help with the cost. The tax implications of these transactions can be complicated. It depends on how many days the home is rented and your level […]

IRS examiners audit many different types of businesses, so you may be asking yourself how they keep up with all the industries. That is where Audit Techniques Guides (ATGs) come in. The best thing about these guides is that they are available to the public as well on the IRS website. You can use the […]

Any good sales rep caters their sales approach to the customer. A common thought customers think to themselves in one way or the other when shopping is “how will this product benefit me?” Have you ever considered teaching your sales reps value-based sales? Under this method, sales reps act as sort of business consultants, working closely […]

If a natural disaster hits, it may destroy something in its path. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to take. What’s considered a casualty for tax purposes? It’s a sudden, unexpected […]

If you want a fun read, try reading the Internal Revenue Code! The biggest twist to this read is that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general […]

In todays world, employees are using their smart phones increasingly for business purposes at work. Whether it is responding to emails or logging hours, the use of smart phones is increasing in the business setting. With this, many employers are offering benefits related to smart phones. For business owners, this situation creates both problems and […]