1. RecipientsA memo can be addressed in three different situations: an informal memo for internal communication, a formal memo to the department unit, and an external memo to clients or vendors. The recipients of a memo should be clear, as it decides the wording to be used to avoid confusion. When you write a memo, clarity [...]
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 eliminates many deductions. In [...]
What are the chances that your business will experience an IRS Audit? Well, if you own a business with Schedule C gross receipt over $100,000, the odds are about 2.3%. Audit rates for S corporations and partnership LLCs are only about 0.4%. According to the Wall Street Journal, Self-employed entrepreneurs are 10 times more likely [...]
Four ancient pillars with blue sky background. Is your sales process getting off-balance? Sometimes it can be hard to tell. Fluctuations in the economy, changes in customer interest, and dips in demand may cause slowdowns that are beyond your control. But if the numbers keep dropping and you’re not sure why you may [...]
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options.InsuranceBusinesses can provide their employees with various types of insurance on a tax-free [...]
When considering charity scams, with the holiday season being just around the corner and all the disasters that have occurred this past year, it is hard to know which charities are the right ones to give your donation to. Here are some tips that can help you tell the difference between scams and real donation [...]
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 under the Tax [...]
Time management is a skill everyone needs to master to be successful in today’s busy society. We are constantly and simultaneously pulled in different directions, trying to manage work, family, friends, activities, and personal time. Often our schedules become overwhelming, leading to stress, depression, anxiety, and other physical illnesses. The Oxford dictionary defines time management [...]
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 worksIn tax identity theft, a taxpayer’s identifying information (such as a [...]
The advancement of technology over the last five to ten years has enticed more people to forsake their longer morning commutes to the office and replace them with a shorter walk from their bed to the next room. I’ve discovered that working from home isn’t what I imagined it would be. It takes more focus, careful [...]
