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Valuation often affects succession plans in hard-to-see ways
10/18/2017
Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of...
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2 ACA taxes that may apply to your exec comp
10/17/2017
If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC). Tax planning for...
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Frustrated man with computer monitors of data
4 ways to get (and keep) your business data in order
10/12/2017
With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could...
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Accelerate your retirement savings with a cash balance plan
10/11/2017
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and...
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Making Your Practice Safe
10/6/2017
Every year, studies show that many employees are injured while carrying out their duties. Some even die from job-related illnesses or injuries. Medical and dental office staff members face many risks on the job, such as contracting...
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A Direct Way to Save Time and Money
10/6/2017
When you hear the term "direct deposit," you may think about payroll but that is not the only way businesses can use this time and money-saving service.  What about the checks you write for expense reimbursements or commissions? If you...
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Consider a SIMPLE IRA as a Retirement Plan Option
10/6/2017
Have you procrastinated in setting up a tax-advantaged retirement plan for your small business? If so, you are paying income taxes that could easily be avoided and putting your retirement financial situation at risk. However, you can set things...
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Could Travel Per Diems Simplify Employee Expense Reimbursements?
10/6/2017
The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified alternatives that...
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Critical connection: How costs impact pricing
10/5/2017
As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing products and services, as well as...
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QuickBooks Enterprise: 9 Features of the 2018 Edition
10/4/2017
1.  Save time merging vendors Do you import your charges from your credit card and end up with multiple vendors in your list? Now, you can easily identify duplicate vendors and merge four at a time. You can also choose a master vendor and pick...
Includes insights from Barbara D. Hupp
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Bunching medical expenses will be a tax-smart strategy for many in 2017
10/4/2017
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense...
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Trump Administration Proposes Major Tax Overhaul
9/28/2017
The Trump administration released on Wednesday a draft of its proposed tax reform to the public, outlining several key items that could significantly impact taxpayers, if it becomes law. These changes would not only impact businesses but individual...
Includes insights from Todd J. Ruggles
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Dividing Assets, and Tax Bills, in Divorce
9/22/2017
When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple's assets are split up in a divorce property settlement. State Law Is...
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Firetruck at station
Protect Your Business After an Emergency
9/22/2017
More than 1,200 businesses were located in and around the World Trade Center when terrorists turned two passenger planes into flying bombs and destroyed the twin towers on Sept. 11, 2001. Some of the companies affected by the disaster were able...
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Make Your Workplace Drug Free
9/22/2017
Employee drug and alcohol abuse can cost your company in many ways, including increased absences, workplace accidents and high health costs. In addition, studies show that drug users are five times more likely than other employees to file a...
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Recent Breach Highlights the Vulnerability of Your Personal Data
9/22/2017
Equifax, one of the nation's three major credit reporting agencies, recently reported a massive data breach. Are you among the 143 million U.S. consumers whose personal information was hacked? Here's how to find out — and how to help...
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Are You Ready for the New IRS Partnership Audit Rules?
9/22/2017
Legislation enacted in 2015 established a new IRS audit regime for partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. Here's a comparison between the old and new partnership audit rules, along...
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Don’t let “founder’s syndrome” impede your succession plan
9/20/2017
Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on,...
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Glass Hen with 401K eggs and cash
Why you should boost your 401(k) contribution rate between now and year end
9/20/2017
One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already...
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QuickBooks Enterprise: What is Changing and What is Staying the Same
9/14/2017
Starting on Sept. 18, Intuit will be migrating QuickBooks Enterprise customers to a new subscription plan on the customer’s annual renewal date. The QuickBooks Enterprise Full Service Plan will be discontinued and customers will be migrated to...
Includes insights from Barbara D. Hupp
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How profitable are your customers?
9/14/2017
“We love our customers!” Every business owner says it. But all customers aren’t created equal, and it’s in your strategic interest to know which customers are really strengthening your bottom line and by how much. Sorting...
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2017 Q4 tax calendar: Key deadlines for businesses and other employers
9/12/2017
2017 Q4 tax calendar: Key deadlines for businesses and other employers Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. Keep in mind that this list isn’t all-inclusive,...
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Plan Ahead to Make Disability Benefits Tax-Free
9/12/2017
If you're an employee of your practice, you may receive company-paid long-term disability insurance coverage as a tax-free fringe benefit. Sounds good but here's the problem: Most long-term disability policies limit benefit payments to only...
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Writing Off Worthless Stock Investments
9/12/2017
Over the years, many of us have bought stock in a company that later failed. While you may prefer to forget such ill-fated investments, don't forget to claim your rightful capital loss deduction on your tax return. What About...
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Should You Grant a Personal Guarantee?
9/12/2017
Most lenders require the individual owner of a small business to personally guarantee loans made to a business. This pledge indicates the owners' commitment and helps ensure that the loan obligation won't be abandoned. The problem: A...
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Why It's Risky to Rely on Unofficial IRS Guidance
9/12/2017
In a recent blog, National Taxpayer Advocate Nina Olson explained why taxpayers can't rely on answers to Frequently Asked Questions (FAQs) and Answers and other forms of "unofficial" guidance that are posted on the IRS website. While tax...
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Inadequate Records Lead to Unfavorable Results for Taxpayers
9/12/2017
Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is...
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5 ways to dance through digital disruption
9/11/2017
You’ve probably heard the term and wondered whether it could happen to your company. Maybe it already has. We’re referring to “digital disruption” — when new technologies and business models affect the value proposition...
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Watch out for potential tax pitfalls of donating real estate to charity
9/11/2017
Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional...
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The ABCs of the tax deduction for educator expenses
8/31/2017
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers....
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Claim Tax-Saving Gain Exclusion For Sale of Land Next to Your House
8/24/2017
IRS regulations specifically allow you to use the federal income tax home-sale gain exclusion privilege to shelter profit from selling vacant land adjacent to your house -- even if the land sale occurs in one or more transactions that are...
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Save Taxes While Controlling Employee Health Costs
8/24/2017
If rising health care costs have sent your company searching for ways to reduce expenses, you should know there are alternatives to standard medical insurance plans. Your choices are not limited to either paying the higher costs yourself or...
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A Legally Binding Contract
8/24/2017
The success of your business depends to a great extent on the quality of the contracts you sign. A good contract protects everyone, while a bad contract could ruin you. Every time you promise to exchange services or property, you create a...
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Contractors with glass building
Real Estate Investors: Let's Talk about Like-Kind Exchanges
8/24/2017
Are you thinking about divesting a real estate investment and then replacing it with another property? If you sell appreciated property outright, you'll incur a taxable gain, which lowers the amount available to spend on the replacement...
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Ensuring a peaceful succession with a buy-sell agreement
8/23/2017
A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner’s business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of...
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Back-to-school marketing ideas for savvy business owners
8/17/2017
August is back-to-school time across the country. Whether the school buses are already rumbling down your block, or will be soon, the start of the school year brings marketing opportunities for savvy business owners. Here are some examples of ways...
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Handling Practice Startup Expenses For Tax Purposes
8/11/2017
If you are starting a new medical practice, you may incur several different types of "pre-opening expenses." By pre-opening expenses, we mean those that are incurred during the period before the new practice is actually up and running and...
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Limit the Impact of E-Mail in Court
8/11/2017
You just finished typing a draft of an aggressive e-mail message explaining why you think your company's strategic plan can -- and will -- destroy the competition. Businesses have become dependent on the speed, simplicity, and...
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Can Pension Benefits Be Deducted as Alimony?
8/11/2017
When married couples split up, the terms of the divorce or separation agreement can have a major tax impact. For example, any amounts paid for alimony are deductible by the payor and taxable to the recipient. The Tax Definition of...
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Revenue Recognition for Contracts: Changes Coming Soon
9/22/2017
Revenue is the top line of your company's income statement. So, it tends to receive a lot of attention from investors, lenders and other stakeholders. Why? Changes in revenue can tell whether your company is growing or declining. Moreover,...
Includes insights from Raymond A. Maynard
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Lightning from the sky
Casualty and Theft Losses: Find the Silver Lining in Dark Clouds
8/11/2017
We're in the midst of hurricane season now, but the eastern and southern shores aren't the only parts of the country at risk for catastrophic events. Mudslides, earthquakes and wildfires often plague the West Coast, tornadoes may touch down...
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Will Congress revive expired tax breaks?
8/10/2017
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back...
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Rev up retirement offerings with an NQDC plan
8/10/2017
Rev up retirement offerings with an NQDC plan Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in their 401(k) plan. For 2017, the annual elective deferral contribution limit...
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4 tough questions to ask before expanding to a new location
8/3/2017
Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and ask yourself some tough questions about whether...
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A refresher on the ACA’s tax penalty on individuals without health insurance
8/1/2017
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum...
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Avoid Retirement Account Rollover Pitfalls
8/1/2017
After retiring or leaving a job, your first big tax question might be: What should I do with the money in qualified retirement plan accounts with my former employer? These accounts include 401(k)s, profit-sharing plans and stock...
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Struggling Firms Get a Second Chance
8/1/2017
For many business owners and executives, filing Chapter 11 bankruptcy seems like admitting defeat. It shouldn't be that way. Current Bankruptcy Law A wide-ranging law that makes major changes to the country's bankruptcy laws was...
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Golden eggs with calculator
SEPs: A Quick and Easy Retirement Plan Option
8/1/2017
Setting up and maintaining a simplified employee pension (SEP) is probably easier than you think. The sooner you get started saving, the more secure your retirement will be, plus your business can gain tax advantages right away. SEP...
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Loss with $100 bills
Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?
8/1/2017
There's a fine line between businesses and hobbies under the federal tax code. If you engage in an unincorporated sideline — such as a marketing director by day and an artist on the nights and weekends — you may think of that side...
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Listening to your customers by tracking lost sales
7/26/2017
“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because,...
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