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comp
Preparations vs. compilations
1/21/2022
Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the...
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415 Group Logo
415 Group Named to Forbes 2022 Best Tax & Accounting Firms
1/20/2022
415 Group, a certified public accounting, business consulting and IT services firm based in Canton, Ohio, was recognized by Forbes as one of America’s Best Tax and Accounting Firms for the second year in a row....
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factors
Many factors are involved when choosing a business entity
1/20/2022
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership,...
Includes insights from Chad R. Isler
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2022
Numerous tax limits affecting businesses have increased for 2022
1/18/2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an...
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safeguard
Help safeguard your personal information by filing your 2021 tax return early
1/17/2022
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an...
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forecast
How to forecast smarter
1/14/2022
Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your business on solid financial footing....
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tax
How will revised tax limits affect your 2022 taxes?
1/11/2022
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most...
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credit
Businesses with employees who receive tips may be eligible for a tax credit
1/10/2022
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip...
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inventory
Reporting and managing inventory
1/7/2022
Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on overseas suppliers, best practices for managing inventory may have recently changed. In today’s...
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medical
Are you eligible for a medical expense tax deduction?
1/4/2022
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of...
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exchange
Defer tax with a like-kind exchange
1/3/2022
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With...
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count
KPIs: What are they, and which ones count?
12/30/2021
Management needs timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance...
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gig
Gig workers should understand their tax obligations
12/28/2021
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This...
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tax mileage
Will the standard business mileage rate go up in 2022? Yes
12/27/2021
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate...
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change
How to account for change orders
12/23/2021
Last-minute changes to contracts can be frustrating. But, if managed properly, they can sometimes provide an opportunity to boost profits. Here are ways construction companies, engineering firms, software developers and other businesses that enter...
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funding
Looking for a 2022 safety net for your business? Act on EIDL funding before year end
12/22/2021
As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to your business is the impending deadline to...
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loan
There’s a deduction for student loan interest … but do you qualify for it?
12/21/2021
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct...
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calendar
2022 Q1 tax calendar: Key deadlines for businesses and other employers
12/20/2021
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
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accounts
Digitizing the accounts receivable process
12/17/2021
While digitalization continues to take hold of the business world, the billing and collections functions for many organizations remain largely paper based. Businesses that automate the accounts receivable process may accomplish several operational...
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taxes
Stock market investors: Year-end tax strategies to consider
12/14/2021
Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on some stock and...
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