The New Business Deduction
Stop worrying and start preparingA new deduction is available to businesses with qualified business income (QBI). While that's great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you...READ MORE >
Five Tax Breaks for New Parents
New parents have their work cut out for them. Not only are they dealing with lost sleep, they also face the extra cost of raising a child. At least there are a lot of potential tax breaks available to them. Check out this list and share it with any...
Includes insights from Evan R. HudsonREAD MORE >
415 Group to Match Donations for Akron-Canton Regional Foodbank Drive
415 Group will match donations, dollar-for-dollar, made to the Akron-Canton Regional Foodbank for this year’s Long Haul Against Hunger Campaign. Monetary donations and non-perishable food items will be accepted on Friday, Dec. 7 from...READ MORE >
Estimates vs. actuals: Was your 2018 budget reasonable?
As the year winds down, business owners can be thankful for the gift of perspective (among other things, we hope). Assuming you created a budget for the calendar year, you should now be able to accurately assess that budget by comparing its...READ MORE >
Catch-up retirement plan contributions can be particularly advantageous post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make...READ MORE >
Mutual funds: Handle with care at year end
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t...READ MORE >
Taking the hybrid approach to cloud computing
For several years now, cloud computing has been touted as the perfect way for companies large and small to meet their software and data storage needs. But, when it comes to choosing and deploying a solution, one size doesn’t fit all. Many...READ MORE >
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...READ MORE >
Could “bunching” medical expenses into 2018 save you tax?
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your...READ MORE >
Donate appreciated stock for twice the tax benefits
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term...READ MORE >
Qualified charitable distributions from your IRA have become more beneficial
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially...
Includes insights from Ron E. ButlerREAD MORE >
Following the ABCs of customer assessment
When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more...READ MORE >
Consider all the tax consequences before making gifts to loved ones
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be...READ MORE >
IRS Issues Proposed Guidance on Controversial SALT Limitation
In recent weeks, the IRS has issued a series of proposed regulations to help clarify provisions of the Tax Cuts and Jobs Act (TCJA). One of the most controversial parts of the law is the limit on individuals' deductions for state and local...
Includes insights from Carol J. PolatasREAD MORE >
4 pillars of a solid sales process
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...READ MORE >
Dig out your business plan to prepare for the year ahead
Like many business owners, you probably created a business plan when you launched your company. But, as is also often the case, you may not have looked at it much since then. Now that fall has arrived and year end is coming soon, why not dig it out?...READ MORE >
Tax planning for investments gets more complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you...READ MORE >
Blockchain may soon drive business worldwide
“Blockchain” may sound like something that goes on a vehicle’s tires in icy weather or that perhaps is part of that vehicle’s engine. Indeed it is a type of technology that may help drive business worldwide at some point soon...
Includes insights from Phillip D. HannREAD MORE >
Keeping a king in the castle with a well-maintained cash reserve
You’ve no doubt heard the old business cliché “cash is king.” And it’s true: A company in a strong cash position stands a much better chance of obtaining the financing it needs, attracting outside investors or simply...READ MORE >
The tax deduction ins and outs of donating artwork to charity
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax...READ MORE >
Are you ready to expand to a second location?
Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location. If your business has reached this point, or is nearing it, both...READ MORE >
Movin' On: Keep Employees Well Informed
Moving a business is widely considered one of life's most stressful events for owners and employees.There's packing and unpacking while your staff carries on with business as usual while your staff carries on with business as usual — the...READ MORE >
Tax Law Changes Affecting Partnerships, LLCs and Their Owners
The Tax Cuts and Jobs Act (TCJA) brought many modifications to the tax laws that affect partnerships, limited liability companies (LLCs), and their owners. Here's a look at the key changes. Technical Termination Rule Repealed Under prior law,...READ MORE >
2018 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 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...READ MORE >
Prepare for valuation issues in your buy-sell agreement
Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play. Issues,...READ MORE >
Do you need to make an estimated tax payment by September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for...READ MORE >
Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends
Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for...
Includes insights from Brian E. RaberREAD MORE >
Back-to-school time means a tax break for teachers
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This...READ MORE >
HSA + HDHP can be a winning health benefits formula
If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an...READ MORE >
QBI Deduction Provides Tax Break to Pass-Through Entity Owners
The IRS recently issued proposed reliance regulations to help clarify the new qualified business income (QBI) deduction that was introduced as part of the Tax Cuts and Jobs Act. This guidance is complex and hundreds of pages...READ MORE >
Incentive Compensation: How to Strike a Proper Balance
High profile financial scandals in today's business world pop up in the media regularly. Often at the root of such scandals are incentive compensation systems that went awry. The problem might be with the program's initial design or a loophole...READ MORE >
Stamp Out Bad Attitudes and Boost Profits
A good attitude can work wonders at any organization. A cheerful receptionist, a friendly delivery person or a sales clerk with a winning smile can be money in the bank for your business. By the same token, a bad attitude on the part of...READ MORE >
IRS Encourages Taxpayers to Check Withholding
Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a result, many taxpayers who previously itemized...
Includes insights from Holly L. LieserREAD MORE >
Business tips for back-to-school time
Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes, is also a good time for businesses to creatively step up their business development efforts, whether it’s launching new...READ MORE >
Play your tax cards right with gambling wins and losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your...READ MORE >
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures...READ MORE >
Looking for a Business Loan? Be Prepared
If you're building up a small business but haven't yet needed to borrow funds to expand or smooth out cash flow irregularities, you're doing something right. Or if you have borrowed and everything went smoothly, kudos again. Otherwise, keep in...READ MORE >
Hiring a Doctor ... A Few Points to Consider
Since physicians are the revenue producers of a busy medical practice, there can be a temptation to add doctors to ease patient loads and increase the bottom line. But while bringing on more practitioners can reduce workloads and create...READ MORE >
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then...READ MORE >
Contemplating compensation increases and pay for performance
As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash...READ MORE >
How Tax Reform Affects Tax Planning for C Corporations
One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service...READ MORE >
More Acquisitions Signal Change in Accounting Industry
Independent Firms Must Find Their Niche Within the accounting industry, a growing trend is emerging. Across the country, large corporate accounting firms are rapidly acquiring midsize firms. While these acquisitions have created obstacles for some,...
Includes insights from Richard L. CraigREAD MORE >
What you can deduct when volunteering
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately,...
Includes insights from Mikaela E. RaydoREAD MORE >
Is there a weak link in your supply chain?
In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure...READ MORE >
415 Group Grows Its Commitment with Nine New Hires
Canton, Ohio (August 2, 2018) — 415 Group, a certified public accounting, business consulting and IT services firm, announced today the hiring of nine associates: Kandaze Bresnahan, Associate Ron Butler, Senior Manager Cody Ciesielczyk,...READ MORE >
New Law, New Limit on Deductions for Business Interest Expense
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here's what you need to...READ MORE >