Business Planning

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Tangible Property Repair Safe Harbors Help Maximize Deductions

By |February 28th, 2017|

If last year your business made repairs to tangible property, such as buildings, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But make sure they were truly “repairs,” and not actually “improvements,” which must be depreciated over a period of years. Learn more.

The “Manufacturers Deduction” Isn’t Just for Manufacturers

By |January 31st, 2017|

The Section 199 deduction is often referred to as the “manufacturers’ deduction” because it’s intended to encourage domestic manufacturing. But construction, engineering, architecture, computer software production and agricultural processing businesses also may be eligible. Learn more about eligibility in this blog post.

Can You Take Bonus Deductions This Year But Pay Them in 2017?

By |December 6th, 2016|

Can you pay bonuses in 2017 but deduct them this year? Maybe, if the bonuses were earned in 2016 and are paid within the first 2½ months of 2017 (assuming you’re a calendar-year company). Learn more about the requirements for bonus deductions in this blog post.

There’s Still Time to Benefit on Your 2016 Tax Bill by Buying Business Assets

By |November 28th, 2016|

Section 179 expensing allows businesses an immediate deduction for the cost of eligible asset purchases, rather than depreciating them over a number of years. If you want to benefit on your 2016 taxes, there's still time to do so by purchasing business assets. Learn more in this blog post.

To Deduct Business Losses, You May Have to Prove Material Participation

By |July 19th, 2016|

Most business owners work 40-plus hours a week and don’t have to worry about the “material participation” rules. But if you have losses you’d like to deduct from an S corp, partnership or LLC, you have to spend a certain amount of time in the activity. Otherwise, your losses are generally “passive” and can only be used to offset income from other passive activities. Learn more about the rules of material participation in this blog post.

Accessing and Structuring Capital: Know These Types of Business Loans

By |June 21st, 2016|

Many business owners find that they need to seek outside sources for the capital required to keep their companies running smoothly. Not surprisingly, the first place they turn to is their bank. But it’s a good idea to first get up to speed on the different types of business loans that banks typically offer. This article describes the different types of bank loans — including lines of credit, term loans and equipment leases — along with alternative financing arrangements.

How Advisory Boards Can Benefit Family Businesses

By |March 31st, 2016|

Even successful family businesses can become insular, impaired by conflict or in need of fresh perspectives. As this short article argues, an advisory board made up of professionals from outside the business can help. The ideal board composition and types of advice members can provide are described.

Best Practices for Cash Flow Forecasting

By |March 14th, 2016|

Capital is the lifeblood of any manufacturing business. Each week, expenses must be met, even though customers might not pay on time — or in full. This article offers three best practices to help eliminate much of the heartburn associated with managing a manufacturing facility’s day-to-day capital.