backing up

Are You Backing Up Your Quickbooks Data?

We all know it’s important to back up our files, but in many cases, it takes a crisis to drive the point home. Are you backing up your Quickbooks data regularly? Here are a couple of cases in which experienced bookkeepers learned this lesson…
manufacturers deduction

2017 May Be Your Last Chance to Take the Manufacturer's Deduction

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’…
bonus depreciation

Claiming bonus depreciation on your 2017 tax return

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus…
tax credits

These 2 tax credits may reduce your 2017/18 tax bills

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and…

Expenses Under the TCJA May be more Expensive

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs…
If you made gifts last year, you may (or may not) need to file a gift tax return

Do you need to file a Gift Tax Form this year?

Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With the April 17 filing deadline approaching,…
tax limits

State & Local Tax Deductions Subject to New Limits

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had…
Personal exemptions and standard deductions and tax credits, oh my!

TCJA: Exemptions, Deductions and Tax Credits

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals,…
Light a beacon to your business with a mission statement

Writing an Effective Mission Statement for your Business

Every company, big or small, should have a mission statement. Why? When carefully conceived and well written, a mission statement can serve as a beacon to the world — letting everyone know what the business stands for and where it’s headed.…
Life Insurance

Life Insurance: Estate Planning for Nontaxable Estates

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid…