Landmark News
Tax Breaks for Business Owners: Hire Your Child This Summer
If you’re a business owner and you hire your child (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money.
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TCJA Changes to Business Auto Depreciation and Deductions
The Tax Cuts and Jobs Act changed the rules for business autos. Here are a few highlights.
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Consider a Roth 401(k) Plan — And Make Sure Employees Use It
Despite the prevalence of employers offering Roth 401(k)s, most employees aren’t choosing to contribute to them. If you offer a Roth 401(k) or you’re considering one, educate your employees about the accounts to boost participation.
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The Nuts and Bolts of the New Revenue Recognition Standards: An Overview for Contractors
New revenue recognition standards for contractors seem pretty simple until you start thinking about some of the complexities inherent in construction contracts. Let’s take a look at a couple of key concepts.
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What Type of Expenses can you Write Off?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can write off office supplies and certain other expenses.
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Understanding the Job Schedule: Accounting for Contract Costs
Errors in allocating contract costs on the job schedule can produce some unpleasant surprises. Sometimes when financial statements are audited according to U.S. generally accepted accounting principles (GAAP), a project that seemed to be profitable can suddenly turn into a loss. In many instances, this is due to the discovery of job-related costs that were not properly allocated to the project.
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Employees vs. Independent Contractors: How Should you Handle Worker Classification?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations.
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Understanding the Job Schedule: Realistic Estimates are Essential
The job schedule can help you do a better job of analyzing and improving your company’s performance, but it is essential that the cost estimates on the schedule be as realistic and accurate as possible.
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How Entrepreneurs Must Treat Expenses on Their Tax Returns
Entrepreneurs are often unaware that many start-up expenses can’t be deducted right away. You should be aware that the way you handle some of your initial expenses can make a large difference in your tax bill.
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Board Succession Planning Pays Off
Most nonprofit organizations know they need a succession plan for their executive director, and many have one in place. But managing transition within the board itself is a different challenge, and fewer organizations maintain board succession plans.
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