Many business owners are accustomed to running the whole show. But as your company grows, you will likely be better off sharing responsibility for major decisions. Whether you have recruited experienced managers or developed 'home grown' talent, you can empower these employees by taking a...
It is not uncommon for adult children to help support their aging parents. If you are in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic...
What is the most costly type of white collar crime? On average, a company is likely to lose more money from a scheme in which the financial statements are falsified or manipulated than from any other type of occupational fraud incident. The costs frequently include...
Partnerships: File a 2016 calendar-year return (IRS Form 1065). Provide each partner with a copy of Schedule K-1 (IRS Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic six-month extension of time to file the...
Some business owners make major decisions by relying on gut instinct, but investments made on a 'hunch' often fall short of management’s expectations. In the broadest sense, you are really trying to answer a simple question: if my company buys a given asset, will the asset’s...
If last year your business made repairs to tangible property, such as buildings, machinery, equipment, or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. However, you must make sure they were truly 'repairs' and not actually 'improvements.' Why? Costs...
Employee benefit plans with 100 or more participants must generally provide an audit report when filing IRS Form 5500 each year. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits. Select a qualified auditor Employee Retirement Income Security Act of 1974...
Traditional defined benefit plans, structured to provide a lifelong pension, have become rare in the private sector. They are still the norm for public sector employers; some large companies continue to offer plans. Ironically, these plans might be a good fit for extremely small companies. A...
Most business owners spend a lifetime building their business, and when it comes to succession, they face the difficult decision of whether to sell, dissolve, or transfer the business to family members (or a non-family successor). Many complicated issues are involved, including how to divvy up...
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. However, you also might be able to deduct miles driven for other...