Small Business Tax Strategy: Heavy Vehicle Plus a Home Office

Small business owners are always looking for easy ways to lower their taxes. Here’s a simple, but effective, tax planning technique that’s available under the Tax Cuts and Jobs Act (TCJA) for 2018 through 2022. To take advantage, you need to purchase a “heavy” vehicle, work from a qualifying home office and keep detailed business expense … Continue reading Small Business Tax Strategy: Heavy Vehicle Plus a Home Office

New Tax Law Boosts Appeal of Qualified Small Business Corporations

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that’s acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. That translates into a 0% federal income … Continue reading New Tax Law Boosts Appeal of Qualified Small Business Corporations

Take Advantage of Expanded Tax Breaks for Business Vehicles

The Tax Cuts and Jobs Act (TCJA) expands the first-year depreciation deductions for vehicles used more than 50% for business purposes. Here’s what small business owners need to know to take advantage. Depreciation Allowances for Passenger Vehicles For new and used passenger vehicles (including trucks, vans and electric automobiles) that are acquired and placed in service … Continue reading Take Advantage of Expanded Tax Breaks for Business Vehicles

Auto Dealers Can Fill Gaps Between Inventory and Collections with Smart Debt Management

In the life cycle of any auto dealership, there will be times when cash flow is tight. Buy here pay here dealers in particular face complexity to ensure enough inventory is on hand to attract buyers — and offset that investment with a healthy flow through collections and debt management. This balance is never perfect. … Continue reading Auto Dealers Can Fill Gaps Between Inventory and Collections with Smart Debt Management

Outsourced Payroll Onboarding: Build in Time for Transition and Results

Every company or organization will have different needs for payroll administration based on business and compensation structures, benefit offerings, the specific industry and the state and local tax laws. While determining a good fit for outsourced payroll, anticipate how much time the set-up of such services could take. A long set-up time and possible mistakes … Continue reading Outsourced Payroll Onboarding: Build in Time for Transition and Results

Things to Ask your CPA about Payroll Outsourcing

For many small businesses, payroll may be handled in-house. And yet, the laws and regulations surrounding employee compensation and benefits can challenge owners and back office staff to stay efficient and compliant. Payroll ties directly into individual and company tax reporting as well as employee benefit compliance. If and when companies choose payroll outsourcing, they … Continue reading Things to Ask your CPA about Payroll Outsourcing

The Most Common Types of Restaurant Theft

In regards to restaurant theft of food or supplies, at your POS, in accounting processes, or of intellectual property, mitigating the risk of loss through theft is an ongoing challenge. Automation has improved security in transactions as well as back-office functions. But with top concerns in the restaurant industry being wholesale food costs and building … Continue reading The Most Common Types of Restaurant Theft

Outsourcing Payroll Administration and Compliance

There is a common story we see across small businesses of all sizes. Owners and operators of the company are focused on top line growth, hitting the pavement to bring in new business. They add employees to support the new business growth. They add benefits to keep those great employees. Before realizing it, the owners … Continue reading Outsourcing Payroll Administration and Compliance

Protect Your Restaurant from Employee Embezzlement

Mitigating the risk of loss in restaurants through theft is an ongoing challenge. Automation has improved security in transactions as well as back-office functions. But with top concerns in the restaurant industry being wholesale food costs and building and maintaining sales volume, the reduction of theft can improve those concerns for restaurateurs. We review the … Continue reading Protect Your Restaurant from Employee Embezzlement

Increasing Cash Flow with Lines of Credit

The average used auto dealership operates differently today than it did prior to 2008. Although margins can be healthier for “buy here pay here” dealers than for market rate dealers, accounting for these dealerships is complex. And cash flow is a constant concern. Dealers must balance inventory investment with collections. Yet, receivables alone don’t support … Continue reading Increasing Cash Flow with Lines of Credit