Year end is just about here. You know what that means, right? It’s a great time to settle in by a roaring fire and catch up on reading … your company’s financial statements. One chapter worth a careful perusal is the balance sheet. Therein may lie some important lessons. 3 ratios to consider In a […]

Updating your payroll records before year-end and putting procedures in place for annual reporting is an especially good idea this December. Two important due dates have been pushed forward, and you’ll want to have your information ready so you can meet the shorter time frame. In addition, you’ll need to begin using a new version […]

2016 is winding down, but you still have time to wrap up business tax strategies before December 31. Here are five to put on your list. *Make capital contributions. When you have losses in your Subchapter S corporation, the amount you can deduct on your personal tax return may be restricted. That’s because losses are […]

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. One deductible expense you may be able to time to your tax advantage is your 2016 property tax payment that’s due in 2017. If you expect to be in the same or lower tax bracket in 2017 and […]

You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company). But this favorable tax treatment isn’t always available. For one thing, only accrual-basis taxpayers […]

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Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? If so, begin by identifying key professionals who are important to your parents’ finances and medical conditions. Then value their assets because, if you’re going to be able to manage their financial affairs, having knowledge of their assets is […]

What do the election results mean for your personal tax outlook? Under President-elect Donald Trump’s tax reform plan, released earlier this year, the top tax rate would drop from 39.6% to 33% and the AMT, net investment income tax and estate tax would be abolished. So you may enjoy significant tax savings. But some taxpayers […]

Accrual-basis taxpayer? One way to save tax is to properly record and recognize expenses that were incurred this year but won’t be paid until 2017 so you can deduct them on your 2016 tax return. Common examples include commissions, salaries, wages, payroll taxes, advertising, interest, utilities, insurance and property taxes. Also review prepaid expense accounts […]