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Tax credit for hiring from certain “target groups” can provide substantial tax savings

Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax return.   Read More  >>

Use benchmarking to swim with the big fish

You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you’re a big fish in your pond, someone a little bigger may be swimming up just beneath you. Being successful means not just being aware of these competitors, but also knowing their approaches and results.   Read More  >>

Geography as (charitable giving) destiny

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Families with college students may save tax on their 2017 returns with one of these breaks

Whether you had a child in college (or graduate school) last year or were a student yourself, you may be eligible for some valuable tax breaks on your 2017 return. One such break that had expired December 31, 2016, was just extended under the recently passed Bipartisan Budget Act of 2018: the tuition and fees deduction.   Read More  >>

Fixed vs. variable costs: How to compute breakeven

Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. The breakeven point is fairly easy to calculate using information from your company’s income statement. Here are the details.   Read More  >>

Only certain trusts can own S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders.   Read More  >>

Turning employee ideas into profitable results

Many businesses train employees how to do their jobs and only their jobs. But amazing things can happen when you also teach staff members to actively involve themselves in a profitability process — that is, an ongoing, idea-generating system aimed at adding value to your company’s bottom line.   Read More  >>

TCJA temporarily lowers medical expense deduction threshold

With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold.   Read More  >>

The first president was surprisingly candid about taxes.

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Why employees steal — and what you can do about it

Wouldn’t it be nice if employees prone to fraud had the letter “F” stamped on their forehead? You could monitor them closely and make sure they never had access to the accounting books. But potential thieves are never that obvious.   Read More  >>