Tag: cost

  • Get Your Piece of the Depreciation Pie with a Cost Segregation Study

    Get Your Piece of the Depreciation Pie with a Cost Segregation Study

    If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost…

  • Hiring Independent Contractors? Make Sure They’re Properly Classified

    Hiring Independent Contractors? Make Sure They’re Properly Classified

    As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an…

  • Do You Run Your Business from Home? You Might Be Eligible for Home Office Deductions

    Do You Run Your Business from Home? You Might Be Eligible for Home Office Deductions

    If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture…

  • Uncle Sam May Provide Relief from College Costs on Your Tax Return

    Uncle Sam May Provide Relief from College Costs on Your Tax Return

    We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation…

  • Some Business Owners Can’t Participate in Their Own Companies’ HRAs

    Some Business Owners Can’t Participate in Their Own Companies’ HRAs

    Many companies now offer health reimbursement arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the health savings account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may not…

  • Four Business Functions You Could Outsource Right Now

    Four Business Functions You Could Outsource Right Now

    One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies and independent contractors offering a wide array of support services. Simply put, it’s never been easier to outsource certain business functions so you can better focus on fulfilling your company’s mission and growing its bottom line. Here are…

  • Three Ways to Get More from Your Marketing Dollars

    Three Ways to Get More from Your Marketing Dollars

    A strong economy leads some company owners to cut back on marketing. Why spend the money if business is so good? Others see it differently — a robust economy means more sales opportunities, so pouring dollars into marketing is the way to go. The right approach for your company depends on many factors, but one…

  • Following the ABCs of Customer Assessment

    Following the ABCs of Customer Assessment

    When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more critically. If your business has reached this point, regularly assessing your customer base is indeed an…

  • Ins and Outs of Tax Deductions for Donating Artwork to Charity

    Ins and Outs of Tax Deductions for Donating Artwork to Charity

    If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit…

  • Are You Ready to Expand to a Second Location?

    Are You Ready to Expand to a Second Location?

    Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location. If your business has reached this point, or is nearing it, both congratulations and caution are in order. You’ve clearly done a great job with growth, but…