AUDIT-PROOF YOUR SHAREHOLDER LOAN

Business owners may face a lot of scrutiny if they borrow money from their company and then get audited. Find out how you can prepare.

WANT A PROFITABLE BUSINESS? FOCUS ON CUSTOMER SERVICE

Customer service is one of the most vital yet overlooked paths to profitability. It's time to consider how to harness the power of customer service.

GETTING SUMMER HELP? CLASSIFY PROPERLY

Don't subject your business to tax penalties by misclassifying employees and independent contractors. You can avoid misclassification by understanding how the law defines employment (we can help you with this), and by creating and following work-habit guidelines. Thoroughly review your work arrangement not only at the beginning of professional relationships, but regularly to ensure both you and your employee are on the same page

DON'T FORGET YOUR MIDYEAR TAX-PLANNING

Can you believe 2018 is already half over? If you haven't thought about your 2018 tax situation yet, it's time to do so. At this point, you should have a good idea what your income and deductions will be. With all the big tax law changes that take effect this year, you need to start planning now if any of them will impact you.

Don't procrastinate or you could end up paying more tax in 2018 than necessary. Contact us at (518) 798-3330 to schedule your midyear review.

ARE BUSINESS MEALS STILL DEDUCTIBLE?

Deducting business meals with clients is no longer so clear-cut following the passage of the Tax Cuts and Jobs Act. That's because meals are still 50% deductible, but entertainment isn't. Make sure you make a clear distinction between entertainment and meals by keeping an expense log documenting the business purpose of each meal.

A NEW CREDIT FOR SMALL BUSINESS OWNERS

Starting this year, employers can take advantage of a new credit for paid family and medical leave created by the Tax Cuts and Jobs Act. Employers may claim the credit based on wages paid to employees while they are on leave for the birth of a child, a serious health condition, and other family and medical events.

The credit is a percentage (ranging between 12.5 percent to 25 percent) of the amount of wages paid to an employee while on family and medical leave for up to 12 weeks.

The credit is set to expire after the 2019 tax year, however, so keep this in mind for long-term planning.

CONSIDERING DIVORCE? THINK ABOUT YOUR TAX FILING STATUS

If you're thinking about divorce, you should also be considering what tax filing status you should choose. Here's why.