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.

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.

WHY A BUSINESS APPRAISAL MAY BE YOUR BEST FRIEND

There are a lot of ways a business appraisal can help business owners. Take a look at why you should consider getting one.

IS YOUR BUSINESS SUSCEPTIBLE TO PAYROLL FRAUD?

Although you may not want to hear it, all businesses can be hit with payroll fraud. Find out how it happens and what you can do about it.

DO YOU HAVE A HOUSEHOLD EMPLOYEE? DON'T IGNORE THE NANNY TAX

It's simple enough to overlook this tax related to household employees. But you could be in trouble if you do. Here's why you'd better pay attention to the nanny tax.

BUSINESS OWNERS: FORMS DUE JAN. 31

Don't forget that Jan. 31 is an important due date if you own a business, or have a side business in addition to your regular job.

 

Avoid fines by making sure Forms W-2 and 1099-MISC are postmarked or sent electronically by this date to the IRS as well to the people you did business with in 2017. Remember, you may face separate fines for each late form. The Jan. 31 deadline for these forms was unified as part of the IRS's larger effort to minimize refund fraud.

UPDATE YOUR MILEAGE RATE REIMBURSEMENTS

If you plan on using your vehicle for business, medical appointments or moving during 2018, make sure you know the standard mileage rates have changed. The standard business mileage rate increased to 54.5 cents per mile (up from 53.5 cents in 2017). The medical and moving rates also increased by 1 cent, to 18 cents per mile. Charitable rates remain at 14 cents per mile.

YOUR BUSINESS YEAR-END HEALTH CHECK

Just like people, businesses need yearly checkups. Follow these seven suggestions and take some time this December to look into the health of your business.

EMPLOYEE MEALS: 50 OR 100 PERCENT DEDUCTIBLE?

Your business tax return could look a lot different depending on the circumstances of employee meals. Find out why and what you can do to get the most bang for your tax buck.

EMPLOYER COMPANY STOCK: RISKY OR WORTH IT?

Do you have too much of your employer's company stock in your 401(k) or other retirement plan? It's time to find out if you've made a smart or risky move.

FOUR SMART WAYS TO CUT BUSINESS COSTS

Cutting business costs is no easy task. Fortunately, there are a few ways you can save money before you consider more severe cost-saving measures. Take a look at these four options.

CONSIDERING LEASING YOUR BUSINESS REAL ESTATE?

If your business is incorporated, it may be a good idea for you to own the business real estate and lease it to your corporation. That's because there are a number of tax and nontax concerns relating to real estate ownership. Before you acquire new business property or change the ownership of property you already have, give us a call at (518) 798-3330. We can discuss tax considerations.

ARE YOU WITHHOLDING ENOUGH FOR TAXES?

Don't leave it up to chance – check your 2017 tax withholdings while you still have some time to make changes. You can use the withholding calculator on the IRS website to see if you are paying too much or not enough. To make a change, fill out a Form W-4 and give it to your employer. You'll end up filling out another form in early 2018 to adjust your withholding schedule.

STAY AWAY FROM STRUCTURING

Avoiding bank reporting by manipulating cash transactions is called structuring – and it's against the law. Know the rules around structuring and how to make sure your business isn't questioned by the IRS.

IS YOUR HOBBY ACTUALLY A BUSINESS?

If you invest a ton of personal time and effort into your hobby, plus you have multiple customers and keep professional records, your hobby might actually be a business.

Turning your hobby into a business means you can deduct qualified business expenses. But ,that's only if you do it right. The IRS has certain criteria that must be met, or your hobby-turned-business could be challenged. Give us a call at (518) 798-3330 to find out more.

WHY BARTERING AFFECTS YOUR TAX RETURN

If you exchanged items or services with someone and didn't use money, you've bartered. That means you have to list the difference in fair market value between what you've exchanged as either income or a loss on your tax return. Before you establish the value of a bartered item, take a look around at how the item is being valued elsewhere.

DO A BUSINESS VALUATION WHEN YOU'RE READY TO SELL YOUR COMPANY

If you're thinking of selling your company, a proper appraisal is a necessary starting point to ensure your business is priced properly and you will be able to attract potential buyers.

FIVE HOME OFFICE DEDUCTION MISTAKES

The home office tax deduction is a tricky area of the tax code. Some taxpayers are so wary of the deduction that they simply opt not to take it. If you're in this group, read the common mistakes and then get help. Don't miss out on this tax benefit if it applies to you.