Beyond the Numbers

How to Raise a Financially Savvy Child

If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to impart your wisdom. Here are some age-relevant suggestions to help develop a financially…

Read More

Hey Alexa. Are You Making Me Dumb?

3 concerns to consider while living with a smart speaker Smart speakers like the Amazon Echo and Google Home are popping up everywhere. According to a Nielsen study from last September, nearly one of every four U.S. households has a smart speaker — 40 percent of those homes have more than one. For some, the…

Read More

Every Business Needs Cash!

5 keys to better cash management Focusing solely on sales and profits can create a surprise for any business when there is not enough cash to pay the bills. Here are five key principals to improve your cash management. Create a cash flow statement and analyze it monthly. The primary objective of a cash flow statement…

Read More

Tips for a Faster Refund

As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the…

Read More

IRS Capitalization and Repair Rules

The IRS issued over 250 pages of final regulations affecting materials and supplies, expenditures to acquire, produce or improve personal tangible property, real property, and certain intangibles. These rules were effective beginning Jan. 1, 2014. Tangible personal property used or consumed in the business (other than inventory) must be capitalized if: The property has an…

Read More

Do you Contribute to Your Employees’ Health Insurance?

The Small Business Health Care Credit is a tax credit to small businesses that provide health insurance coverage to their employees. In order to qualify, the following criteria must be met: You must pay the premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP)…

Read More

Meals and Entertainment Deductions

Beginning Jan. 1, 2018, the rules regarding the deductibility of expenses paid by the business for meals and entertainment changed. Now businesses should have three categories of meals and entertainment to account for the following: Non Deductible: Entertaining clients, prospects, etc. even if a business was conducted immediately prior to or after the entertainment Events…

Read More

Personal Property Taxes

Property tax not only applies to real property, but also applies to personal property that is owned and used in a business.  Personal property includes leasehold improvements, machinery, equipment, furniture and supplies. It does not apply to inventory. All businesses are required to complete a personal property tax affidavit form with their county and file…

Read More

1099 Reporting Requirements

Taxpayers who have an active trade or business are required to prepare Form(s) 1099 to report various types of payments made during the year. The most common type of payment requiring a Form 1099 is for services rendered, where the total payments exceed $600. The filing requirement does not include payments made to corporations unless…

Read More

Health Insurance Paid on Behalf of Partners and LLC Members

Partners in a partnership and LLC members may be able to deduct all the medical, dental and qualified long-term care insurance paid on their behalf and on their family. In order to deduct the premiums: The policy must be in the name of the company, partner or member. The premiums must be paid by the…

Read More