Beyond the Numbers

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…

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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…

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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…

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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)…

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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…

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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…

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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…

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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…

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Washington Paid Family and Medical Leave Program

Washington State becomes the 5th in the nation to offer paid family and medical leave benefits to employees. The program is administered by the Employment Security Department with the premiums being paid by both the employees and employers. A few things employers should take note of: Beginning 1, 2019, the initial premium rate is .04%…

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Washington Paid Sick Leave

Beginning Jan. 1, 2018, all Washington employers were required to begin providing sick leave to employees as part of Initiative 1433. A few things employers need to be aware of: Sick leave must be accrued at a minimum rate of 1 hour for every 40 hours worked. Paid sick leave must be at the employee’s…

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