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It's 2018: Have You Started Your Financial Planning Yet?

Though you're probably focused on getting your 2017 taxes in order, have you taken the time to consider how the new tax reform law will impact your company's financial planning? Here's a quick look at some of the major changes that you'll need to take into account for your 2018 financial planning. Re-think expenses Though it's been common to itemize expenses on your personal taxes, one area where the tax law has changed is the end of itemized deductions. If you've used this strategy heavily in the past to reduce your tax burden, you'll want to consider other options, such as reimbursement of applicable expenses from the company. Don't rely on home equity loans for financing Some small busine

What's Up with the New Pass-Through Tax Cut?

Pass-through. It's a term that has been tossed around a lot lately, primarily because of the new tax law. Until this year, the only businesses that paid taxes directly were corporations. Other business organizations typically work as pass-through businesses, with the owner claiming the profit or loss on their taxes. For all intents and purposes, the business was ignored and the income was treated as personal income. However, the tax reform bill passed in December provides a solid tax cut to pass-through income. Here's a quick look at how it works and what to expect for your 2018 tax season. First off, what kind of income is considered pass-through income? It's typically income that is not ot

5 Areas Where You Can Still Get 2017 Tax Deductions

Even though it's 2018, you can still claim some deductions on your 2017 taxes, though they're significantly reduced compared to New Year's Eve. But what areas can you still receive deductions in to benefit for the upcoming tax returns? Here's a quick glance at a few options to consider: Add to your retirement savings If you haven't hit your upper deductible limit for your traditional or Roth IRA, you'll want to do so between now and April 15. However, if your retirement plan is an SEP or Keogh plan, you have the option of filing an extension until October 15, 2018 and can make contributions right up to that point that will count against your 2017 taxes. Explore deductions With the change in

Cash vs. Accrual: What's the Difference in These Accounting Types?

Whether it's a checkbox on your tax forms or mentioned in an accounting document, cash and accrual accounting types are two of the most common methods of accounting used in the modern world. But what are the differences between these two accounting types? Would cash accounting or accrual accounting work better for your company? Here's a quick look at both accounting types and their benefits and drawbacks. All accounting systems record the income and expenses of a business. The biggest difference between these two accounting types is when these transactions are recorded. One records these transactions when cash moves while the other type records these same transactions when they occur. This c

Planning Your Business' Future: Changes in Ownership

Whether you've spent years building up your company and are ready for retirement or are buying a business or take over for the prior generation, changes in ownership can be a stressful time for any business. How do you make plans for the change in ownership that will best benefit your interests? Here's a quick look at some options to consider. If you're selling a business, do you know what it's really worth? Though it's easy to simply guess at the value based on similar business sales in the area or other methodology, a professional business valuation not only gives you a fair market value, but it also helps you discover what your company's strengths or weaknesses are before you start the sa

What will the new tax reform bill mean for your company?

With the passage of the new tax reform bill, there are about as many questions as answers in the media. But what will the new law mean for your small business? Here's a quick glance at the high points: Bye-bye depreciation Instead of having to depreciate the value of equipment over a long period of time, a business can now immediately deduct the full value of the machinery. If you're in an industry where machinery regularly becomes obsolete before it's completely depreciated, this means you're able to replace it and deduct the new machinery's value at the time of purchase instead of having to hang onto it to fully benefit from depreciation. Plan ahead to avoid debt Though debt interest was p

What are key elements of a business plan and why are they important?

When you're writing a business plan, there are several elements that are important to the overall document. These elements help lay out the most important parts of your business, helping you find direction, secure financing and be successful in your enterprise. Here's a quick look at some of the most important elements of a business plan and the reasons why they're so important. Executive Summary This is an overview of what your business is and where it will go. It should peak the interest of the reader, making them want to continue reading and take an interest in helping your company succeed. Company Description This describes what your company is, how you'll operate and your overall goals.

New Year's Resolution: Make 2018 Your Best Business Year

Are you setting business goals for the upcoming year? If you're like many business owners, knowing what kind of business growth to expect for the upcoming year can help you make smart decisions and good investments. But knowing how to get to that point can be confusing and complicated. Fortunately, working with business services firms can help you find the best path for your company. Here's a quick look at how to make 2018 your business' best year. It's expected that 2018 will see steady economic growth, main line business digitization, continued social media marketing opportunities and a stronger market share for companies that put their values in the spotlight. Is your company setting busi

Into the New Year: Planning for Business Change in 2018

With 2017 winding down and the new year fresh before us, it's easy to wonder what the year ahead will hold for your business. But when you're undertaking business planning, it's important to know what business trends are anticipated for the year to come. Here's a quick look at 2018 business trends and how they may impact your company's performance. Experience takes center stage If you've been hearing about user experience the past few years, it's finally arrived. Consumers are basing more and more of their choices on their experience rather than price points. Digitize or get left behind Digitization of businesses leads to automation, reduced overhead, improved profitability and increased fle

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