The domestic production activities deduction (DPAD) provides a tax break for certain “domestic production activities.” Unfortunately, many businesses tend to overlook this valuable tax break because they believe it’s applicable only to certain industries. In fact, the deduction remains available to a wide range of businesses for the 2017 tax year. Significant Benefits Calculating the [...]
If your company sells services, you can track the time spent providing them in QuickBooks. When you sell a product to a customer, you know it. It goes away, and your inventory count in QuickBooks is reduced by one. This tracking helps you know what’s selling and what’s not, and it signals when a reorder [...]
Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. Here are four tips to help such partners better manage the situation. Take Inventory. Identify the assets and liabilities each person brings to the union. If one spouse has significant debt, how will the couple manage it? Or if one [...]
Still Important: The Tax Impact of Business Travel With conference calls and Web meetings, increasingly prevalent, business travel isn’t what it used to be. But if your company is still sending employees out on the road, it remains important to understand the tax ramifications. Fringe Benefits Generally, for federal tax purposes, a company may deduct [...]
Keeping up with the complexity of the Internal Revenue Code is challenging for an individual and even more so for a business owner. But, if you’re someone who handles both roles – an owner-employee – the difficulty level is particularly high. Nonetheless, it’s important to stay up to speed on your specific obligations. As you’re [...]
2018 has begun. Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging? Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, Let’s-wrap-it-up-by-December-31 projects. How did you [...]