If you’re self-employed and you or your employees use a vehicle to conduct business, it’s important to know the latest tax rules. First, business-related vehicle expenses can generally be deducted using either the: Mileage-rate method (54 cents per mile driven in 2016), or Actual-cost method (total out-of-pocket expenses for fuel, insurance, repairs and other vehicle [...]
Many employers look to attract and retain key employees through various investment-related incentives. One example is the nonqualified stock option (NQSO). If your employer provides these to you, or you’re considering an employer that does, make sure you’re up to speed on the applicable tax treatment and reporting. HOW DO THEY WORK? An NQSO [...]
As the year winds down, many people begin to wonder whether they should put off until next year purchases they were considering for this year. One interesting wrinkle to consider from a tax perspective is the sales tax deduction. MAKING THE CHOICE This tax break allows taxpayers to take an itemized deduction for state [...]
When many people think about charitable giving, they picture writing a check or dropping off a cardboard box of nonperishable food items at a designated location. But giving to charity can take many different forms. One that you may not be aware of is a gift of appreciated stock. Yes, donating part of your portfolio [...]
Robust cash flow is a must for virtually every kind of business. Yet an improperly or inadequately managed inventory system can drag down your revenues. It’s a good idea to regularly review your approach to inventory accounting. Reconsider Your Approach Generally, there are two primary inventory accounting methods for both tax accounting and financial accounting. [...]
If your company owns real property, or you do so individually, you may not always be able to dispose of it as quickly as you’d like. One avenue for perhaps finding a buyer a little sooner is an installment sale. Benefits and Risks An installment sale occurs when you transfer property in exchange for [...]