Category Archive for "Business Tips"

New Law Eases the Individual Alternative Minimum Tax

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Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual Alternative Minimum Tax (AMT). But there’s a silver lining: The AMT rules now reduce the odds that you’ll owe the AMT for 2018 through 2025. Plus, even if you’re…

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Wondering about how tax deductions are handled for your new Start Up?

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The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active. Start-Up Costs Include Amounts Paid for the Following: An analysis…

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Business Tip: Guard Against Age-Bias Suits When Downsizing

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While a bad economy may be one of the biggest reasons companies downsize, there are other reasons, including mergers and acquisitions, changes in management, and outsourcing. Problems can arise, however, if laid-off employees believe they are victims of discrimination. Employees…

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Case Study: Can You Deduct Loans Gone Bad?

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The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write…

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Seven Strategies for Better Results With Employees

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Successful managers and supervisors know how and when to be assertive. They communicate their needs in a way that earns them respect and gets results. Let’s say you need a budgeting project done by Friday. Here are seven strategies to…

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Find the Silver Lining in Dark Clouds

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We’re in the midst of hurricane season in Tampa, but the gulf, eastern and southern shores aren’t the only parts of the country at risk for catastrophic events. Mudslides, earthquakes and wildfires often plague the West Coast, tornadoes may touch…

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Business Interruption Claims Require Professional Help

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Smart company owners and executives obtain business interruption insurance — and possibly contingent business income coverage if the operation relies heavily on outsourcing or a particular supplier. The idea is that the policy will compensate the company for lost earnings…

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Looking for a good leader for your business?

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Traditional interviews, background checks, and clever “scenario” questions might help you turn up a good leader. But sometimes, in spite of your best efforts, you end up hiring a problem, and then struggling to get rid of him or her….

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How C Corporations Can Pass the Reasonable Compensation Test

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More Lessons from Tax Court: When a C corporation’s shareholder-employees are given generous salaries and benefits, the corporation should be prepared to fight IRS claims that some of the compensation payments are actually disguised dividends, which were paid according to…

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Navigating the Social Media Minefield for Your Business

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Social media sites such as Twitter, Facebook, LinkedIn, YouTube, Imgur and blogs can be powerful business tools. But they also carry risks, including inadvertently disclosing corporate trade secrets or engaging in behavior that can harm your company’s reputation. Crossing the…

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