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Best practices when filing a business interruption claim
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Best practices when filing a business interruption claim

Business interruption insurance generally provides cash flow to cover revenues lost and expenses incurred while normal operations are suspended because of an applicable event. But submitting a claim can be time-consuming and requires preparation. First, notify your insurer of an interruption immediately and review your policy. Then reorganize your bookkeeping to segregate costs related to the business interruption and carefully maintain supporting documents. The loss...

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20 Feb 2019
When are LLC members subject to self-employment tax?
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When are LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income (after deducting compensation for services in the form of guaranteed payments) aren’t subject to self-employment (SE) tax. But the IRS has been seeking back taxes and penalties from LLC members it claims have underreported SE income, with some success in court. At the greatest risk are LLC members who are comparable...

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13 Feb 2019
Financial statements tell your business’s story, inside and out
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Financial statements tell your business’s story, inside and out

As a business evolves, it will encounter the need to build credibility with outside parties, such as investors and lenders, and to make well-informed strategic decisions. In short, financial statements are a necessity. Typical components are an income statement, a balance sheet, and a cash flow statement. Also frequently included: a retained earnings/equity statement and a notes section. Financial statements tell an important, ongoing narrative...

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07 Feb 2019
Is your business stuck in the mud with its marketing plan?
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Is your business stuck in the mud with its marketing plan?

A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But a business can get stuck in the mud trying to build these thoroughfares. For example, many companies use the same, outdated marketing materials for years. Others overly focus on one marketing medium, missing critical opportunities. Still others have messaging...

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29 Jan 2019
Many tax-related limits affecting businesses increase for 2019
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Many tax-related limits affecting businesses increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have increased for 2019. For example, the Section 179 expensing limit has gone up to $1.02 million from $1 million. Also up are the income-based phase-ins for certain limits on the new-last-year Sec. 199A qualified business income deduction for owners of pass-through entities. And most limits related to employer-sponsored retirement plans,...

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24 Jan 2019
Getting wise to the rise of “smart” buildings
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Getting wise to the rise of “smart” buildings

If your business is considering upgrading its facility, or moving to or constructing a new one, be prepared to encounter “smart” buildings. A smart building is one equipped with sensors that gather and track information about energy usage. With this data, the building’s energy consumption can be more accurately tracked and regulated to lower costs. When buying or building a new facility, factor the long-term...

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16 Jan 2019
Is there still time to pay 2018 bonuses and deduct them on your 2018 return?
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Is there still time to pay 2018 bonuses and deduct them on your 2018 return?

There aren’t too many things businesses can do after a year ends to reduce tax liability for that year. But you might be able to pay employee bonuses for 2018 in 2019 and still deduct them on your 2018 tax return. To be eligible for this favorable tax treatment, you must be an accrual-basis taxpayer and the bonus liability must have been fixed by the...

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09 Jan 2019
Business owners: An exit strategy should be part of your tax planning
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Business owners: An exit strategy should be part of your tax planning

If you own a business, an exit strategy should be part of your tax planning so that taxes don’t trip you up when you retire or leave the business for some other reason. An exit strategy is a plan for passing on responsibility for running the company, transferring ownership and extracting your money from the business. Common exit options include a buy-sell agreement, succession within...

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02 Jan 2019
Do your long-term customers know everything about you?
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Do your long-term customers know everything about you?

Most business owners would agree that selling to existing customers is easier than finding new ones. Yet many companies squander potential sales to long-term customers because they don’t create awareness of all their products or services. Learn everything you can about your best customers’ missions, plans and operations. Also, instruct your sales staff to regularly ask about whether customers would be interested in products or...

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26 Dec 2018
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