Author Archives: ABIP



ABIP

Small Businesses: It may not be not too late to cut your 2019 taxes
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Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies. For example, are you thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of...

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19 Dec 2019
2020 Q1 tax calendar: Key deadlines for businesses and other employers
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2020 Q1 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax-related deadlines for businesses during Q1 of 2020. JAN. 31: File 2019 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2019 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2019 Forms 1099-MISC if not required earlier and paper filing. MAR. 16: If a...

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11 Dec 2019
What lenders look for in a succession plan
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What lenders look for in a succession plan

Your lender may not be top of mind as you create a succession plan, but it’s a pertinent party. One key issue that lenders want a succession plan to address is, simply, who’s your successor? Follow a thoughtful process to choosing the right person then set a timeframe for the transfer of control and ownership, all while keeping your lender in the loop. To guard...

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04 Dec 2019
The tax implications if your business engages in environmental cleanup
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The tax implications if your business engages in environmental cleanup

If your company needs to “remediate” or clean up environmental contamination, the expenses involved can be tax deductible. Unfortunately, every type of environmental cleanup expense cannot be currently deducted. Some cleanup costs must be capitalized. For example, remediation costs generally have to be capitalized if the remediation adds significantly to the value of the cleaned-up property; prolongs the useful life of the property; or adapts...

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20 Nov 2019
Small businesses: Stay clear of a severe payroll tax penalty
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Small businesses: Stay clear of a severe payroll tax penalty

Managing payroll is a laborious task for small businesses. But it’s critical to withhold the right amount of taxes from employees and pay them over to the federal government on time. If you don’t, you could be hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. It applies to the Social Security and income taxes required to be withheld by a...

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06 Nov 2019
Thinking about converting from a C corporation to an S corporation?
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Thinking about converting from a C corporation to an S corporation?

The right entity choice can make a difference in the taxes you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some situations, there are potential tax problems you should assess before deciding to convert from C to S status. One of the issues to consider is last-in, first-out (LIFO) inventory. A C corporation that uses LIFO inventory...

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30 Oct 2019
Accelerate depreciation deductions with a cost segregation study
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Accelerate depreciation deductions with a cost segregation study

Is your business depreciating over 30 years the entire cost of constructing the building that houses your operation? If so, consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits are now even greater than they were a few years ago due to enhancements to...

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23 Oct 2019
Deciding whether a merger or acquisition is the right move
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Deciding whether a merger or acquisition is the right move

Merging with or acquiring another company is one of the best ways to grow rapidly. But you’ve got to weigh the potential advantages against the risks of such a move. An acquisition might enable your business to expand into new geographic areas or seize new customer segments. But it’s a costly process that can even spell doom for a company that overextends itself financially. To...

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16 Oct 2019
Understanding and controlling the unemployment tax costs of your business
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Understanding and controlling the unemployment tax costs of your business

Employers must pay federal unemployment tax on amounts up to $7,000 paid to each employee as wages during the year. The tax rate is 6% but it can be reduced by a credit for contributions paid into state unemployment funds. Typically, the more claims made against a business, the higher the unemployment tax bill. But there may be ways to control costs. Don’t hire employees...

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09 Oct 2019
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