Tag Archives | Money

How to Identify High-Profit Activities

Many business owners find it easier to identify what’s NOT working in terms of profitability. What tasks do you constantly find yourself trying to make more efficient? What is the constant office headache? For established businesses, it is common to add products and services here and there, but it’s less common to kill certain activities. […]

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time for CFO

Do You Need a CFO?

Clients often come in believing that there’s a financial threshold for requiring CFO services; however, the complexity and volume of transactions is a much better way to determine when it’s time for a CFO. External pressure from banks, regulators, or suppliers is another sign. Rapid growth also indicates a need for CFO services–the business will […]

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Tax moves 2014

9 Tax Moves for 2014

Although 2014 is more than halfway over, there are still options for taxpayers looking to save on their tax bill. 1. Sell securities. The maximum tax rate for long-term capital gains is 15% (20% for those in the top two ordinary income tax brackets). Under recent legislature, you may have to pay a surtax of 3.8% on […]

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Firing Clients

Firing clients doesn’t have to be a nightmare. These four steps can help you 1. Know why you’re parting ways. Be prepared to explain clearly and concretely why your professional relationship has run its course, whether that’s because they’ve missed payments or ignored your advice on a big issue. Do this in person, and follow up your […]

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5 Major 2014 Tax Changes

We’re less than a month into the new year, but it’s already time to take a brief look at the tax outlook for 2014. There are 5 changes that already appear poised to influence taxpayers this year. 1. Delayed Filing Season Thanks to the government shutdown in October, filing season will not begin until January […]

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negotiating new lease

Executive Compensation

The IRS continues to routinely scrutinize executive compensation. Everyone should know that this is a particular area of interest in audits. Closely held C corporations are the most vulnerable to IRS scrutiny. If they have overpaid their shareholder employees, they are only allowed to deduct reasonable compensation paid to shareholder-employees. On the other hand, S […]

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Household Employees

Tax issues abound with household employees because many employers aren’t sure how to deal with payment of a household employee.  Here are four ways to avoid tax-time problems with household employees. Don’t misclassify a household employee as an independent contractor. With the IRS increasingly vigilant in regards to employees v. independent contractors, it remains important […]

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Home Office Deduction 2013

You may not know that the IRS offers a new method for home office deductions for 2013. With the increasing emphasis on work-schedule flexibility and new cloud storage advances, working from home has exploded in popularity. Self-employed people continue to work from home as well. As a result of these technological advances, more and more […]

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Year-End Tax Planning for Individuals

As the year end approaches, there is still time to take action to reduce your tax for 2013. Here are some possible year-end tax planning strategies to reduce your taxes for 2013. If necessary, increase the amount you set aside for next year in your employer’s health flexible spending account (FSA). If you become eligible […]

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