Cash in on depreciation tax savers
Cash in on depreciation tax savers As we approach the end of the year, it’s a good time to think about whether your business…
Read More
The importance of S corporation basis and distribution elections
The importance of S corporation basis and distribution elections S corporations can provide tax advantages over C corporations in the right circumstances. This is…
Tax Planning: Section 179 Expense
Tax Planning Section 179 Expense Section 179 allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during…
Setting Sales Goals with Key Performance Indicators
Setting Sales Goals with KPIs A break-even analysis is a necessary part of any solid business plan. This empowers us to know where our sales…
Health Savings Accounts for Your Small Business
Health Savings Accounts forYour Small Business Small business owners are well aware of the increasing cost of employee health care benefits. As a result,…
Key Performance Indicators to Increase Profits & Cash Flow
KPIs to Increase Profits & Cash Flow Part 1 Below is an illustration of the ABC Company whose Cost of Goods Sold rose from…
Do you want to withdraw cash from your closely held corporation at a low tax cost?
Do you want to withdraw cash from your closely held corporation at a low tax cost? Owners of closely held corporations are often interested…
5 Factors that Determine Your Tax Position
5 Factors that Determine Your Tax Position Many different factors determine your tax position or how much tax you owe. Below are the five…
Tax responsibilities if your business is closing amid the pandemic
Tax responsibilities if your business is closing amid the pandemic Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your…
Conversation Connectors: What is real communication?
Conversation Connectors: What is real communication? Why is it so important? In our previous article, Leadership Conversations, we discussed a simple framework for navigating…
New business? It’s a good time to start a retirement plan
New business? It’s a good time to start a retirement plan If you recently launched a business, you may want to set up a tax-favored retirement…
Conversation Connectors: What is concrete communication? And How does it lead to more clarity?
Conversation Connectors: What is concrete communication? And How does it lead to more clarity? In our previous article, Leadership Conversations, we discussed a simple…
The 2021 “Social Security wage base” is increasing
The 2021 “Social Security wage base” is increasing If your small business is planning for payroll next year, be aware that the “Social Security wage…
Keeping Score: Cash vs. Profit
Keeping Score: Cash vs. Profit One of the most commonly misunderstood concepts in business is, “Why is my profit position different than my cash position?”…
Understanding the passive activity loss rules
Understanding the passive activity loss rules Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or business…
Part 4 – Profit Distribution
Part 4 – Keeping Score: Profit Distributions One of the most commonly misunderstood concepts in business is, “Why is my profit position different than my…
Part 3 – Accrual Accounting
Part 3 – Keeping Score: Cash vs. Profit – Accrual Accounting One of the most commonly misunderstood concepts in business is, “Why is my…
Business Website Costs: How to Handle Them for Tax Purposes
Business Website Costs: How to Handle Them for Tax Purposes The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued…
Part 2 – Loan Payment
Part 2 – Keeping Score: Cash vs. Profit – Loan Payment One of the most commonly misunderstood concepts in business is, “Why is my…
Part 1 – Equipment Purchases
Part 1 – Keeping Score: Cash vs. Profit – Equipment Purchases One of the most commonly misunderstood concepts in business is, “Why is my…
2020 Q4 tax calendar: Key deadlines
2020 Q4 tax calendar: Key deadlines Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of…
How to Use KPIs to Increase Profits & Cash Flow
How to Use KPIs to Increase Profits & Cash Flow When it comes to understanding your numbers, one of the questions that inevitably comes…
Finally Understanding Your Numbers
Finally Understanding Your Numbers Business owners always ask us what they need to know when they look at their financial statements. What does this…
5 Key Points About Bonus Depreciation
5 Key Points About Bonus Depreciation You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying…
Payroll Tax Deferral Executive Order
Payroll Tax Deferral Executive Order President Trump recently issued an executive order which allows employees to suspend their portion of social security payroll tax (6.2%)…
IRS Places Temporary Stop on Mailing Notices Regarding Balances Due
IRS announced on Aug. 21 that it has temporarily suspended the mailing of three notices-the CP-501, the CP-503 and the CP-504-that go to taxpayers who…
CARES Act Made Changes to Excess Business Losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may…
Executing a Numbers Based Strategy
In our previous session, we talked about implementing a budget and putting together a strategic plan. From there, it is all about executing that plan…
The President’s action to defer payroll taxes: What does it mean for your business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These…
Leadership Conversations
Whether we are trying to resolve something for a customer, generate interest in a prospective client, learn more about a candidate for a job, or…
File cash transaction reports for your business — on paper or electronically
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.…
Why do partners sometimes report more income on tax returns than they receive in cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be…
Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee…
The possible tax consequences of PPP loans
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be…
Strategic Planning: A Strategic Road Map to Making Smarter Business Decisions
Strategic Planning: A Strategic Road Map to Making Smarter Business Decisions Having a strategic plan and set of goals in place is more critical now…
Budgeting: A Financial Road Map to making Smarter Business Decisions
Budgeting: A Financial Road Map to making Smarter Business Decisions Understanding and pro-actively managing your business finances is more important now than ever. Two of…
Launching a business? How to treat start-up expenses on your tax return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses…
Good records are the key to tax deductions and trouble-free IRS audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses.…
Rioting damage at your business? You may be able to claim casualty loss deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other…
Reopening Guidelines and Additional Resources During the Covid-19 Pandemic
Here is a helpful list of resources all on one page: https://wisconsinsbdc.org/services/covid-19/ Reopening guidelines for a variety of industries: https://wedc.org/reopen-guidelines/
Small Business Grants
“We’re All In” Small Business Grants (Wisconsin) Application period will open in early June – register for alerts for program here $2,500 per small business Small…
Important Updates to PPP Loans Passed By Congress
Important changes have been made to the Paycheck Protection Program (PPP) and are awaiting the signature of the President: On May 28, 2020, the House…
Important items related to PPP Loans clients
Below you will find two important updates regarding PPP Loans. Please contact us if you have any questions. Q: Will SBA review individual PPP loan…
Hiring independent contractors? Make sure they’re properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that…
New COVID-19 law makes favorable changes to “qualified improvement property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of…
Other important business tax provisions of the CARES Act:
Net operating loss liberalizations: The 2017 Tax Cuts and Jobs Act (the 2017 Tax Law) limited NOLs arising after 2017 to 80% of taxable income…
Payroll Taxes & Work-Share Program
Delay of payment of employer payroll taxes: Taxpayers (including self-employed) will be able to defer paying the employer portion of certain payroll taxes through the…
Employee Retention Credit
The “CARES Act” establishes a tax credit for employers with fewer than 100 employees. The credit is 50% of qualified wages paid to employees, capped…
Families First Coronavirus Response Act:
Signed into law on March 18, 2020, the Families First Coronavirus Response Act instituted new, mandatory rules for paid sick leave and FMLA directly related…
Paycheck Protection Program
Paycheck Protection Program: The “CARES Act” establishes a new loan under the SBA called the “Paycheck Protection Program (PPP).” The loan amount will be 250%…
New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the…
New law provides a variety of tax breaks to businesses and employers
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax…
New law helps businesses make their employees’ retirement secure
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan…
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…
2020 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020. Keep in mind that this list…
Holiday parties and gifts can help show your appreciation and provide tax breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to…
The tax implications if your business engages in environmental cleanup
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as…
Small businesses: Get ready for your 1099-MISC reporting requirements
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and…
Small businesses: Stay clear of a severe payroll tax penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes…
Thinking about converting from a C corporation to an S corporation?
The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages…
Accelerate depreciation deductions with a cost segregation study
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a…
Setting up a Health Savings Account for your small business
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings…
Understanding and controlling the unemployment tax costs of your business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year.…
How to treat your business website costs for tax purposes
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper…
Finish the year as strong as you started
Did you know there are a little under 90 days left for the rest of the year? That means there are only 3 months left…
The chances of an IRS audit are low, but business owners should be prepared
Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor.…
5 ways to withdraw cash from your corporation while avoiding dividend treatment
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a…
2019 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list…
The key to retirement security is picking the right plan for your business
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and…
The tax implications of a company car
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for…
Should you elect S corporation status?
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal…
What to do if your business receives a “no-match” letter
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters…
EWH Must-Read Book Recommendations
Did you know reading boosts your vocabulary, keeps your brain young and oftentimes reduces stress? Not to mention, foster your learning, growth, and development. In…
The IRS is targeting business transactions in bitcoin and other virtual currencies
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees, and investors are still confused about how they work and…
Take a closer look at home office deductions
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on…
Businesses can utilize the same information IRS auditors use to examine tax returns
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight…
It’s a good time to buy business equipment and other depreciable property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to…
M&A transactions: Avoid surprises from the IRS
If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties…
Bartering: A taxable transaction even if your business exchanges no cash
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be…
Which entity is most suitable for your new or existing business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax…
2019 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list…
Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC).…
Employers: Be aware (or beware) of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty…
Tax-smart domestic travel: Combining business with pleasure
Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have…
Hire your children this summer: Everyone wins
Hire your children this summer: Everyone Wins If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax…
Consider a Roth 401(k) plan — and make sure employees use it
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the…
What type of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically…
Employee vs. independent contractor: How should you handle worker classification?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But…
How entrepreneurs must treat expenses on their tax returns
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you…
Deducting business meal expenses under today’s tax rules
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can…
Divorcing business owners need to pay attention to tax implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more.…
Understanding how taxes factor into an M&A transaction
Merger and acquisition (M&A) activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to…
2019 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2019. Keep in mind that…
Could your business benefit from the tax credit for family and medical leave?
The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees.…
There’s still time for small business owners to set up a SEP retirement plan for last year
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill.…
Will leasing equipment or buying it be more tax efficient for your business?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s…
Beware the Ides of March — if you own a pass-through entity
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or…
The home office deduction: Actual expenses vs. the simplified method
If you run your business from your home or perform certain functions at home that are related to your business, you might be able to…
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…
Fundamental Tax Truths for C Corporations
The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities…
Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the…
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 gone up for 2019. Here’s a look at some that…
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. However, you might be able to…
Higher mileage rate may mean larger tax deductions for business miles in 2019
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the…
Business owners: An exit strategy should be part of your tax planning
Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks…
A refresher on major tax law changes for small-business owners
The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take…
6 last-minute tax moves for your business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six…
2019 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list…
When holiday gifts and parties are deductible or taxable
The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties.…
Tax reform expands availability of cash accounting
Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes.…
Could a cost segregation study help you accelerate depreciation deductions?
Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may…
Businesses aren’t immune to tax identity theft
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity…
Be sure your employee travel expense reimbursements will pass muster with the IRS
Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t,…
2018 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list…
How to reduce the tax risk of using independent contractors
Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and…
Keep it SIMPLE: A tax-advantaged retirement plan solution for small businesses
If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide…
Assessing the S corp
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not…
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler…
Do you qualify for the home office deduction?
Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home…
Business deductions for meal, vehicle and travel expenses: Document, document, document
Meal, vehicle and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by…
Choosing the best business entity structure post-TCJA
For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C…
The ABC’s of Reading Your Financial Statements
Do you know how to understand your numbers in a meaningful way? Do you understand the terminology? Do you know your break-even point and is…
Finally Understanding Your Numbers: Financial and Accounting Tools to Take Your Small Business to the Next Level
Business owners always ask us what they need to know when they look at their financial statements. What does this piece of paper tell me?…
Ten Secrets to Achieving Results in Your Small Business
Small business owner and CPA, Edward Hastreiter, sense 1979 has spent more than 34 years consulting with small business owners on how to make their…
Picking the Right Accounting Firm: Establish a 5 Star Alliance Team for Business Advice and Financial Decisions
Running a small business can be challenging, and for this very reason you as a small business owner must have a team of advisors to…
Starting a Small Business: Where to start with Entity Selection, Accounting and Taxes
Starting a Small Business Starting a business can be a very exciting time. It also presents some challenges. Having the proper tools and skills in…
Accounting and Financial Advice to Help Grow your Small Business
Accounting and Financial Advice to Help Grow your Small Business Many skilled people go into business because they are a great plumber, gifted lawyer, or…
Tips on How to Develop a Budget for Your Small Business
Tips on How to Develop a Budget for Your Small Business Small businesses have a high mortality rate. One way of reducing the chance for…
Estimated Tax Payments; Do I Need to Make Them, When and How?
Estimated Tax Payments; Do I Need to Make Them, When and How? The Perfect Storm Business owners that are not aware of the estimated tax…
How to Track and Record Credit Card Expenses for Your Business
Every business has expenses. And with the growing popularity of small business credit cards and low interest rates, many business owners are using them to…
Help Me Save on Taxes
Help Me Save on Taxes www.ewhsba.com We sat down with a team of professional CPA’s with well over 180 years of combined experience asking them…
2018 Tax Law Summary Changes to Itemized Deductions
This visually friendly view of the Schedule A will help you understand the changes the new tax law made to the itemized deductions. For questions…
Tackling the Clutter of Your Financial Records
Are you stressing out at tax time trying to find all the necessary documents to file your tax returns? Do you wonder what records are…
A Business Planning Guide: Six Essential Factors
Very few new small businesses put together a business plan before they open, but they should. Most small business fail in the first few years…
Do You Pay Taxes When You Take an Income Distribution?
All business owners face an interesting challenge: how to take profits out of the company and pay the least amount of taxes in the process.…
Why Small Businesses Fail: 6 Financial and Accounting Traps that Small Business Owners Fall Into
Businesses start and fail at a staggering rate. Every year over a million people start a business of some sort and by the end of…
IRS Red Flags: 7 Tax Tips to Prevent Triggering an Audit for Small Business Owners
Did your business receive a Tax Audit Notification letter in the mail? What should you do and how should you resolve this? Panic is usually…
5 Critical Accounting Mistakes Small Business Owners Make When Managing the Financial and Accounting Area of Their Business
When it comes to managing a business your accounting is critical. Most mistakes that are made when it comes to the accounting aspect of any…
IRS Tax Scam Alert; Protect Your Assets
IRS Tax Scam Alert; Protect Your Assets A new breed of criminals is on the prey targeting taxpayer assets. With the many enhancements of technology…
The IRS Plans to Examine Proper Reporting of Tips and Service Charges
The IRS Plans to Examine Proper Reporting of Tips and Service Charges The Internal Revenue Service (IRS) has announced it will start enforcing and focusing…