How to Make the Tax Code Work for You
By April 20, 2018, 138 million taxpayers had dutifully filed their federal income tax returns.¹ And all of them made decisions about deductions and credits — whether they knew it or not. When you take the time to learn more about how it works, you may be able to put the tax code to work…
IRS Offers QBI Deduction Safe-Harbor Rule for Rental Real Estate
The IRS recently issued guidance on the new deduction for up to 20% of qualified business income (QBI) from pass-through entities under the Tax Cuts and Jobs Act (TCJA). It aims to clarify when the QBI deduction is available for income from rental real estate enterprises. The QBI deduction is allowed only for income from…
Trim Training Costs With a Playbook for Employees
For most businesses, it’s time-consuming and expensive to bring new employees up to speed and train existing employees to perform new duties. The costs involved in training don’t show up as a line item on any ledger, but that doesn’t mean they don’t exist. So what can you do? Create how-to manuals that clearly spell…
Updating Your Workplace Drug Use Policy and Enforcement Strategies
Several recent trends are causing some employers to revise their drug use policies. Here are some issues to consider to help ensure your company’s strategy is effective and up-to-date. Changes in the Workplace In general, workplace drug testing is losing popularity, except for hazardous jobs in which drug impairment could lead to serious accidents and…
Unrelated Business Income Tax: The TCJA Has Changed the Rules
Many not-for-profit organizations are concerned about the provisions of the Tax Cuts and Jobs Act (TCJA) that are affecting charitable giving. But the law also contains some important requirements involving unrelated business income tax (UBIT). If you engage in “unrelated business” — and even if you don’t — you could find that your UBIT liability…
Five Ways to Maximize the Internet for Marketing and Recruiting
Is your law firm fully utilizing the power of the Internet for marketing and recruiting? The legal community, as a whole, came late to the Internet revolution and many firms still retain the conservative and static websites they established years ago. If your firm falls into this category, here are five ways to enhance your…
DOs and DON’Ts to Help Avoid Collection Problems
Many companies run into problems with customers or clients not paying their bills on time — or not paying at all. The best way to avoid uncollectible bills depends on several factors — such as whether you sell products or services and the type of payment practices that are customary in your industry. For example, payment…
Could Medicare Premiums Lower Your Taxes?
Health care is a top concern for many Americans, especially people who are age 65 and older. While these individuals qualify for basic Medicare insurance, they may need to pay additional premiums to get the level of coverage they desire. Those premiums can add up to a substantial annual sum, especially if you’re married and both you…
The Benefits of Philanthropy
If you own a family business, there’s a good chance the company and your family are an integral part of the community. And that means public relations aren’t just part of the job — they’re fundamental to your company’s success. As a result, volunteering or donating to local organizations can benefit not only the community but…
Struggling Firms Get a Second Chance
For many business owners and executives, filing for Chapter 11 bankruptcy proceedings seems like admitting defeat, but it shouldn’t be that way. The bankruptcy code exists to provide second chances. Chapter 11, which covers business reorganizations, allows struggling companies to right themselves so that they may once again be profitable engines of the nation’s economy. No…