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A three-step strategy to save tax when selling appreciated vacant land
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a...
8 strategies for boosting your manufacturing production capacity
Are your manufacturing company’s sales up over recent years, causing you to reach maximum capacity? One solution is to expand your operational footprint. But doing so requires large cash outlays, and you may feel some uncertainty about the economy and be hesitant to...
Tax benefits for homeowners
Whether someone is a current homeowner or buying a new home this summer owning a home can be expensive. There are tax benefits that can help taxpayers save money and offset some of the costs that come with homeownership. Homeowners should review the tax deductions,...
Construction business owners: Avoid these two common accounting problems
For construction companies, accounting isn’t as simple as just balancing the books every month. Contractors tend to have multiple projects underway at various stages of completion and, ideally, more in the pipeline. Your accounting practices need to be nimble,...
An overview for employers of the FTC’s new ban on noncompetes
As technology has rapidly evolved, and the value of intellectual property has skyrocketed, so has employers’ use of noncompete agreements. Many different types of organizations have deployed these agreements to prevent employees from taking valuable information and...
Taxes when you sell an appreciated vacation home
Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used...
Pay attention to the tax rules if you turn a hobby into a business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax...
New final rule on overtime eligibility: What employers need to know
Under the Fair Labor Standards Act (FLSA), many salaried employees are exempt from overtime pay. But not all of them. To qualify as exempt, an employee must primarily perform certain executive, administrative or professional duties and be paid an annual salary that’s...
When social media is not the ideal place for solid tax advice.
Social media can connect people and information from all over the globe. Unfortunately, sometimes people provide bad advice that can lure good taxpayers into trouble. Taxpayers need to be wary of trusting internet advice, whether it’s a fraudulent tactic promoted by...
6 major payroll taxes every employer should keep an eye on
As you’re no doubt aware, employers are responsible for withholding and paying payroll taxes. If you don’t use a third-party provider, it’s critical to stay focused on payroll tax compliance. Given the potential penalties involved, you can’t get complacent about...
10 ways cloud computing can benefit manufacturers
Cloud computing has become an integral part of the modern-day manufacturing environment, growing in leaps and bounds over the last decade. Indeed, the use of this technology has spurred efficiency in manufacturing production. In a nutshell, cloud computing uses a...
Keep these 3 issues in mind after you file your return
The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in...
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