It's a nightmare scenario few small businesses consider: hackers breach your computer system, steal your customer lists and threaten to exploit sensitive data. Data breaches by malicious individuals don't just pose a financial risk. They threaten your reputation and can trigger litigation if your customers blame you for the exposure of their data. So far, [...]
Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. Here are some major items in the new bill that impact individual taxpayers. Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to [...]
Small business owners beware: the IRS may scrutinize reporting of credit card transactions more closely after it was criticized for lax enforcement. The IRS' overseer, the Treasury Inspector General for Tax Administration (TIGTA), recently said the IRS had been missing opportunities to audit tax returns that had large discrepancies between income and the card payments [...]
The pressure to please everyone with gifts during the holiday season can be immense. But if you succumb to the temptation to overcharge your cards or dig into your savings, you'll start off the new year with a hole burned in your pocket. Here are some tips to help you stay financially sound through the [...]
Even though the end of 2017 is near, it is not too late to get your business into the best possible tax position for the new year. Here are some year-end tax moves to consider: Consider vehicle purchases. There are several tax deductions available if you own a vehicle for business use. General expenses can be [...]
Irish writer Oscar Wilde advised us to "expect the unexpected." He would have made a good disaster planner. Small businesses are the most impacted because they do not usually have a formal disaster recovery plan. As a result, 40 to 60 percent of small businesses close permanently after a disaster, according to Liberty Mutual Insurance. [...]
Section 179 expensing can be a very powerful tax-planning tool for small- and medium-sized businesses acquiring capital assets. While it doesn't change the amount of depreciation you can take over the life of capital purchase, it can change the timing by allowing you to deduct your purchase in the first year you place it in [...]
If you have an Individual Taxpayer Identification Number (ITIN) rather than a Social Security number (SSN) you may need to take action or you'll be unable to file a tax return for 2017. What to know about ITINs ITINs are identification numbers issued by the U.S. government for individuals who do not qualify to receive an SSN. An ITIN [...]
Is a worker an independent contractor or employee? This seemingly simple question is often the contentious subject of numerous IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare and other employment-related taxes. Here is what you need to know. As the worker If you are [...]
When it comes to annual business planning, businesses often spend too much time on the planning process or too little because they are busy with day-to-day operations. There's simple method called the "Hourglass Approach" that can help you efficiently focus on your goals and create a plan to achieve them. Top of the glass In [...]
